The COVID-19 Relief Interim SBA Finance Loan Program provides FAME Direct Loans of up to $100,000 with special terms available to eligible borrowers who provide proof of commitment for SBA financing. Eligible borrowers will provide proof of commitment for SBA financing with the intention the FAME loan would be originated for use to business owner until such time as SBA loan is funded. The SBA loan would then pay-off the FAME loan.
- Be Maine-based
- Provide proof of commitment for SBA financing (for COVID-19)
Up to $100,000; despite the SBA (COVID-19) limit being $2 million, FAME will only fund up to $100,000 of the loan.
Wall Street Journal Prime minus 1%, fixed at the time of loan commitment.
Wall Street Journal Prime plus 2%.
90-day term note.
Business assets are required. Pledge of Receipt of SBA loan funds paid directly to FAME.
Unlimited personal guarantees of the business principals.
Waive 1 % commitment fee, unless loan defaults, then commitment fee charged and advanced onto loan.
Submit a complete, signed application package by email to business@FAMEmaine.com. A complete application package must include:
- COVID-19 Relief Interim SBA Finance Loan application
- A copy of your SBA commitment for financing
- Statement of how COVID-19 has affected your finances and business operations