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Grow Maine: Small Business Loan and Capital Program
General · Finance Authority of Maine (FAME) · ME
Grow Maine is a small business financing program run by the Finance Authority of Maine that offers loans, equity capital, and loan insurance — not cash grants — to Maine-based businesses with fewer than 750 employees. It's aimed at businesses that can match at least $3 of private capital for every $1 of program funding they receive.
Grow Maine is a small business financing program administered by the Finance Authority of Maine (FAME), using federal funding from the State Small Business Credit Initiative (SSBCI). Despite being labeled a "Grant" instrument in some records, the program actually operates as loan and capital support — not a cash grant. It provides direct loans, equity capital, and commercial loan insurance, delivered through a network of more than 30 intermediary lenders across Maine.
Direct loans can go up to $5 million, and total supported projects can reach up to $20 million, according to the program notes. Funds from initial tranches are being recycled as they wind down, which is keeping the program active into 2026.
This program matters to small business owners in Maine because it can provide access to capital that might otherwise be hard to secure through conventional lenders alone, especially since it requires businesses to bring in matching private capital — at least $3 of private capital for every $1 of SSBCI funding. This leverage requirement means the program is designed to work alongside other financing, not replace it.
Eligible businesses include both for-profit and nonprofit organizations based in Maine with fewer than 750 employees. Because SSBCI programs are subject to periodic rounds and evolving terms, business owners should confirm current award amounts, open application rounds, and detailed eligibility criteria directly at FAME's official site before applying.
Who qualifies
How to apply
1. Visit FAME's official Grow Maine program page to review current program terms and available intermediary lenders.
2. Connect with one of the 30-plus intermediary lenders that deliver this financing, as noted in the program summary.
3. Confirm current award amounts, open rounds, and eligibility requirements directly with FAME, since these can change.
4. Apply through the official page: https://www.famemaine.com/business-financing/for-business-owners/fame-financing-programs/grow-maine-small-business-loan-capital-program/
Questions people ask
Is this a grant or a loan?
It is structured as loans, equity capital, and loan insurance — not a cash grant — despite being tagged as a grant in some records.
Do I have to repay the funds?
Yes, since this program provides loans and capital investments rather than free grant money, repayment or equity terms would apply; confirm specifics at the source.
Who is eligible?
Maine for-profit and nonprofit businesses with fewer than 750 employees that can bring in at least $3 of private capital per $1 of program funding.
How much funding can I get?
Direct loans can go up to $5 million, with total supported projects reaching up to $20 million.
What is the deadline to apply?
The listing says to check current rounds; there's no fixed deadline given, so confirm at the official source.
Where do I apply?
Through FAME's official Grow Maine program page, linked in the how-to-apply section.
Is this funding taxable?
Confirm at the source, as this isn't specified in the available facts.
Who runs this program?
The Finance Authority of Maine (FAME) administers it using federal SSBCI funding.
Is this available outside Maine?
No, eligibility is limited to Maine-based businesses.
Do I apply directly to FAME or through a lender?
Funds are delivered via more than 30 intermediary lenders, so you would likely work through one of those lenders.
Is the program still active?
As of 2026, funds are being recycled from earlier tranches, keeping the program active, but confirm current status at the source.
What types of businesses can get this funding?
Both for-profit and nonprofit businesses in Maine with fewer than 750 employees.
Opportunity number: not published. Source: curated + verified (official state source, 2026). GetFundedUSA is independent and not affiliated with Finance Authority of Maine (FAME); always confirm current deadlines, amounts and eligibility on the sponsor's own page before applying.