MICRO / Downtown
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:
- Real property acquisition this is essential to the operation of a business;
- Capital equipment;
- Building construction and/or rehabilitation;
- On-site utilities;
- Working capital, and,
- 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. 51% or more of the jobs create or retained must be taken persons from low to moderate income households as defined by HUD.
The EDC worked with us through every phase of this project to collaborate with bankers and get us the funding we needed to keep our development on schedule.
– Doug Sanford – Northdam Mill
The EDC has really helped our business stay on track.
– John Grondin – Prescott Metal