Biddeford-Saco MICRO / Downtown RLF

Micro-Loan Fund: provides loans up to $25,000 to small and emerging private businesses in the Cities of Biddeford and Saco with special emphasis towards women and minority owned businesses.

Eligibility: Micro-Loan applications must be for activities eligible under Section 105 (a) (17) (A) of the Housing and Community Development Act of 1974, as amended. Loans can be used for:

  1. Real property acquisition this is essential to the operation of a business;
  2. Capital equipment;
  3. Building construction and/or rehabilitation;
  4. On-site utilities;
  5. Inventories;
  6. Working capital, and,
  7. Relocation of persons and/or businesses as a result of property acquisition or facility expansion.

Under this program, activities that construct, support or assist housing-related projects are ineligible to receive Micro-Loans.

Maximum Loan Amounts and Leverage Requirements: the maximum micro-loan is $25,000. Micro-loans may provide up 100% of the total financing package up to $15,000. Loan packages of over $15,000 require a dollar-for-dollar match for each dollar over $15,000. The match provided to meet this requirement must represent a new investment or project.

Job Creation and Job Retention: To be eligible to receive a Micro-Loan through this program, the recipient business must be creating or retaining jobs for low to moderate income people. Fifty-one percent or more of the jobs create or retained must be taken persons from low to moderate income households as defined by HUD.

"SMFA urged us to think bigger than we were. We are really excited about the potential for our business and to be able to do what we love, right here in Maine."

Derek Bedford

Possum Hollow Farm Soaps

"I approached SMFA for a loan and they worked with me to find exactly the right combination of funding sources to provide my company with the money it needed, at the right rate, in a timely manner."

Mike St. Pierre

Hyperlite Mountain Gear