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Small Business Low Interest Loan Program
These rules establish the criteria for a pilot loan program providing loans up to $35,000 currently at 3% interest to small businesses to fund MPUC approved energy conservation measures. The Maine Public Utilities Commission (MPUC), State Energy Program, administers this program. The Finance Authority of Maine (FAME) will assist MPUC with the management of this program by providing a credit analysis, and preparing loan documents. Funding, disbursement and repayment of loans are all processed through MPUC. Loan processing costs will be paid by the applicant and may be added to the project cost. Loan repayment terms will vary depending upon project and loan amount.
 Purpose
The purpose of this program is to assist small commercial, non-profit, and manufacturing facilities (less than 50 FTE employee or less than $5,000,000 in annual sales) with funding Efficiency Maine-approved energy conservation measures by providing loans up to $35,000 at 3% interest (current fixed rate).
Important things to know:
- BEFORE applying for a loan, an energy audit of the small business must have been conducted by Efficiency Maine staff or by an Efficiency Maine-approved energy auditor. Energy audits provided by Efficiency Maine (EM) staff to the small business are free;
- Due to limited resources, schools, hospitals, nursing homes, private residences, or businesses with residential components such as apartment houses, nursing homes, camps, or condominiums are not eligible for participation in this program;
- You must not have started the project, nor contracted for the project prior to receiving loan approval;
- This loan, like most loans, will require security and a credit check through a nationally-accredited agency;
- Loan repayment terms will vary depending upon project and loan amount
- The applicant must fund at least 10% of the cost of the proposed project from sources other than the loan; and,
- Efficiency Maine may deny a loan to any applicant that restricts membership, sales, or services on the basis of race, color, creed, religion, sexual orientation, national origin or gender.
Download Energy Audits, Incentives and Loans For Small Business
For More Information
Please contact Shirley Bartlett, Efficiency Maine Program Manager at the Maine Public Utilities Commission, at (207) 287-3318 or by eMail at shirley.bartlett@maine.gov.
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