Home to gorgeous, rocky beaches and serene campgrounds, Maine is a fantastic state for adventure. It’s also known for being business-friendly with 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 difficult 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 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. 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. Funds 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 with other loans.
Department or Agency: Coastal Enterprises, Inc.
Loan or Grant title: Wicked Fast Loans
Coastal Enterprises, Inc. created Wicked Fast Loans 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.
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 Coastal Enterprises, Inc. 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.
