FAME Commercial Loan Insurance
FAME Commercial Loan Insurance reduces lender risk on loans to eligible Maine businesses and projects.
About this program
FAME Commercial Loan Insurance helps Maine lenders make business loans by insuring a portion of eligible loans. Through the Online Answer platform, participating financial institutions can obtain pro-rata or leveraged insurance for term loans and lines of credit, including up to 75% pro-rata insurance up to $1.5 million of FAME exposure and up to 60% pro-rata insurance for startups under one year old. Traditional applications are available for larger or more complex commercial loan insurance requests.
Eligibility
Any eligible Maine business or business project seeking financing through a participating lender, excluding ineligible uses such as gambling, adult entertainment, residential housing, investment real estate, and personal expenses.
Requirements
- Business or project must be located in Maine.
- Applicant must work through a participating financial institution.
- Use of funds must be for an eligible business purpose.