Eligible Areas Assistance is available to communities in Kennebec and Somerset Counties. Also to the communities of Troy, Thorndike, Unity, Palermo, Freedom, and Burnham in Western Waldo County. Local service, retail and commercial activities may be funded if the proposed project meets an important community need. RLF assistance will be provided only if private financing is not available on terms which would allow the project to proceed. Repayment terms for machinery and equipment loans are 5-10 years, for real estate up to 15 years.
Interest rates are negotiable.
Typically, rates are near New York prime, and are fixed for the life of the loan. The RLF loan must be adequately secured to ensure repayment. Collateral may include real estate, machinery and equipment, inventory and accounts receivable, lease assignments, and personal guarantees.