ECONOMIC DEVELOPMENT

Loan Programs Available in Bridgton

SBA Basic 7(a) Loan Guaranty

http://www.sba.gov/services/financialassistance/sbaloantopics/snapshot/index.html

The SBA Basic 7(a) Loan Guaranty is a program administered by the Maine Small Business Administration (SBA). The program is designed to help qualified start-up and existing small businesses, that may not be able to get secure through traditional lending channels, obtain financing

A large variety of businesses may qualify for the program. Eligible businesses must at minimum be a for-profit entitles that does business or is looking to business in the United States, have reasonable owner equity, and has already used other financial resources.

Prequalification Loan

http://www.sba.gov/services/financialassistance/sbaloantopics/prequalification/index.html

 Is a Maine Small Business Administration program that provides business loan applicants the opportunity to have their applications reviewed by the SBA before being submitted to a lending institution. The SBA may choose to submit a letter of support to the lending institution

 A Small Business Administration intermediately will work with the applicant to strengthen their loan application. The intermediary will also work with the applicant to find the most competitive rates.

Small Enterprise Growth Fund

http://www.famemaine.com/ada/html/business/small-enterprise.htm

The Small Enterprise Growth Fund will provided capital to companies that show a propensity towards growth and a benefit to the public.

In order to be eligible for this fund a company must be involved in one of the following:
 

·         Marine Sciences

·         Biotechnology

·         Manufacturing

·         Software Development

·         Out-of-State Exporters

·         Environmental Services

·         Financial/Insurance Services

·         Natural Resources

·         Other companies that further the intent of the program

In addition a company must have fewer than 50 employees and less than $5,000,000 in sales in the last 12 months.

Governors Training Initiative (GTI)

http://www.mainebiz.org/business_assistance/governors_training.asp

 Is a program that provides qualifying companies the opportunity to receive reimbursement from the state for “on-the-job training, competitive retooling, assessment, job-task analysis, workplace safety and literacy, specialized recruitment, high-performance skills, or customized technical training.”

Micah Niemy
Economic and Community Development Director
ecodevdir@bridgtonmaine.org
Town of Bridgton
3 Chase Street, Suite 1
Bridgton, ME 04009
Tel. (207) 647-8786
Fax (207) 647-8789