Portland Creative Economy Loan Fund
This program is designed to stimulate growth and development of Portland's creative economy through assistance to creative economy businesses with needs for small loans (often hard to come by through conventional bank finance) and through assistance to emerging and established artists who wish to gro creative economy businesses.
Use: Owner of a new or existing creative economy business that: is located in the City of Portland; has a business balance sheet showing that the owner has equity of 20% in the business, including this new debt, or 20% down payment of new request; owes no outstandng property taxes, liens, fees, or judgments to the City of Portland; has satisfactory credit report; is unable to obtain conventional financing elsewhere.
Amount: 5,000
Interest Rate: 6.5%
Collateral: Business asset collateral and/or personal guaranties required.
Term: Maximum loan term of 5 years; loan origination fee of $50.00.
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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