USDA: $11M available for Maine businesses
The U.S. Department of Agriculture Rural Development program said it has $11 million in loan guarantees available for Maine businesses in rural areas, including places near Portland.
Rural Development announced on Thursday that the loan guarantees are available through partnerships with local lending institutions. Businesses located in communities with populations of 50,000 or fewer people are eligible. That includes communities like Freeport, Scarborough, Cumberland and Cape Elizabeth, which were recently added to the list of qualified communities through a federal rule change.
“This increased level of program funding represents a significant opportunity for Maine businesses seeking funding for a wide variety of purposes,” Rural Development State Director Virginia Manuel said in a prepared statement. “The Business & Industry Guaranteed Loan Program can assist with business growth, development and improvements, ultimately saving and creating jobs in their community.”
One recent recipient of the federal agency’s Business & Industry Guaranteed Loan Program is Front Street Shipyard, which received a $10 million loan to refinance and support its operations in redeveloping Belfast’s waterfront. Rural Development said the project was crucial in supporting 114 jobs and the city’s development plan.
For more information about the programs, visit here or contact Cheryl Pelletier at cheryl.pelletier@me.usda.gov.
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