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Business Lending

We help you finance the next step in your business’s path to success by collaborating with partners including the U.S. Small Business Administration (SBA), U.S. Economic Development Administration (EDA), Finance Authority of Maine (FAME) and local financial institutions. Through individualized advising, our lending team helps you prepare for the application process, and provides servicing through the life of the loan.

Eligibility Requirements

Must Be Able To Answer Yes To All Of The Following Questions:

  • Are you a US citizen or do you have a green card?
  • Is your credit report free of bankruptcies within the past five years, and have you never defaulted on a federally funded loan?
  • If you’ve been in business for less than two years, do you have experience in your industry?
  • Are you ready to contribute at least 10% of the total project cost?
  • If you’re an existing business, do you have sufficient cash flow for expenses?

Must Be Able To Provide The Following Documentation:

  • A resume describing your relevant experience
  • Three years of business and personal federal tax returns
  • Explanation of judgments, collections or other delinquencies, if any, within the past two years
  • A detailed listing of your personal assets and liabilities
  • A one-year financial projection
  • An interim financial statement
  • For start-ups: a business plan with two years of projections

Let’s Get Started

Your next step is to review our loan application to ensure you have all of the information you need and meet with a member of our lending team. Contact us at lending@emdc.org or (207) 942-6389 today to schedule a meeting.

EMDC Business Loan Application

Learn More About Our Loan Products

  • Funding available to both existing and start-up businesses.
  • Uses include real estate, equipment, renovations, expansions, working capital and more.
  • Bank participation or stand-alone.
  • No prepayment penalty.
  • The Revolving Loan Fund (RLF) provides access to low-interest loans to municipalities, for-profit and non-profit entities, and private property owners/developers who meet the EPA eligibility requirements. Funds are intended for the cleanup of abandoned or underused properties (Brownfields) contaminated with hazardous materials and or petroleum substances. The purpose of the RLF program is to:
    • assist in the revitalization of Brownfields properties;
    • stimulate jobs;
    • protect the environment and public health;
    • promote a cleaner environment for communities in the EMDC region.
  • The amount of a loan for which an applicant will be eligible can be discussed with the EMDC RLF Program Administrator based on individual project needs.
  • SBA 504 Loans:
    • Loans up to $5,500,000.
    • Done in partnership with a bank.
    • Typically, bank funds 50% of the project, SBA 504 loan (through EMDC) funds 40% and borrower provides 10%.
    • Uses include real estate and equipment.
    • Loan term up to 25 years for real estate, 10 years for equipment.
    • Fixed rate.
    • No prepayment penalty after half of the loan term has expired.
  • SBA 7a Community Advantage Loans:
    • Loans up to $250,000.
    • For working capital, inventory, purchase of real estate and equipment, property improvements.
    • Term 10 years or less, no prepayment penalty.
    • Fixed rate.
    • Term of more than 10 years, prepayment penalty ends after first three years.

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