Home to gorgeous, rocky beaches and serene campgrounds, Maine is a fantastic state for adventure. It’s also known for being business-friendly and has an impressive history of supporting entrepreneurship. If you are a Maine-based business owner—or you’re considering opening a business in the Pine Tree state—then you’ve come to the right place. Below, you’ll find a robust list of funding options; these business grants and loans are only available to Maine-based businesses, so read through to discover whether you’re eligible.
Department or Agency: Finance Authority of Maine (FAME)
Loan or Grant title: FAME Direct Loan Program
For many Maine-based businesses, traditional sources of financing are challenging to secure. For these businesses, FAME offers a flexible source of gap financing. While loan amounts are typically less than $500,000, if a business can prove they will have significant benefit to the community, they may be eligible for a loan of up to $1,000,000. Businesses must be able to illustrate that they have been turned down by conventional funding methods.
Department or Agency: Finance Authority of Maine (FAME)
Loan or Grant title: Regional Economic Development Revolving Loan Program (REDRLP)
With an interest in supporting small businesses in creating and retaining local jobs, FAME developed the REDRLP, which offers loans between $50,000 and $350,000. Eligible businesses must have 100 or fewer employees and less than $10 million in sales. Additionally, qualified companies must do business in an approved category. This list of business categories includes advanced manufacturing technologies, significant research and development, micro-businesses, childcare, and many more.
Department or Agency: Finance Authority of Maine (FAME)
Loan or Grant title: Grow Maine: Small Business Loan & Capital Program
State Small Business Credit Initiative funding may be available for Maine businesses through direct loans, equity capital, and loan guarantees as part of FAME’s Grow Maine program. Qualifications include having less than 750 employees. Loans of up to $5 million can be used toward working capital, startup costs, inventory, equipment, and other business expenses. The goal of the program is to boost small businesses and create jobs across the state that have a long-term impact on Maine’s economy.
Department or Agency: MaineStream Finance
Loan or Grant title: Small Business Lending
MainStream Finance, a nonprofit dedicated to Maine’s economic development, offers a small business loan directed at businesses that find it challenging to secure traditional financing. Loan amounts ranging from $500 to $200,000 are available for expenses such as acquiring businesses, renovations, and purchasing equipment and inventory. Applicants will need to provide a complete business plan in order to be eligible.
Department or Agency: MaineStream Finance
Loan or Grant title: Startup Express Loan
In a commitment to boosting Maine’s economic development, MainStream Finance offers a Startup Express Loan, created especially for businesses that find it challenging to secure traditional financing. Loan amounts range up to $5,000 and are available for acquiring businesses, renovations, and purchasing equipment and inventory, among other expenses. MainStream’s Express Loan is a financing option without extensive paperwork, and the decision process is also faster than that of other loans.
Department or Agency: Coastal Enterprises, Inc. (CEI)
Loan or Grant title: Wicked Fast Microloans
Coastal Enterprises, Inc. (CEI) created Wicked Fast Microloans to provide quick, direct financing for small businesses in Maine looking for flexible, efficient financing options. Startups may be eligible for up to $15,000, and existing businesses may be eligible for up to $30,000. While using the funds for real estate purchases is prohibited, they may be used for inventory, equipment, working capital, and other expenses. Maine-based businesses looking to secure this funding must show evidence of a working relationship with a business advisor.
Department or Agency: Coastal Enterprises, Inc. (CEI)
Loan or Grant title: Sea Farm Loan: Financing for Maine’s Marine Aquaculturists
Aquaculture businesses with previous difficulty securing traditional loans may be eligible for a Sea Farm Loan from CEI. While higher amounts are considered, most Sea Farm Loans range up to $150,000 and are for borrowers raising shellfish and/or sea vegetables. Funds can be used toward purchasing boats, refinancing debt, buying land, and other business expenses. Eligible borrowers must operate in Maine’s York, Cumberland, Sagadahoc, Lincoln, Knox, Waldo, Hancock, or Washington counties.
Department or Agency: Coastal Enterprises, Inc. (CEI)
Loan or Grant title: Business Loans
CEI offers business loans of up to $1 million for businesses in any sector. Eligible businesses can use the funds to supplement startup costs, cover working capital, purchase real estate or equipment, expand facilities, or refinance debt.
Department or Agency: Coastal Enterprises, Inc. (CEI)
Loan or Grant title: Riba-Free Loans
For business owners who subscribe to Islamic finance principles, CEI offers business loans of up to $1 million for businesses in any sector. Instead of paying a monthly interest rate, businesses pay a fixed monthly administrative fee. Businesses can use the funds to pay for equipment and supplies, refinance debt, or cover working capital costs.
Department or Agency: Coastal Enterprises, Inc. (CEI)
Loan or Grant title: Child Care Loans
Licensed Maine childcare providers can get business loans up to $250,000 from CEI to purchase supplies and pay for working capital. To qualify, you need to have a business plan, a positive cash flow forecast, a 25% owner investment, and 20% of your enrollment allocated to the Child Care Affordability Program.
Department or Agency: Coastal Enterprises, Inc. (CEI)
Loan or Grant title: Meat and Poultry Processing Loans
CEI gives eligible meat and poultry processors in Maine loans of up to $2.5 million to use on predevelopment, real property and business acquisition, construction, working capital, machinery, and equipment.
Department or Agency: Coastal Enterprises, Inc. (CEI)
Loan or Grant title: Marine Green Loans
CEI’s Marine Green Loans program supports commercial fishery and aquaculture businesses in making their operations more climate-friendly and energy-efficient. Eligible businesses can get loans from $25,000 to $250,000 to cover a number of equipment and electrical upgrades.
Department or Agency: Coastal Enterprises, Inc. (CEI)
Loan or Grant title: Low-Cost Solar Loans
CEI gives Maine businesses financing to install solar panels in their business facility. Eligible businesses can get up to $200,000 to install solar panels and pay for related equipment. Businesses operated by low-income or marginalized business owners—or businesses serving low-income communities—in the following industries can qualify for a low 3.25% interest rate: Aquaculture/fishery, food/ag, forestry, green enterprises, and childcare.
Department or Agency: Finance Authority of Maine (FAME)
Loan or Grant title: Agricultural Marketing Loan Fund
The Agricultural Marketing Loan Fund offers Maine farmers, food processors, aquaculture operators, and other agricultural enterprises low-cost loans to improve their marketing and products. The maximum loan amount is $250,000.
Department or Agency: Finance Authority of Maine (FAME)
Loan or Grant title: Dairy Improvement Fund
FAME’s Dairy Improvement Fund gives loans to Maine dairy businesses to construct new facilities or improve existing ones. The maximum loan amount is $250,000.
Department or Agency: Finance Authority of Maine (FAME)
Loan or Grant title: Potato Marketing Improvement Fund
The Potato Marketing Improvement Fund is available to eligible businesses involved in growing, processing, or marketing potatoes in the state of Maine. Under the fund, businesses can apply for a handful of different loans, ranging from $150,000 to $1.5 million.
Department or Agency: Finance Authority of Maine (FAME)
Loan or Grant title: Nutrient Management Loan Program
The Nutrient Management Loan Program helps Maine farms and other agricultural businesses fund nutrient management projects. Eligible businesses can get loans up to $450,000 to use on diversion, irrigation, anaerobic digesters, composting, or treatment facilities.
Department or Agency: Finance Authority of Maine (FAME)
Loan or Grant title: Compliance Assistance Loan Program
The Compliance Assistance Loan Program helps Maine businesses finance the renovation, removal, disposal, or replacement of oil storage facilities and/or air quality improvement equipment to be compliant with the Maine Department of Environmental Protection. Eligible businesses can get loans of up to $400,000.
Department or Agency: Finance Authority of Maine (FAME)
Loan or Grant title: Regional Economic Development Revolving Loan Program for Day Care
FAME’s revolving loan program for daycare gives Maine daycare centers financing to improve their operations. Licensed childcare providers can get up to $350,000 to start a new facility or improve an existing one.
Department or Agency: Maine Venture Fund
Loan or Grant title: Business Investments
Maine Venture Fund gives initial investments of $100,000 to $200,000 to certain high-growth businesses based in Maine. To be eligible, companies must employ fewer than 50 people and generate less than $5 million in annual revenue, demonstrate a viable plan for ROI, and receive at least a one-to-one matching co-investment.
Department or Agency: City of Portland Business Assistance Program
Loan or Grant title: Job Creation Grant
The City of Portland has a Job Creation Grant available to businesses that create at least two new full-time jobs. The grant is $10,000 per new job created, up to $20,000 per business. To qualify, businesses must be based in Portland, based in or within easy access to a low-income area, and willing to pay at or above the minimum wage for the jobs they create.
Department or Agency: City of Portland Business Assistance Program
Loan or Grant title: Standard Commercial Loan
The City of Portland offers loans ranging from $10,000 to $250,000 to local businesses that facilitate economic growth and create jobs. To qualify, a Portland-based business needs to have struggled to obtain financing from a bank.
Department or Agency: City of Portland Business Assistance Program
Loan or Grant title: Portland Growing Child Care Grant
The City of Portland offers grants of up to $15,000 to open new home-based childcare businesses. Established childcare businesses that serve more than 50 children can get a grant of $5,000 to hire new staff, and existing childcare businesses of any size can get a grant of $11,000 to expand or grow their business.
