For More Information contact:
Portland, City of/Economic Development Division
389 Congress Street
Portland , ME 04101
207-874-8683
207-756-8217
[email protected]
www.portlandmaine.gov
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Portland Micro Business Fund |
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| Description: |
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A revolving loan fund designed to assist small businesses within the City of Portland, with particular focus in the Downtown.
More on Portland Micro Business Fund
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| Eligibility: |
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Individuals, partnerships and corporations which own, lease, or rent commercial property and are seeking to prepare space for lease; expand an existing business; improving an existing business; start a business. |
| Maximum Amount: |
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25000 |
| Interest Rate: |
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To be determined by the Downtown Portland Corporation Board. |
| Collateral: |
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Business asset collateral and/or personal guaranties may be required. |
| Terms: |
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Max. loan term will be 7 years; app. fee structure generally 1% of loan amt. (max. $250). |
| Additional Notes: |
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Generally, the project should show a minimum private investment to micro-loan dollar ratio of 1:3, although the Downtown Portland Corporation may, at its discretion, waive this requirement if the porject is deemed to have special economic significance or need. (For example, a $30,000 project could receive $22,500 from the loan fund with $7,500 match of private investment.) |
| Footnotes: |
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Eligible activities include renovation, improvement, reconstruction, or restoration of vacant or under-utilized space, or building modification to comply with American with Disabilities Act requirements; building facades; means of access to vacant or under-utilized space; related architectural, engineering, or other professional service costs; equipment financing; leasehold improvements; permanent working capital (including relocation expense, inventory, furniture and fixtures); and construction cost overruns. |
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