Loans

Northern Maine Development Commission (NMDC) is here to help you navigate the process of applying for loans, whether you are a new or existing business. We offer assistance for the following loan programs.

Loan Products

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 interest rates between 5% and 6% and terms between 5 and 10 years 
  • Small Business Loans from $50,000 to $350,000 with interest rates ranging from 6% to 10% 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.

If you are interested in a loan program, get started by filling out this form

Community Loan Fund Management

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.

  • 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.

Financing Partners

NMDC’s financing partners include:

  • Certified Community Development Financial Institution
  • US Small Business Administration Microloan Lender
  • USDA Microenterprise Development Organization
  • FAME Regional Economic Development Loan Program
  • Economic Development Administration