Loan Products

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.

First-Time and Second-Time Borrowers Apply Today!

In partnership with the U.S. Small Business Administration (SBA), EMDC is processing applications for first-time and second-time PPP loans. This loan program designed by the SBA, in response to the COVID-19 pandemic, provides a direct incentive for small businesses to retain their employees. For more information and to apply, email our lending team at Applications are encouraged as soon as possible!

To apply today, follow these steps:

  • Complete the PDF application, initial and sign in all required areas within the application
  • Email the completed application along with the following supporting documents to
    • 2019 tax returns
    • Completed PPP loan application
    • Detailed list of the numbers which were used to calculate the average monthly payroll costs
  • Once the application is submitted along with the supporting documents, a loan officer will reach out within 24-48 hours to answer any and all questions.

Paycheck Protection Program (PPP) Loan Information

  • About PPP Loans
    • The SBA will forgive loans if all employee retention criteria are met, and the funds are used for eligible expenses.
    • Loans have an interest rate of 1%.
    • Loans issued prior to June 5th have a maturity of 2 years. Loans issued after June 5th have a maturity of 5 years.
    • Payments will be deferred for borrowers who apply for loan forgiveness until SBA remits the borrower’s loan forgiveness amount to the lender. If a borrower does not apply for loan forgiveness, payments are deferred 10 months after the end of the covered period for the borrower’s loan forgiveness (either 8 weeks or 24 weeks).
    • No collateral or personal guarantees are required.
    • Neither the government nor lenders will charge small businesses any fees.
  • Terms & Qualifications
    • Borrowers can set their PPP loan’s covered period to be any length between 8 and 24 weeks to best meet their business needs.
    • Loans will cover additional expenses, including operations expenditures, property damage costs, supplier costs, and worker protection expenditures.
    • Eligibility is expanded to include 501(c)(6)s, housing cooperatives, destination marketing organizations, among other types of organizations.
    • Provides greater flexibility for seasonal employees.
  • Who Can Apply?
    • Certain existing PPP borrowers can request to modify their First Draw PPP Loan amount.
    • Certain existing PPP borrowers are now eligible to apply for a Second Draw PPP Loan.
    • Any small business concern that meets SBA’s size standards (either the industry based sized standard or the alternative size standard) qualifies, including:
      • Sole proprietors, independent contractors, and self-employed persons.
      • Any business with a NAICS Code that begins with 72 (Accommodations and Food Services) that has more than one physical location and employs less than 500 per location.
      • Any business, 501(c)(3) non-profit organization, 501(c)(19) veterans organization, or Tribal business concern (sec. 31(b)(2)(C) of the Small Business Act) with the greater of: 500 employees, or that meets the SBA industry size standard if more than 500.
  • Funding available to both existing and start-up businesses.
  • Uses include real estate, equipment, renovations, expansions, working capital and more.
  • Fixed rate.
  • Bank participation or stand-alone.
  • No prepayment penalty.
  • 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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