This program is designed to provide access to small businesses and start-ups. It is a streamlined, low barrier program designed to provide access to capital for businesses not traditionally bankable. There will be no minimum credit score required but applicants must have no delinquent or outstanding derogatory accounts reported.
Eligible applicants will be businesses with a majority ownership qualifying as 80% Low-to-Moderate income using the most recent HUD income qualification tables. Ownership structures will include:
Loans will be secured by a Personal guaranteed from business owners and a UCC Filing on all business assets.
Allowable uses include:
Applications will include:
Approval will be based on:
Loan Terms well be a fixed rate 2% loan amortized over 3 years.
Applications can be submitted to the Community Development Office at CDBG@AuburnMaine.gov