Grow Maine Small Business Loan & Capital Direct Loan Program

Grow Maine Small Business Loan & Capital Direct Loan Program is sponsored by Maine Department of Economic and Community Development. This program offers loans and capital for small businesses in Maine, which can include agribusinesses seeking to grow or expand operations.

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Grow Maine: Small Business Loan and Capital Program Equity Capital and Tax Credits Resources for Business Owners Glossary of Financial Terms Commercial Loan Insurance Grow Maine: Small Business Loan and Capital Program Grow Maine – Documents for Agencies & Equity Investors Compliance Assistance Loan Program Regional Economic Development Revolving Loan Program Regional Economic Development Revolving Loan Program for Day Care Maine Rural Development Authority Linked Investment Program for Commercial Enterprises Equity Capital and Tax Credits Maine New Markets Capital Investment Program Maine Seed Capital Tax Credit Program Revenue Obligations Securities Program Municipal Securities Approval Program Resources for Business Owners Glossary of Financial Terms Commercial Loan Insurance Grow Maine, administered by FAME in conjunction with various statewide lending partners, provided up to $62 million of State Small Business Credit Initiative (SSBCI) funding to eligible Maine businesses through 2025.

SSBCI is a federal program administered by the U.S. Department of the Treasury that was created to strengthen state programs that support private financing to small businesses. The State of Maine designated FAME to serve as the state agency to accept and administer the allocated funds for the program. Funding was deployed through FAME and its intermediary partners via direct loans and equity capital.

Grow Maine expanded access to capital to help Maine businesses grow, create jobs, and contribute to the state’s long-term economic strength. Update as of June 2026: Now that the initial tranches of SSBCI funds are winding down, FAME and its partner organizations will begin to redeploy returned SSBCI funds into new SSBCI-compliant investments as recycled funds.

The approval process for deploying returned SSBCI funds will be virtually the same as it was for the original tranches.

About the Grow Maine: Small Business Loan and Capital Program Maine businesses and nonprofits with fewer than 750 employees Eligible Purposes: Support loans or investments/projects up to $20 million for legal business purposes, including but not limited to the following: Purchases of owner-occupied non-investment real estate (commercial or otherwise) Purchase, construction, renovation, or improvements of an eligible place of business Refinancing existing debt where SSBCI would replace private funds Reimbursement of funds owed by any owner Repayment of delinquent state or federal income taxes Financing a non-business purpose Supporting an existing extension of credit Acquisition or holding of any other real property for investment purposes Owner buyouts or equity substitution, except situations resulting in employee ownership Ineligible Business Types: real estate investment, speculative, firms involved in lending, gambling, pyramid sales plans, financial institutions, marijuana, and businesses prohibited by federal law.

In addition, no principal of the business shall have been convicted of a sex offense against a minor. Additional Eligiblity Requirements SSBCI funds are “Cause and Result,” meaning SSBCI must be the catalyst for the financing transaction. For every SSBCI dollar requested, a floor of three dollars of private capital must be leveraged from private capital sources (3:1).

New SSBCI transactions using recycled funds must adhere to the 3:1 leverage and the 20% PCAR requirements. If you have any questions about your proposed recycled funds transaction, please reach out to FAME. Participating Lenders and Investment Partners FAME has partnered with over thirty intermediary lenders across the state to deploy the Grow Maine program.

These include Community Development Financial Institutions (CDFIs), as well as community-based, local, and municipal economic development lenders. Important Information for Partner Organizations If you are a participating Grow Maine agency or equity investment partner, click the button below to access updated application documents for recycled fund transactions.

View Application Documents Direct loans were deployed through FAME and local participating agencies. Loans up to $5 million were made available through FAME and local participating agencies, with interest rates set by the participating lending institution. Returned funds will now be recycled into new SSBCI-compliant investments for eligible Maine businesses.

Please contact your local participating agency from the list below for application information. View List of Participating Agencies Androscoggin Valley Council of Governments Coastal Enterprises, Inc. Cooperative Fund of the Northeast Finance Authority of Maine Greater Portland Council of Governments 970 Baxter Blvd.

, Ste 201 Maine Technology Institute MidCoast Council of Governments 165 Main Street, Suite 2F Northern Maine Development Commission 11 West Presque Isle Road Somerset Economic Development Corporation www. somerseteconomicdevelopment.

com Southern Maine Finance Agency 20 Pomerleau Street, Suite 300 Sunrise County Economic Council Equity investment partners deployed SSBCI capital in the form of business-direct investments and fund investments. Please contact a participating investor from the list below for information.

View List of Participating Equity Investment Partners Coastal Enterprises, Inc. Maine Technology Institute Grow Maine is the $62 million state allocation of State Small Business Credit Initiative (SSBCI). This program funded direct loans, subordinated debt, and equity capital to support eligible Maine businesses and nonprofits.

The program is currently winding down, but new investments will be made by FAME and its partner organizations using recycled SSBCI funds. SSBCI is a federal program administered by the U.S. Department of the Treasury. It was created to strengthen state programs that support private financing to small businesses.

The State of Maine designated FAME to serve as the state agency to accept and administer the allocated funds for the program. What kind of programs were used with the funding?

The $62 million was allocated among the four funding programs: Direct Loans – $34,032,918 administered through participating intermediary lenders and FAME directly Direct Equity – $26,200,000 administered through participating direct investment funds Fund Equity Investments – $2,000,000 administered through participating fund investors What organizations/lenders participated?

To ensure broad access to capital, FAME partnered with over thirty intermediary lenders across the state for the Grow Maine program. The lenders were community-based, Community Development Financial Institutions (CDFIs), and local economic development lenders that were already partners with FAME’s direct lending programs.

Direct loans were deployed through Community Development Financial Institutions (CDFIs); the state’s Economic Development Districts (EDDs); and other local agencies that participate in FAME’s Regional Economic Development Revolving Loan Program (REDRLP). Equity investments were deployed through the Maine Venture Fund, Maine Technology Institute, and CEI Ventures.

Grow Maine: Small Business Loan and Capital Program Grow Maine – Documents for Agencies & Equity Investors Compliance Assistance Loan Program Regional Economic Development Revolving Loan Program Regional Economic Development Revolving Loan Program for Day Care Maine Rural Development Authority Linked Investment Program for Commercial Enterprises Equity Capital and Tax Credits Maine New Markets Capital Investment Program Maine Seed Capital Tax Credit Program Revenue Obligations Securities Program Municipal Securities Approval Program Resources for Business Owners Glossary of Financial Terms Commercial Loan Insurance Grow Maine, administered by FAME in conjunction with various statewide lending partners, provides up to $62 million of State Small Business Credit Initiative (SSBCI) funding to eligible Maine businesses.

Funding is available through FAME and its intermediary partners via loan guarantees, direct loans, and equity capital. Grow Maine is intended to provide broad access to capital to help Maine businesses grow and provide jobs for Maine people that will have long-term positive effects on Maine’s economy.

SSBCI is a federal program administered by the U.S. Department of the Treasury that was created to strengthen state programs that support private financing to small businesses. Governor Mills designated FAME to serve as the state agency to accept and administer the allocated funds for the program.

Maine businesses and nonprofits with fewer than 750 employees Eligible Purposes: Support loans or investments/projects up to $20 million for legal business purposes, including but not limited to the following: Purchases of owner-occupied non-investment real estate (commercial or otherwise) Purchase, construction, renovation, or improvements of an eligible place of business Refinancing existing debt where SSBCI would replace private funds Reimbursement of funds owed by any owner Repayment of delinquent state or federal income taxes Financing a non-business purpose Supporting an existing extension of credit Acquisition or holding of any other real property for investment purposes Owner buyouts or equity substitution, except situations resulting in employee ownership Ineligible Business Types: real estate investment, speculative, firms involved in lending, gambling, pyramid sales plans, financial institutions, marijuana, and businesses prohibited by federal law.

In addition, no principal of the business shall have been convicted of a sex offense against a minor. Additional Important Information SSBCI funds are “Cause and Result,” meaning SSBCI must be the catalyst for the financing transaction. For every SSBCI dollar requested, a floor of three dollars of private capital must be leveraged from private capital sources (3:1).

Businesses or owners identified as Socially, Economically Disadvantaged Individuals (SEDI) may be eligible to receive reduced interest rates, fee reductions, and reduced insurance premiums. SEDI borrowers may be eligible for a leverage capital floor of one to one.

FAME is partnering with over thirty intermediary lenders across the state, which include community-based, Community Development Financial Institutions (CDFIs), local, and municipal economic development lenders that partner with FAME, to deploy the program. Direct loans will be deployed through FAME and local participating agencies.

Loans up to $5 million are available, with interest rates to be set by the participating lending institution. The maximum loan amount of $5 million can be a part of a project, which cannot exceed $20 million.

View List of Participating Agencies Androscoggin Valley Council of Governments Bangor Airport Civic Development Corporation (BanAir Corporation) Coastal Enterprises, Inc. Community Concepts Finance Corporation Cooperative Fund of the Northeast Eastern Maine Development Corporation Finance Authority of Maine Greater Portland Council of Governments 970 Baxter Blvd.

, Ste 201 Lewiston Auburn Economic Growth Council 415 Lisbon Street, Ste 100 www. mainestreamfinance. org Maine Technology Institute MidCoast Council of Governments 165 Main Street, Suite 2F Northern Maine Development Commission 11 West Presque Isle Road Somerset Economic Development Corporation www.

somerseteconomicdevelopment. com Southern Maine Finance Agency 20 Pomerleau Street, Suite 300 Southern Maine Planning and Development Commission 110 Main Street, Suite 1400 southernmainepdc. govoffice3.

com Sunrise County Economic Council How to Apply for a Direct Loan Applications are provided by each agency. Please contact your local participating agency from the list above for information and applications or apply with FAME. Equity investment partners will be deploying SSBCI capital in the form of business direct investments and fund investments.

Please contact a participating investor from the list below for information and applications. View List of Participating Equity Investment Partners Coastal Enterprises, Inc. Maine Technology Institute For participating equity investment partners, click here for important documents. Commercial Loan Insurance Commercial loan insurance will be distributed through participating lending institutions.

See your local lender for more information. Important Information for Participating Agencies Click the button below to learn more about participating in SSBCI Commercial Loan Insurance and Direct Loans and to find important documents. Grow Maine is the $62 million state allocation of State Small Business Credit Initiative (SSBCI).

This program will fund direct loans, subordinated debt, loan guarantees, and equity capital to support eligible Maine businesses and nonprofits. SSBCI is a federal program administered by the U.S. Department of the Treasury. It was created to strengthen state programs that support private financing to small businesses.

Governor Mills has designated FAME to serve as the state agency to accept the allocated funds for the program. What kind of programs will be used with the funding?

The $62 million is allocated among the four funding programs: Direct Loans – $22,232,918 available through participating intermediary lenders and FAME directly Loan Guarantees – $20 million available through FAME Direct Equity – $12 million available through participating direct investment funds Fund Equity Investments – $8 million available through participating fund investors What organizations/lenders will participate?

To ensure broad access to capital, FAME is partnering with over thirty intermediary lenders across the state for the Grow Maine program. The lenders are community-based, Community Development Financial Institutions (CDFIs), and local economic development lenders that are already partners with FAME’s direct lending programs.

Direct loans will be deployed through Community Development Financial Institutions (CDFIs); the state’s various Economic Development Districts (EDDs); and other local agencies that participate in FAME’s Regional Economic Development Revolving Loan Program (REDRLP).

The commercial loan insurance portion will be deployed through FAME’s existing OnLine Answer (OLA) portal in partnership with Maine banks, savings institutions, credit unions, and alternative commercial lenders. The lending institutions will expand to include CDFIs, EDDs, and REDRLP participants.

Equity investments will be deployed through the Maine Venture Fund; Maine Technology Institute; CEI Ventures; and the Gulf of Maine Research Institute. Eligible businesses are for-profit and nonprofit companies with fewer than 750 employees. The U.S. Department of the Treasury’s November 2021 Capital Program Policy Guidelines provide a definition of what small businesses qualify as a SEDI business.

The basis for eligibility can be geographic, demographic, or socioeconomic. A small business may qualify as a SEDI business if it meets at least one of the four criteria below. 1.

Business enterprises that certify that they are owned and controlled by individuals who have had their access to credit on reasonable terms diminished as compared to others in comparable economic circumstances, due to their: (1) membership of a group that has been subjected to racial or ethnic prejudice or cultural bias within American society; (2) gender; (3) veteran status; (4) limited English proficiency; (5) physical handicap; (6) long-term residence in an environment isolated from the mainstream of American society; (7) membership of a federally or state-recognized Indian Tribe; (8) long-term residence in a rural community; (9) residence in a U.S. territory; (10) residence in a community undergoing economic transitions (including communities impacted by the shift towards a net-zero economy or deindustrialization); or (11) membership of another “underserved community” as defined in Executive Order 13985.

2. Business enterprises that certify that they are owned and controlled by individuals whose residences are in CDFI Investment Areas. 3.

Business enterprises that certify that they will operate a location in a CDFI Investment Area. 4. Business enterprises that are located in a CDFI Investment Area.

The term “owned and controlled” means, if privately owned, 51 percent is owned by such individuals; if publicly owned, 51 percent of the stock is owned by such individuals; and in the case of a mutual institution, a majority of the board of directors, account holders, and the community which the institution services is predominantly comprised of such individuals.

As part of the application process for your private loan, you will need to complete a brief private loan counseling course on iGrad, a financial literacy resource provided by the Finance Authority of Maine (FAME). The course will take approximately 10 minutes, after which you will be directed to the loan application. Manage your FAME loan(s) online!

FOR BUSINESS LOANS: Please call 1-800-228-3734 , option 1. FOR EDUCATION LOANS: Visit the FAME Loan Repayment Portal , and click the green “Register” button. Be sure to have your loan account number, your contact information (email and phone number), and your phone.

These will be required to set up your online loan account. New and returning customers — Apply today ! NOTE: Maine Loan accounts in good standing are serviced by FirstMark Services and are not accessible through the FAME Loan Repayment Portal.