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Portland Micro Capital Loan Fund
| Description: | The Portland Micro loan program is designed to address the deficiency of capital available to microenterprises and small business by providing loan funds to meet training, start-up, and operating capital needs for these entities. |
| Eligibility: | Individuals, sole proprietors, partnerships, and corporations which are seeking to commence or expand business oeprations, or provide employee training within the City of Portland. |
| Maximum Amount: | 15,000.00 |
| Interest Rate: | Minimum interest rate will be fixed at cost-of-funds plus 1% (expected rates: 6%-10%). |
| Collateral: | Business assets collateral and/or personal guaranties may be required. |
| Terms: | 4-year maximum loan term; applicant will generally be required to provide minimum equity or private funds of 25% of project costs. Application fee will be 1% of loan amount (minimum $25; maximum $100). |
| Footnotes: | For loans up to $5,000, applicants will be required to participate in one hour of business technical assistance per $1,000 borrowed. For loans in excess of $5,000, applicants will be required to participate in at least five hours of business technical assistance. Technical assistance will include business plan preparation, business and financial management, marketing, hiring and managing employees, tax issues, and other topics relevant to small businesses. The majority of technical seminars and programs are expected to be provided by the Economic Development Center's Resource Hub, in conjunction with other local economic and community development organizations. Technical assistance requirements may be waived for applicants utilizing loan program funds for employee training purposes. |
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For More Information contact:
389 Congress Street Portland , ME 04101 207-874-8683 207-756-8217 | |