Loans are available from the SBA and the state
How Maine Small Business Owners Can Access SBA Economic Injury Loans & FAME Special Assistance
Governor Janet Mills has secured an Economic Injury Disaster Loan Declaration from the U.S. Small Business Administration. This loan will provide low-interest federal disaster loans to small businesses suffering economic injury as a result of the coronavirus. SBA’s Economic Injury Disaster Loans offer up to $2 million in assistance to pay fixed debts, payroll, accounts payable, and other bills that cannot be paid because of the disaster’s impact. The interest rate for small businesses is 3.75% and for non-profits is 2.75%. These loans have long-term repayment options in order to keep payments affordable, with a maximum of up to 30 years. Repayment terms are determined on a case-by-case basis, based upon each borrower’s ability to repay.
To determine eligibility and apply, please visit https://disasterloan.sba.gov/ela/.
In addition to the SBA loans, Maine is providing additional assistance programs for small businesses through the partnering of the Finance Authority of Maine and local lenders. FAME and participating lenders will make special terms available to Maine-based businesses that have experienced interruption or hardship due to the COVID-19 pandemic. Various benefits include loans up to $50,000 offered at reduced interest rates; interest-only payments; relaxed underwriting standards; up to 75% pro-rata loan insurance on loans up to $100,000; and “bridge loan” financing in conjunction with the SBA.
Information about this additional help will be available by visiting www.FAMEMaine.com.
NFIB will continue to pass information along to as it becomes available. Please do not hesitate to reach out to State Director David Clough via [email protected] or calling (207) 807-4900.