COVID-19 RELIEF LOAN PROGRAMS from Finance Authority of Maine (FAME)
The Finance Authority of Maine will offer emergency financial assistance to Maine businesses crippled by the sudden economic impact of the coronavirus pandemic.
The quasi-independent state agency has set aside $15 million to assist companies with lending insurance and direct, low-interest loans.
The agency estimates it can help about 300 small businesses in Maine. It also will offer bridge financing for companies that have qualified for emergency loans from the U.S. Small Business Administration.
Businesses can apply on its website.
These loan programs are available to eligible Maine businesses and individuals/employees who experience hardships due to COVID-19:
COVID-19 Relief Consumer Loan Program provides no-to low-interest consumer loans through a loan guarantee program involving Maine’s banks, credit unions, and FAME. Interested borrowers should contact their local bank or credit union (not FAME) to see if the lender is offering this program and to apply. The program offers loans of up to $5,000 (minus any unemployment benefits received by borrower). A borrower may apply for up to three (3) loans, one per each 30-day period.
COVID-19 Relief Lender Insurance Program provides commercial loan insurance of 50-75% to lenders who make loans to Maine businesses experiencing interruption or hardship due to COVID-19.
COVID-19 Relief Interim SBA Finance Loan Program provides FAME Direct Loans of up to $100,000 with special terms available to eligible borrowers who provide proof of commitment for SBA financing. The FAME loan would be originated for use to the business owner until the SBA loan is funded. The SBA loan would then pay-off the FAME loan.
COVID-19 Relief Business Direct Loan Program provides FAME Direct Loans of up to $50,000 with special terms available to Maine-based businesses experiencing interruption or hardship due to COVID-19.