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Financing Incentives
Small Corporate Offering Registration (SCOR) program allows businesses to raise capital by selling up to $5,000,000 in securities during any 12-month period. Under this program, a business uses a simplified form to register its securities in each state where it intends to offer the securities for sale. A company that uses the SCOR program and is raising $1,000,000 or less is not required to file its offering materials with federal securities regulators. Companies using the SCOR program can offer and sell their securities through general solicitation and public advertising. There are no trading restrictions.
Contact:
Maine Department of Professional and Financial Regulation
(207) 624-8551
www.state.me.us/pfrSmall Enterprise Growth Fund provides up to $500,000 in patient capital to small businesses that demonstrate a potential for high growth and public benefit. Funds must be matched in cash. Investments from the fund may be structured as convertible debentures or direct purchases of preferred stock.
Contact:
Finance Authority of Maine
(207) 623-3263 or (800) 228-3734
www.famemaine.comTax Exempt Bond (SMART-E) provides tax exempt bond financing up to $7,000,000 to manufacturers that may be used to purchase and/or construct a manufacturing facility, and/or purchase new machinery and equipment. Because these bonds are tax exempt, borrowers are offered attractive interest rates. Bonds may be structured to finance up to 90% of an eligible loan based on collateral value.
Contact:
Finance Authority of Maine
(207) 623-3263 or (800) 228-3734
www.famemaine.comTaxable Bond (SMART) provides credit-enhanced taxable bond financing up to $7,000,000 for the construction or acquisition of real estate and the purchase of new or existing machinery and equipment. The assets do not need to be related to manufacturing.
Contact:
Finance Authority of Maine
(207) 623-3263 or (800) 228-3734
www.famemaine.comTax Increment Financing provides municipalities with a local tool to finance the cost of private development. A municipality may use all or a portion of the new property taxes that result from an investment project within a designated district to assist in that project's financing. The municipality has the option of issuing bonds (which are retired using the tax increment), or disbursing the tax increment directly to the investing business to cover project costs. TIF districts may be designated for a period of up to 30 years. The terms of financing are established by the municipality. A public hearing and the majority vote of the municipal legislative body is required.
Contact:
Maine Department of Economic and Community Development
(207) 624-9800
www.econdevmaine.comCommunity Development Block Grant (CDBG) Program assists local communities with business development efforts. Funds can be provided for projects that create or retain jobs for persons from low or moderate income households.
- Development Fund Loan Program provides up to $250,000 of financing for fixed assets and working capital for business projects. Development Fund loans can cover up to 40% of total project costs.
- Business Assistance Program provides funds to local governments to either loan or grant up to $400,000 to businesses to finance fixed assets including capital equipment, commercial or industrial buildings, fixtures and property improvements.
- Economic Development Infrastructure (EDI) Program provides up to $400,000 to communities to develop or rehabilitate public infrastructure that supports private economic development projects. Examples include roads, rail sidings, water, sewer, and publicly owned facilities.
Contact:
Maine Department of Economic and Community Development
(207) 624-9800
www.econdevmaine.com
Small Corporate Offering Registration
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(207)474-0166
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