Regional Economic Development Revolving Loan Program

The Regional Economic Development Revolving Loan Program (REDRLP) makes loans through Maine’s regional economic development agencies to help create or retain jobs. FAME makes disbursements to regional economic development agencies, and the agencies in turn make loans to eligible borrowers.

About the Regional Economic Development Revolving Loan Program

Eligibility

Businesses that have sales under $10,000,000 or employ 100 or fewer employees, conducting business in the following categories:

• Advanced manufacturing technologies
• Advanced information systems
• Advanced biological/natural resource technologies
• Conversion from defense industry
• Significant export involvement (goods or services)
• Significant research and development
• Micro-businesses (fewer than 15 employees)
• Quality child-care projects (Regional Economic Development Revolving Loan Program for Day Care is also administered directly by FAME)
• Businesses significantly engaged in commercial and/or mixed-use real estate and/or community facilities development
• Businesses significantly engaged in serving tourists, such as outdoor recreation, culture, heritage and hospitality

Loan Amount/Exposure

• 50% of total project cost, for projects from $50,000 up to maximum loan amount of $350,000
• 100% of total project cost, for projects less than $50,000
• 100% of total project cost, for quality child-care projects up to maximum loan amount of $350,000

Interest Rate

Negotiated with regional agency, usually below market. List of agencies below.

Loan Term

Up to 20 years, depending on assets being financed.

Security

Assets being financed and other collateral, as required.

Fees

Fees are set by each agency.

How to Apply

Applications are provided by each agency. Please contact the agency covering your area for information and applications.

The agency reviews, underwrites, and notifies borrower of final loan determination.

Requisition Form

Download the form for participating agencies.

• Loan Reporting and REDRLP Fund Requisition Form