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Community Loan Fund Mgmt.
Direct Loan Funds
Indirect Loan Programs
CDBG Loan Program
History of the Business Finance Department
The Business Finance Division administers loan programs funded by the Economic Development Administration (EDA), the Small Business Administration (SBA), the USDA Rural Development (RD), the Finance Authority of Maine (FAME), US Environmental Protection Agency (EPA) and the State Office of Community Development.
We administer the revolving loan funds for the towns of Van Buren, Limestone, Madawaska, Houlton and Caribou Economic Growth Council.
The Business Finance Division works with you as an existing business or a new business prospect to develop the best possible financing package utilizing local, state and federal programs that are available. We will work with you to help develop a financial plan that will accomplish your goals, assure you longevity and be acceptable to your lender. Prior analysis and preparation helps to assure your success in structuring your plan. By staying abreast of all local, state and federal programs you can be assured of up-to-date accurate information in making your determination.
Historically we have loaned over $46 million in loans, assisted in over $44 million in public fund lending, leveraged over $128 million in private funds and over $21 million in owner equity funds. We have helped create over 4,900 jobs and helped retain over 5,300 jobs. Our average cost ratio has been $5,092.
For the calendar year 2015, we made 37 loans totaling over $1,692,000. Loans were made to a telecommunications call center increasing services provided, start up a new child care center in Houlton, expand seating capacity in the summer to a local restaurant, purchase equipment to expand the number of events at one time to a local entertainment company, to purchase equipment for a new barber shop in Fort Kent, and start-up of a new logging business are just a few of the types of businesses we were able to help.