Portland Business Fund
The Portland Business Fund is a revolving loan fund designed to assist small and medium sized projects. The fund will provide last piece financing for building renovation, equipment purchase, leasehold improvements, owner occupied real estate acquisition and the acquisition of fihsing vessels, permits and licenses up to $200,000 per loan. It is designed to stimulate growth and development in the City of Portland consistent with the Downtown Vision Plan and overall economic development strategy.
Use: Individuals, partnerships, and corporations which own, lease, or rent commercial property within the program boundaries and are seeking to prepare space for lease, expand an existing business, or improve an existing business.
Amount: 200,000
Interest Rate: Determined by the Downtown Portland Corporation Board.
Collateral: Business asset collateral and/or personal guaranties may be required.
Term: 20-year maximum loan term with maximum 10-year balloon. The project must show a minimum private investment to revolving fund dollar ratio of 1:1 on loan amounts of up to $100,000 and 2:1 on loan amounts over $100,000 up to $200,000. (For example, a loan request of $175,000 would carry a match requirement of $100,000 for the first $100,000 of the loan amount [1:1], plus $150,000 of match for the final $75,000 of the loan amount [2:1], for a total match requirement of $250,000 and a total minimum project cost of $425,000.
The business or property to be assisted must be located within the City of Portland.
More...
City of Portland/Economic Development Division
389 Congress Street
Portland , ME 04101
207-874-8683
207-756-8217
[email protected]
www.portlandmaine.gov

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