Issue link: https://nebusinessmedia.uberflip.com/i/1525485
W W W. M A I N E B I Z . B I Z 43 Fact Book / Doing Business in Maine B U S I N E S S R E S O U R C E S Find over 195 credit union locations statewide at mainecreditunions.org Like you, Maine credit unions are deeply rooted in our local communities and genuinely cherish the people we serve. We invest in your dreams and aspirations. We go beyond the motto of "People Helping People" — we're people who truly care. From Caribou to Kittery, and everywhere in between, there's a Maine credit union close by, ready to support your financial needs. Local businesses are the financial heart of Maine. S BA loan guaranty programs pro- vide financing for small businesses that have potential but cannot qualify for credit by themselves. e SBA doesn't provide the loan, but guaran- ties a portion of the loan provided by a lender (except for microloans). e lender decides after the busi- ness applies whether an SBA guaranty is needed. Basic 7(a) Loan program is is the SBA's most frequently used non-disaster financial assistance pro- gram because of its flexibility in loan structure, variety of uses for the proceeds and availability. e loans are funded by SBA- approved lenders; the guaranty that the SBA provides reduces the lender's risk. If the borrower defaults, the lender can request SBA pay the guarantied portion of the debt, with the borrower still obli- gated for the full amount. To qualify, a business must meet the lender's criteria and 7(a) program requirements, and the lender must certify that it would not provide the loan under the proposed terms and condi- tions without an SBA guaranty. To get the guaranty, the applicant must be eligible and creditworthy and the loan structured under conditions acceptable to the SBA. For more details, contact: U.S. Small Business Administration Maine District Office 68 Sewall St., E.S. Muskie Federal Bldg., Room 512 Augusta, ME 04330 207-622-8551 www.sba.gov/me Eastern Maine Development Corp. 40 Harlow St., Bangor 207-942-6389 or 800-339-6389 emdc.org Granite State Development Corp. 217 Commercial St., Suite 301, Portland 207-740-8659 or 207-646-5988 granitestatedev.com Pine Tree State Certified Development Corp. 120 Exchange St., Suite 205, Portland 207-773-3104 frider@megalink.net pinetreestatecdc.com Microloan program Contact an SBA district office for information lenders or go to www.sba.gov/microloans. e program provides loans up to $50,000 to women, low-income, minority and veteran business own- ers by making money available to nonprofit intermediaries that make the loans directly to startup and existing businesses. e proceeds can be used for working capital, or to buy furniture, fixtures, supplies, materials or equipment. Microloans may not be used to buy real estate. Interest rates are negotiated between the borrower and the intermedi- ary. e maximum term is six years. Because money is borrowed from the intermediary, SBA is not involved in the application or approval process. Payments are made directly from the business to the intermediary. Androscoggin Valley Council of Governments 125 Manley Road, Auburn 207-783-9186 avcog.org Coastal Enterprises Inc. 30 Federal St., suite 100, Brunswick 207-504-5900 ceimaine.org Community Concepts Finance Corp. 17-19 Market Square, South Paris 207-743-7716 or (800) 866-5588 community-concepts.org MaineStream Finance 262 Harlow St., Bangor 207-973-3500 or 800-215-4942 mainestreamfinance.org Northern Maine Development Commission 11 W. Presque Isle Road, Caribou 207-498-8736 or (800) 427-8736 nmdc.org SBA business loans