Financing
Finance Authority of Maine (FAME) - independent state agency offering more than 20 financing programs, including the Maine Seed Capital Tax Credit Program providing income tax credits to qualified investors in Maine business.
Greater Portland Council of Governments (GPCOG) -
GPCOG administers two revolving loan fund programs: the Regional Economic Development Loan Program (REDLP), and the Economic Development District (EDD) Revolving Loan Fund Program.
Regional Economic Development Loan Program (REDLP):
This program, established in 1996 as a result of a Finance Authority of Maine (FAME) grant that GPCOG received, provides financing to small businesses with fifty or fewer employees or annual sales of less than $5,000,000 with an emphasis on technology-based enterprises. To be eligible for financing through this program, businesses need to be located in either York or Cumberland County and must obtain at least two-thirds of their financing needs through sources other than GPCOG.
Economic Development District Revolving Loan Fund Program
This program was initially designed to make loans to businesses that had been negatively impacted by defense downsizing and defense industry realignment in York and Cumberland Counties. GPCOG has administered this program since its inception. One major change that has recently occurred with this program is the granting of a waiver so that a much wider range of businesses can qualify for loan funds. This new flexibility allows GPCOG to fund any commercial or industrial project that will create jobs in the two-county area.
Maine Venture Fund - provides initial investments, typically between $150,000 and $350,000, in patient capital to small businesses that demonstrate a potential for high growth and public benefit. Funds must be matched in cash. Investments from the fund may be structured as convertible debentures or direct purchases of preferred stock.