| It is not difficult to obtain a business loan in Maine. | | | | software for your business, you may approach |
| Once you know whom to approach, you can get | | | | FAME. They provide expedited loans for small |
| cash for carrying forward your business. Before going | | | | businesses. |
| any further, let's have a look at what FAME is. | | | | Loans for Regional Economic Development: |
| Finance Authority of Maine (FAME): | | | | In 1994, a $10 million bond was issued under this |
| The Finance Authority of Maine (FAME) is a body | | | | program. FAME provides this capital for the welfare |
| that issues finances to the people of Maine for | | | | of the community. If you are a non-profit |
| business purposes. FAME acts as a pillar of support | | | | organization, or a public enterprise, you can borrow |
| for the aspiring entrepreneurs who want to venture | | | | money under this program. You can qualify for funds |
| out into the business world. It also assists the | | | | up to $200,000. |
| existing businesses in expansion. | | | | Export Financing Services: |
| FAME is closely associated with the banks of Maine. | | | | FAME provides insurance on working capital. This |
| It provides traditional loans for all types of businesses | | | | gives greater security to the lenders and thus boosts |
| as well as tax credits to invest in manufacturing or | | | | the lending activity on international basis. The Export |
| firms involved in exports. FAME also offers taxable | | | | Credit Umbrella Insurance is offered by the Exim |
| and tax-free finances at reasonable rates. | | | | Bank of America and is managed by FAME. This |
| Let's have a more comprehensive look into FAME's | | | | insurance mitigates the credit risk involved in |
| services. | | | | international trade. Thus, it enables the exporters to |
| Commercial Loans: | | | | provide credit terms to the international buyers in a |
| FAME gives up to 90 percent insurance on | | | | highly competitive market. |
| commercial loans not exceeding $7 million. These | | | | Funds for Agricultural Development: |
| loans are for almost all types of businesses. | | | | FAME also provides funds for agricultural enterprises. |
| Tax Credits for Seed Capital: | | | | The interests are as low as 5 percent. You can |
| Under this program, you can obtain a 30 percent tax | | | | qualify for loans up to $250,000 to introduce |
| credit for investment in a private venture up to | | | | advanced technologies and enhance the production |
| $200,000. Certain companies have even received | | | | and marketing of products manufactured in Maine. |
| $1,000,000! | | | | You may contact FAME for further programs, by |
| Loans for Computers: | | | | calling 207-623-3263 or logging on to the Web site. |
| If you need to install computer hardware and | | | | |