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