The Southern Maine Finance Agency (SMFA), formerly known as the Biddeford Saco Area Economic Development Corporation (BSAEDC), promotes sustainable economic prosperity though regional business lending. We work collaboratively with communities, financial institutions and local, regional, state and federal organizations to offer a variety of financing options and support to Maine businesses.
SMFA helps businesses, large and small, by providing gap financing for projects that require cash, fixed asset financing, start-up/working capital and real estate acquisitions and development. We now offer SBA 504 Loans, further enhancing our loan options for clients.
“We offer patient, flexible financing that a traditional bank loan would not be able to offer a business.”
~~ Will Armitage, SMFA President
It was Stacey Cote’s dream to own and operate a hospitality business in Southern Maine. When she found the property New Harbor Cottages for sale in Wells, she knew it was what she was looking for. She came to a Purchase Agreement with the owner, had some working capital, but needed financial help to purchase the property. Because the property needed some improvements, she was a new hospitality business, and Maine was just coming out of the pandemic, banks were very cautious. After being denied a loan from other banks, her Realtor connected her to SMFA. SMFA in turn brought…
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