Sothern Maine Finance Authorityis 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.
For more information, contact: William Armitage 20 Pomerleau Street Biddeford, Maine 04005 Phone: 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
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. Call 207-282-7119 for more information.
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.
For more information, contact: FAME P.O. Box 949 Augusta, ME 04330 Phone: 207-623-3263