Finance Authority of Maine (FAME)
The Finance Authority of Maine (FAME) is Maine's public business finance agency. FAME supports start-up and expanding businesses by working closely with Maine banks to improve access to capital. FAME offers a wide array of programs, ranging from traditional loan guarantees for small and large businesses to tax credits for investments in dynamic manufacturing or export-related firms. FAME has also established taxable and tax-exempt bond financing programs that provide loans to creditworthy firms at very favorable rates and terms. Some of FAME's many programs designed to help start-up and expanding businesses are summarized here. For more comprehensive information, including eligibility criteria, please call 207-623-3263 or visit FAME’s Web site.
Commercial Loan Insurance Program
This program provides large business borrowers, who would otherwise have problems securing conventional loans, with access to capital. FAME can insure up to 90 percent of a commercial loan, not to exceed $7 million, for most types of business projects.
Maine Seed Capital Tax Credit Program
This program is designed to encourage equity and near equity investments in young business ventures, directly and through private venture capital funds. State income tax credits to investors for up to 50% of the cash equity they provide to eligible Maine businesses may be authorized. Investments may be used for fixed assets, research or working capital.
Maine Technology Institute (MTI)
MTI exists to encourage, promote, stimulate and support research and development activity leading to commercialization of new products and services in the State's technology intensive sectors Maine private companies and non profit organizations whose efforts are in the targeted technology area of information technology, aquaculture & marine, advanced technologies for forestry & agriculture, biotechnology, composite materials, environmental and precision manufacturing.
Maine Venture Fund - Maine's Venture Capital Fund
The Maine Venture Fund is a professionally managed venture capital fund that invests exclusively in Maine companies that demonstrate a potential for high growth and public benefit. The Fund has been actively investing in Maine companies since 1997, after its creation by an act of the Maine Legislature in 1995. The fund has received $13 million in capital contributions from the State of Maine and operates as a revolving, “evergreen” fund.
Maine Economic Development Venture Capital Revolving Investment Program
This program is designed to allow the State to invest as an equal partner with others in eligible private venture capital funds to support emerging and early-growth businesses in Maine. It is intended to utilize experienced professional fund managers to increase the probability of successful investments in recipient companies.
Maine New Markets Capital Investment Program
The Maine New Markets Capital Investment Program attracts investment capital to low-income communities by allowing investors to receive a state tax credit on equity investments they make in Community Development Entities (CDE). This program is modeled after the federal New Markets Tax Credit Program.