Downtown revolving loan fund

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A Newsletter by the City of Saco, Maine	May, 2006	Return to newsletter index

The Biddeford-Saco Area Economic Development Corporation (BSAEDC) promotes the sustainable, long-term economic prosperity of the region. BSAEDC and the cities of Biddeford and Saco have partnered to promote development and expansion with the downtown business districts.

Do you:

Own or control a property located in the Downtown Saco or Biddeford?
Own or operate a business in Downtown Saco or Biddeford?
Desire to repair, renovate, or otherwise improve such property or business?
Need financing assistance to complete the proposed project?
Have the ability to repay the loan?

If you have answered "YES" to these questions, then the Downtown Revolving Loan Fund may be the solution you are looking for. Loan proceeds may be used for:

Building facades and external treatments - i.e. signage and awnings
Means of access to vacant or underutilized space
Related architectural, engineering and other professional services costs
Machinery and equipment financing
Leasehold improvements
Permanent working capital including relocation expenses, inventory, furniture and fixtures
Rehabilitation of residential space in mixed-use buildings (cannot exceed 50% of total eligible project costs).

Ineligible uses of loan proceeds from the DRLF Program include: real estate acquisition, refinancing of existing debt, sweat equity, or any project costs incurred prior to the date of DRLF loan application.

Terms:

Eligible loan amounts range from $2000 to $25,000
Loans are limited to 80% of the total eligible project costs
Terms will vary with a maximum amortization of 15 years

Contact Will Armitage at the BSAEDC, 190 Main Street, Saco, 282-1748.