Agency / Department: The Finance Authority of Maine (FAME) & SBA
Resource: Special Loans and Loan Insurance
Details: The Finance Authority of Maine (FAME) is partnering with the U.S.
Small Business Administration (SBA) and local Maine lenders to offer special, limited time loans and loan insurance to eligible Maine businesses affected by COVID-19.
FAME and participating lenders will make special terms available to Maine-based businesses that have experienced interruption or hardship due to COVID-19. Various benefits include: loans up to $50,000 offered at reduced interest rates; interest-only payments; up to 75% pro-rata loan insurance on loans up to $100,000; interim financing in conjunction with the SBA wherein FAME makes loan proceeds available while approved SBA borrowers await federal funding.