How To Get A Business Loan In Maine

It is not difficult to obtain a business loan in Maine. Once you know whom to approach, you can get cash for carrying forward your business. Before going any further, let's have a look at what FAME is.

Finance Authority of Maine (FAME):
The Finance Authority of Maine (FAME) is a body that issues finances to the people of Maine for business purposes. FAME acts as a pillar of support for the aspiring entrepreneurs who want to venture out into the business world. It also assists the existing businesses in expansion.

FAME is closely associated with the banks of Maine. It provides traditional loans for all types of businesses as well as tax credits to invest in manufacturing or firms involved in exports. FAME also offers taxable and tax-free finances at reasonable rates.

Let's have a more comprehensive look into FAME's services.

Commercial Loans:
FAME gives up to 90 percent insurance on commercial loans not exceeding $7 million. These loans are for almost all types of businesses.

Tax Credits for Seed Capital:
Under this program, you can obtain a 30 percent tax credit for investment in a private venture up to $200,000. Certain companies have even received $1,000,000!

Loans for Computers:
If you need to install computer hardware and software for your business, you may approach FAME. They provide expedited loans for small businesses.

Loans for Regional Economic Development:
In 1994, a $10 million bond was issued under this program. FAME provides this capital for the welfare of the community. If you are a non-profit organization, or a public enterprise, you can borrow money under this program. You can qualify for funds up to $200,000.

Export Financing Services:
FAME provides insurance on working capital. This gives greater security to the lenders and thus boosts the lending activity on international basis. The Export Credit Umbrella Insurance is offered by the Exim Bank of America and is managed by FAME. This insurance mitigates the credit risk involved in international trade. Thus, it enables the exporters to provide credit terms to the international buyers in a highly competitive market.

Funds for Agricultural Development:
FAME also provides funds for agricultural enterprises. The interests are as low as 5 percent. You can qualify for loans up to $250,000 to introduce advanced technologies and enhance the production and marketing of products manufactured in Maine.