Androscoggin Bank partners with the following Government Agencies to provide your business more options.
The Small Business Administration (SBA)
They offer two commonly used programs:
- 7(a) Loan Program
The 7(a) Loan Program includes financial help for businesses with special requirements. For example, funds are available for loans to businesses that handle exports to foreign countries, businesses that operate in rural areas, and for other very specific purposes. The 7(a) Program provides a guaranty for the Bank on a Borrower's loan, allowing the Bank to accept more risk with an otherwise qualified Borrower. The 7(a) is often used for an established business that is expanding its operation.
- SBA/504 Loan Program
The SBA 504 loan program is a long-term financing tool, designed to encourage economic development within a community. The 504 Program accomplishes this by providing small businesses with long-term, fixed-rate financing to acquire major fixed assets for expansion or modernization. The SBA 504 Program is project based. In most cases, the Bank provides 50% of the project cost. SBA provides as much as 40% of the project through a direct loan with a low, long term interest rate. The Borrower contributes those funds not provided, sometimes as low as 10% of the project cost.
Click to go to the SBA website.
United States Department of Agriculture (USDA) Rural Development Agency
They offer Business & Industry (B&I) Guaranteed Loans and Community Facilities Loans and Grants that are commonly used by our clients. More information is available from a loan officer or the USDA Rural Development website.
Finance Authority of Maine (Fame)
FAME is a Maine-based organization focused on providing access to innovative financial solutions to help Maine citizens pursue business opportunities. It has a variety of programs available to businesses. A description of those programs may be found at its website.
We've also worked with and support local agencies like (you can click on the following links for more information)