Loan amounts range from $500 to $20,000. The microloans are for clients who may not be able to get a loan from other lenders.  The microloans may also be used as part of a larger loan package, in a gap financing role. SAM may act as the primary lender and provide up to 80% of the request with the client providing the remaining 20% from other sources. SAM can be used by first-time borrowers and clients with no credit history or poor credit history. These loans can provide opportunities that may not be available through other lenders.

Eligible Uses & Requirements:

Loan funds may be used for equipment, inventory, material, purchase/improvement; creation and/or expansion of value added-products/services; training and education, marketing assistance; energy efficiency improvements; and help with start-up capital.

Basic Loan Fund Requirements: The applicant must be a resident of Washington County; have ownership in a farm, agriculture or food-related business; creating or keeping a job(s). Loans will not be made for debt consolidation, general operating expenses, or existing debt.

Loan Terms and Conditions:  Loan terms and conditions will be decided by the Sunrise Loan Fund Committee, based on risk, collateral, character, and creditworthiness.  Loan processing fees range from 2%-3% of the total loan request.

Additional Business Support Resources: Assistance with business plans, loan applications, and marketing are available from the many resource providers who work with SCEC.  Many are free, and all are confidential. These resources can assist farmers and food producers in business training and education, leading to increased profitability, better business decisions and strategies for success.

The loan fund offers two options.

The first option is for higher-risk clients looking for loans of up to $2,500.  These clients usually would not qualify to borrow from banks.  For these loans, DECFF acts as the primary lender and provides up to 80% of the loan request.  The client would provide the remaining 20% from other sources.  This option is for first-time borrowers and clients with a lack of a credit history or poor credit.  These loans provide opportunities that may not otherwise be available.

The second option covers loans ranging from $2,500 to $10,000. It is set up to assist existing businesses that need financial assistance to grow, expand, hire and sustain their operations. DECFF provides up to 50% of the loan request with the client providing the remaining 50% from other sources.

Eligible Uses & Requirements

DECFF funds may be used for boat and gear purchase/improvements; creation and/or expansion of value-added products/services; training and education; marketing assistance; energy/efficiency improvements; and assistance with start-up capital.

Loan fund requirements include but are not limited to: applicant must be a resident of coastal Washington County; have ownership in a commercial fisheries and/or marine-related business; creating or keeping a job(s); denial of other credit sources.

Loans will not be made for debt consolidation, general operating expenses, or existing debt.  Loans require some money from another source.

Loan terms and conditions will be decided by the Sunrise Loan Fund Committee, based on risk, collateral, character, and creditworthiness.

Washington County Government has a loan and grant program through the tax increment financing (TIF) district it established for the Unorganized Territories (UTs) in Washington County.  This is funded through deferred property taxes from the Stetson I & II wind-farms outside of Danforth.  A portion of the wind-farm property taxes are returned to Washington County each year.  These funds are to be used for economic development and job creation in the Unorganized Territories.

The TIF Program has a nature-based tourism fund, a revolving loan fund, an economic development planning fund, and a County match fund. Businesses, individuals and other organizations may apply for funding through these programs. Applications are reviewed by the SCEC Loan Committee and then referred to the County Commissioners for final approval.

Sunrise County Economic Council, as economic development agency for Washington County Government, administers the UT TIF Grant and Loan Programs. Please go to
http://www.washingtoncountymaine.com/index.php/business-economy/tax-increment-financing-tif-district  for more information, application forms and guidelines.

For a downloadable map of the UTs, please click here.