Business Financing

Local Financing Programs

Southern Maine Finance Agency

Sothern Maine Finance Agency 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.

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