Maine Rural Development Authority (MRDA) provides financial assistance to communities and developers or business owners to help develop/redevelop underutilized commercial properties.
The Maine Rural Development Authority focuses activities in the rural areas of Maine that have traditionally not experienced the same level of economic development success as other regions of the state, have experienced major economic losses such as plant closings and downsizings, or are economically distressed.
Update as of February 26, 2024: the Maine Rural Development Authority advises that delays with approval for new applications may be experienced due to program funding limitations.
About Maine Rural Development Authority
Eligibility
Your project must:
- Invest in the development/redevelopment of underutilized commercial properties
- Foster job creation
- Encourage business development in Maine
- Restore employment opportunities
- Create employment in areas of economic need
Loan Amount/Exposure
Up to $500,000
Interest Rate
Fixed rate – Wall Street Journal Prime plus 2%, at time of loan commitment.
Loan Term
Up to 20 years
Amortization may be based on the useful life of the assets being financed or additional collateral pledged.
Security
Assets being financed and other collateral, as required.
Fees
Commitment fee: 1%
How to Apply
Although not required, FAME encourages all applicants to discuss their loan request with a FAME loan officer prior to submission to ensure program eligibility. See additional terms and conditions on the Maine Rural Development Authority website.
Loan application materials are available on the Maine Rural Development Authority website. Three years of personal financial statements from principal(s), partner(s), or guarantor(s) and projections are required.
As of February 26, 2024, the Maine Rural Development Authority advises that delays with approval for new applications may be experienced due to program funding limitations.
Contact
Maine Rural Development Authority
Deborah Johnson
Director, Office of Community Development
Maine Department of Economic & Community Development
55 State House Station, Augusta, ME 04333-0059
(207) 624-9817
deborah.johnson@maine.gov
Finance Authority of Maine
Matthew Lindquist
MRDA Program Administrator
PO Box 949, 5 Community Drive
Augusta, ME 04332-0949
(207) 620-3527
mlindquist@famemaine.com
