SBA Intermediary Lending Pilot Program

Eligible Applicants are Small Business concerns located within York County and are:

Organized for profit;
“Small” under the 7(a) business loan size requirements; OR,
Have a Tangible Net Worth of LESS THAN $15,000,000; and,
Have LESS THAN $5,000,000 in Net Income after Federal Income Taxes for last 2 years.
Startup, newly established, or growing small business;
Unable to borrow requested funds at reasonable terms elsewhere;
Creditworthy and demonstrates reasonable assurance of repayment.

Maximum Loan Amount:        $200,000 to a Borrower.

Collateral:      

Business Assets, real and personal,
Mortgages, commercial and personal,
Personal Guaranties and
Assignments of:  Life Insurance, Stock and Leases.

Term:  Negotiable based upon cash flow of business or life expectancy of assets financed (typically 10 years or less), not to exceed twenty-five (25) years.

Interest Rate:  

Loans of $50,000 or less – 8.75%;
Loans of $50,000 or more – 7.0%

Eligible Activities: 

Working Capital;  Materials and Supplies acquisition;  and,
Real Estate (NOT acquired for sale, lease or investment);
Machinery and Equipment/Furniture and Fixtures acquisition and installation.

"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