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FAME offers relief to lenders, businesses, individuals

Mar 30, 2020

Finance Authority of Maine has established Relief Loan Programs available to eligible Maine businesses and individuals and employees who experience hardships because of COVID-19.

For lenders, a Lender Insurance Program provides commercial loan insurance of 50%-75% to lenders who make loans to Maine businesses experiencing interruption or hardship due to COVID-19.

For businesses, an Interim SBA Finance Loan Program provides FAME Direct Loans of up to $100,000 with special terms available to eligible borrowers who provide proof of commitment for SBA financing. The FAME loan would be originated for use to the business owner until the SBA loan is funded. The SBA loan would then pay off the FAME loan.

A Business Direct Loan Program provides FAME Direct Loans of up to $50,000 with special terms available to Maine-based businesses experiencing interruption or hardship because of COVID-19.

For individuals and employees, a Consumer Loan Program provides no- to low-interest consumer loans through a loan guarantee program involving Maine’s banks, credit unions, and FAME. Interested borrowers should contact their local bank or credit union (not FAME) to see if the lender is offering this program and to apply.

The program offers loans of up to $5,000 (minus any unemployment benefits received by borrower). A borrower may apply for up to three loans, one per each 30-day period.

The Maine Department of Economic and Community Development has compiled a resource guide of federal and state assistance for businesses impacted by COVID-19.

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