Financial Resources | Office of Business Development

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Maine Economic Recovery Grants

The Maine Department of Economic and Community Development is managing several economic recovery grant programs using Federal relief funding.

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Grant funding
Loans
Equity

Grant funding

Innovation

Maine Technology Institute (MTI)

Funding to support new investments in equipment, engineering, or tooling necessary to pursue a new and innovative product or market.

Coworking Development Fund and Program

Support for coworking spaces throughout Maine that are serving key roles in their local communities by bringing entrepreneurs together and fueling innovation.

Efficiency Maine Commercial and Industrial (C&I) Prescriptive Incentive Program

Fixed incentives for manufacturing and industrial facilities to reduce the cost of projects that help businesses use energy more efficiently.

Community/Outdoor Recreation/Tourism

ConnectMaine Broadband Grants

Community Planning and Infrastructure grants to expand broadband access in unserved parts of the state.

U.S. Economic Development Administration Public Works and Economic Adjustment A…

Funding for economically distressed communities and regions to address a wide variety of economic needs. Municipalities and other non-profit organizations are eligible, for-profit businesses are not.

Community Development Block Grant Program (CDBG)

Provides funding to local governments (except entitlement communities) to meet one of three national objectives: benefit to low- and moderate-income persons; prevention and elimination of slum and blight conditions; and meeting community development needs having a particular urgency. Businesses may partner with municipalities to access these funds.

Rural Manufacturing and Industrial Site Redevelopment Program

Grant funding that can support technical assistance or any planning or implementation related to the rehabilitation, revitalization, and marketing of manufacturing and industrial sites in rural communities.

Land and Water Conservation Fund (LWCF)

Funding for up to 50% of the allowable costs for approved acquisition or development projects for public outdoor recreation.

U.S. Department of Transportation’s Recreational Trails Program (RTP)

Funding to develop and maintain recreational trails and trail-related facilities for motorized and non-motorized uses. Only available to governments and non-profit entities.

Boating Infrastructure Grant (BIG) Program

USFWS funding for projects that may benefit 26 feet or larger recreational transient boats. Both public and private facilities are eligible.

Boating Facilities Fund

Funding to assist towns, cities, districts, and other public and private agencies in the acquisition, development, or rehabilitation of boat launching facilities on Maine waters available to the general public.

Trade

Market Access Program (MAP)

U.S. Foreign Agricultural Service program to share the costs of overseas marketing and promotional activities to build commercial export markets. Administered by the Maine International Trade Center (MITC).

State Trade Expansion Program (STEP)

Funding to support Maine companies seeking new international sales. SBA grant administered by MITC.

Agriculture/Food

Agricultural Development Grant (ADG)

Provides cost-share grants to conduct market promotion, market R&D, value-added processing, and new technology demonstration projects.

USDA Specialty Crop Block Grant Program (SCBG)

Federal program that funds market research, market promotion, and new technology projects specifically to benefit specialty crop producers. Administered in Maine by the Department of Agriculture, Conservation, and Forestry (DACF).

Tastemakers Initiative - CEI

CEI’s Tastemakers Initiative provides funding to competitively selected Maine food and beverage companies. Funding may be available to help your business pursue a strategic growth opportunity, facility design improvements, supply chain planning, and more.

Regional Grants

City of Portland Community Development Block Grants (CDBG)

Competitive grants from the City of Portland that strive to develop strong communities by ensuring decent affordable housing, providing services to the most vulnerable, and expanding economic opportunities for low- and moderate-income persons.

Northern Border Regional Commission

Matching grants from federal-state partnership for economic and community development in Androscoggin, Aroostook, Franklin, Hancock, Kennebec, Knox, Oxford, Penobscot, Piscataquis, Somerset, Waldo, and Washington counties. Focus on infrastructure. For-profit businesses not eligible.

South Portland Conditional Economic Development Grant

Grants for business owners and real estate investors who are investing in their properties, expanding existing employment levels, or establishing new business operations in the City of South Portland.

Loans

General Business Loans

U.S. Small Business Administration (SBA) Guaranteed Loans

Lender Match tool. The SBA backs these loans, sharing the risk with lenders and making it easier for you to get a loan to start or grow your small business.

SBA Microloans

Microloans of up to $50,000 for small businesses. Technical assistance provided for the life of the loan.

SBA Disaster Assistance Loans

Low-interest loans to help businesses recover from declared disasters, including the COVID-19 pandemic and natural disasters like hurricanes.

MaineStream Finance Small Business Loans

Loans ranging from $500-$200,000 are available for small businesses throughout Maine that may have trouble finding credit.

Brownfields Revolving Loan Fund (BRLF)

Loan funding is available to help with the costs of redeveloping brownfields into productive properties.

Finance Authority of Maine (FAME)

The Finance Authority of Maine is the State’s business financing agency. They provide low-cost capital to companies that might otherwise face obstacles to securing funding.

FAME Direct Loan

Available to Maine businesses that have exhausted traditional funding sources. Usually less than $500,000 but can be more if planned investments demonstrate substantial public benefit.

Linked Investment Program for Commercial Enterprises

This program, for nonagricultural Maine small businesses, helps make loans more affordable by reducing your borrower’s interest rate by up to 2%.

Regional Economic Development Revolving Loan Program (REDRLP)

Loans issued through local economic development groups to businesses with sales under $10 mm or with less than 100 employees. Loan terms are established by the agency administering the loan. Loan objective is to create or retain jobs.

Agricultural Marketing Loan Fund (AMLF)

Low-cost financing to help farmers, food processors, and aquaculture operators adopt new and innovative equipment and facilities in order to improve and enhance the manufacturing, marketability, and production of Maine products. Maximum loan: $250,000.

Compliance Assistance Loan Program

Helps businesses finance the renovation, removal, disposal, or replacement of all or any part of certain oil storage facilities or tanks and certain air quality improvement equipment. Maximum loan: $400,000.

Nutrient Management Program

Helps farms and other agricultural businesses fund nutrient management projects such as diversion, irrigation, anaerobic digesters, composting, or treatment facilities. Maximum loan: $450,000.

Dairy Improvement Fund

Helps farms and other dairy enterprises fund capital improvements to maintain and enhance their viability. Maximum loan: $250,000.

Potato Marketing Improvement Fund

Low-interest financing to help Maine potato growers and packers improve the quality and marketing of their potatoes. May also be used to improve the economic viability of the potato industry.

Rural Development Resources

Commercial Facilities Development Program (CFD)

Financial assistance to assist in the development of new commercial facilities and/or the acquisition and redevelopment of commercial facilities that are deemed unproductive.

Speculative Buildings Program (CIB)

Loans of up to $500,000 are available to communities and their local development corporations to assist with construction and associated costs of speculative commercial and industrial buildings.

USDA Rural Development Authority’s Business and Industry Guaranteed Loans

USDA offers loan guarantees to lenders for their loans to rural businesses, which is helpful if a company is struggling to secure traditional financing.

Coastal Enterprises, Inc. (CEI)

CEI is a Community Development Corporation that offers flexible business financing to support the growth of the Maine economy and the creation of good jobs for Maine people.

CEI Business Loans

Equipment, property, construction, and working capital loans up to $3 million

CEI Wicked Fast Microloans

Streamlined application process for loans $25,000 and under

CEI Sea Farm Loan

Loans of up to $150,000 to help grow your shellfish and/or sea vegetable aquaculture business.

Regional Loans

GPCOG Revolving Loan Program

Small-to-medium-sized businesses in most of Cumberland County are eligible to apply for loans ranging from several thousand dollars to over $200,000. Businesses falling under the industry cluster areas of food, energy, and freight will receive priority consideration.

Eastern Maine Development Corporation (EMDC) Business Loans

EMDC offers direct loans to businesses in Hancock, Knox, Penobscot, Piscataquis, Waldo, and Washington counties. EMDC is also an SBA lender that can provide loans of up to $5.5 million to businesses anywhere in Maine.

Somerset County Economic Development Business Loans

Financing available to businesses in Somerset County

Kennebec Valley Council of Governments Revolving Loan Fund

Loans available to businesses in Kennebec, Somerset, and western Waldo counties

Biddeford-Saco MICRO / Downtown Revolving Loan Fund

Microloans of up to $25,000 are available to businesses in the Cities of Biddeford and Saco with special emphasis towards women and minority owned businesses. To be eligible, your business must be creating or retaining jobs for low to moderate income people. This program is administered by Southern Maine Finance Agency, which also offers various other loan programs.

Androscoggin Valley Council of Governments Business Loans

Loans ranging from $35,000-$150,000 available to businesses located in Androscoggin, Franklin, or Oxford counties

Equity

Maine Venture Fund (MVF)

The State of Maine’s venture capital fund. It provides resources to attract, support, and help develop eligible small businesses that demonstrate the potential for substantial growth and success that will contribute to the economic prosperity of Maine.

Maine Technology Institute (MTI)

MTI provides equity funding to Maine companies that are engaged in innovation in at least one of the following sectors: Biotechnology, Composites & Advanced Materials, Environmental Technologies, Forest Products & Agriculture, Information Technology, Marine Technology & Aquaculture, or Precision Manufacturing.