Incentives

Financing Assistance

FINANCE AUTHORITY OF MAINE (FAME)

FAME helps businesses access capital to grow, expand and succeed through a number of programs that offer credit enhancements, direct loans, or equity capital. Some of them are described below. Please click here to find out about all of FAME’s financing programs.

SECONDARY MARKET TAXABLE (SMART) BONDS

Any commercially viable borrower proposing to finance the acquisition or expansion of commercial or industrial assets can apply for long-term bond financing on loans for the construction or acquisition of real estate and the purchase of machinery and equipment, up to 90% of the project debt not exceeding $4,250,000.

SECONDARY MARKET TAX-EXEMPT (SMART-E) BONDS (FAME)

Any commercially viable borrower that proposes to finance the acquisition or expansion of manufacturing assets may apply for tax-exempt interest rate bond financing up to 90% of the project debt not exceeding $4,250,000.

SMALL ENTERPRISE GROWTH FUND (SEGF)

Businesses engaged or involved in at least one of the following industries: Marine Science, Biotechnology, Manufacturing, Exporting, Software Development, Environmental Sciences, Value-Added Natural Resources, employing 50 or fewer or have gross sales of $5,000,000 or less within the past 12 months.

These business may apply for funds up to a maximum of $500,000, which must be matched with other financing sources.

FAME REGIONAL ECONOMIC DEVELOPMENT REVOLVING LOAN PROGRAM

Businesses that have sales under $5,000,000 or employ 50 or fewer employees, conducting business in one of the following categories: Advanced manufacturing technologies, Advanced information systems, Advanced biological/natural resource technologies, Conversion from the defense industry, Significant export involvement (goods or services),Significant research and development, or Micro-businesses (under 5 employees) may apply for amounts up to one-third of total project costs to a maximum of $200,000.

MAINE TECHNOLOGY INSTITUTE

Maine Technology Institute (MTI) will provide research & development money to companies and non-profit research organizations to support the commercialization of new technology-related products and services that will create and support sustainable, high-quality jobs for Maine people.

Awards are made on a competitive basis and support efforts in any of the state's seven targeted technology areas: Advanced Technologies for Forestry and Agriculture, Aquaculture and Marine Technology, Biotechnology, Composite Materials Technology, Environmental Technology, Information Technology, and Precision Manufacturing Technology. All MTI programs require a 1:1 cash match, and are awarded based on scientific or technical merit, commercial feasibility, and potential for economic impact to the State. Click here to learn more.

COMMUNITY DEVELOPMENT BLOCK GRANT (CDBG) ECONOMIC DEVELOPMENT FUNDS

Businesses that require GAP financing which is critical to their development or expansion and will lead to the creation or retention of jobs for persons of low to moderate income, located in a Pine Tree Development Zone, may apply for grants or loans though this program. Click here to learn more.