Northern Maine Development Commission (NMDC) is here to help you navigate the process of applying for business loans in Aroostook, Washington, Northern Penobscot, and Piscatiquis counties, whether you are a new or existing business. We offer assistance for the following loan programs.
There are a variety of loan programs available to help address the different needs of the business community. Each program has particular purposes and requirements including a range of eligible financing, use of funds, type of business, collateral requirements, and interest rates.
- Micro Business Loans up to $50,000 with low-fixed interest rates and terms between 5 and 10 years
- Small Business Loans from $50,000 to $350,000 with low interest rates and terms up to 25 years
- Brownfields Cleanup Loans up to $250,000 with an interest rate of 3% and up to a 25-year term.
Full loan application can be found here.
In addition to loan packaging and technical assistance, members of the Business Finance Department also manage several other projects including:
Caribou Economic Growth Council: Contact the Business Finance Division at NMDC to see if you qualify.
Houlton Downtown Revitalization Fund: Contact the Economic Development Office in Houlton to see if you qualify.
- Limestone Revolving Loan Fund: Contact the Limestone Municipal Office for more information.
Van Buren Revolving Loan Fund: Contact the town office to see if you qualify.
Madawaska Revolving Loan Fund: Contact the town office to see if you qualify.
When looking for help to start your business or expand, don’t forget to contact the town office in which the business is located. Many local towns and municipalities have funds and resources available to help you grow.
NMDC’s financing partners include:
- Certified Community Development Financial Institution/Affordable Financial Products and Services
- US Small Business Administration Microloan Lender
- USDA Microenterprise Development Organization
- FAME Regional Economic Development Loan Program
- Economic Development Administration
Title VI and Section 504 Requirements
Title VI and Section 504 are federal laws that prohibit discrimination on the basis of race, color, national origin, disability, or age in any program or activity that receives federal financial assistance. The rights granted under these laws include the right to equal access, participation, and benefits in educational programs and services; the right to reasonable accommodations, modifications, or auxiliary aids and services; the right to effective communication; the right to be free from harassment, retaliation, or coercion; and the right to file a complaint or lawsuit if these rights are violated.