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Business Financing


There are a wide variety of federal, state and local financing programs available to assist qualified businesses with expansion or start-up needs:Bidd Saco

 



LOCAL FINANCING PROGRAMS

Biddeford-Saco Area Economic Development Corporation is a nonprofit corporation formed jointly by the Cities of Biddeford and Saco.  It provides public funds to businesses that create or retain quality jobs in the Biddeford-Saco area. Contact William Armitage, 190 Main Street, PO Box 536, Saco, ME 04072, or call 207-282-1748.  Mr. Armitage is also the contact for the Small Business Administration (SBA) and RECD, which provide commercial loan guarantee programs to all of the local and regional financial institutions.



Tax Increment Financing (TIF) Program. Businesses undertaking substantial capital investments may qualify for financing through the TIF program, which allows the business to recapture a portion of new taxes resulting from the project. Companies must meet investment and job requirements to qualify.  Information is available through the City's Economic Development Office.

STATE FINANCING PROGRAMS

Pine Tree Development Zones  Biddeford's Mill District, business and industrial parks are designated Pine Tree Development Zones.  As such, there is the possibility that qualifying businesses can receive substantial tax benefits on new investment.  Qualified businesses must meet job creation requirements.

Finance Authority of Maine (FAME) offers numerous financial assistance programs that range from tax-exempt bond financing for multi-million dollar projects to commercial loan insurance.  Contact FAME, PO Box 949, Augusta, ME 04330, or call 207-623-3263.