top of page
apprentice shop.jpg

Loan Programs

MCOG provides loans and assistance to businesses within its territory.  Loan sources include MCOG's loan assistance pool, State Small Business Credit Initiative (SSBCI), Federal Rural Development, the Small Business Administration and the Finance Authority of Maine (FAME). When putting together loan assistance, MCOG often works with area businesses, providing "gap" financing. Businesses within MCOG's member communities can receive assistance in understanding the various programs, preparing to meet the needs of those loan programs, and in application assistance. For further information, please contact Mat Eddy at meddy@midcoastcog.com

Loan Types

Micro Loans

For small businesses looking for a loan under $50,000 to expand your business, purchase equipment, or gain working capital.

Gap Financing

If you have been accepted for a loan with a banking institution but still need to provide a match, we can provide a match up to $200,000.

Loan Application Assistance

Maine has a new platform called the Maine Funding Network, and MCOG is proud to be a part of it. To apply for our loan, please create an account with the Maine Funding Network and select MCOG as a match.

 

Please feel free to reach out to Mat Eddy, our Executive Director, who can help answer any questions you may have.

American Unagi receives $1 million in funding assistance

MCOG is participating in a $1 million FAME Direct Loan to American Unagi, a startup aquaculture firm in Waldoboro. The FAME Direct Loan, including MCOG’s $100,000 commitment, will be used to supplement construction financing and to purchase and install aquaculture recirculating systems and other equipment. FAME financing will leverage approximately $8.7 million in project financing, including Gorham Savings Bank loans and equity raised by the company. Read more here

bottom of page