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AVCOG provides financing assistance for start-ups, expansions and
modernizations throughout the tri-county area. Funding for the agency’s
lending, grant and technical assistance programs are secured through
a mix of state and federal loan and grant programs and strategic
partnerships. In addition to our direct loan programs, AVCOG also
provides assistance to businesses in accessing other local and state
sources of financing.
• Direct Loan Programs
Download Loan Application
| Micro-Loan
Program |
|
Business
Loan Program |
| In order to be eligible
for the micro-loan program businesses must
meet the following eligibility criteria: |
In order to be eligible
for the business loan program businesses
must meet the following eligibility criteria: |
- Be located in Androscoggin, Franklin or Oxford Counties
- Average annual sales for preceding three years must not
exceed $5 million
- Must have fewer than 100 employees
- Entire project cost must not exceed $105,000
|
- Business must be located in Androscoggin, Franklin or
Oxford Counties
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| Loan Amount
Up to $35,000 |
Loan Amount
$35,000 to $150,000
Average loan is approximately $50,000 |
Interest Rate
Fixed Rate, 10%* |
Interest Rate
Fixed Rate, 8%* |
Loan Term |
Loan Term |
- To be based on the business’ cash flow and useful
life of assets being financed; not to exceed 6 years
- Prepayment is allowed without penalty
|
- Usually, 7 years, or less, based on the business’
cash flow and useful life of the financed assets
- Terms longer than 7 years may be negotiated, in certain
instances
- Prepayment is allowed without penalty
|
| Loan Uses
Real estate acquisition, building improvements, furniture
and fixtures, equipment, inventory, supplies, working capital
and/or refinancing debt
Security/Collateral
Assets being financed and other collateral, personal assets
and personal guarantees, as required
Fees
Closing costs only |
Loan Uses
Real estate acquisition, building improvements, furniture
and fixtures, equipment, inventory, supplies, working capital
and/or refinancing debt
Security/Collateral
Assets being financed and other collateral, personal assets
and personal guarantees, as required
Fees
2% commitment fee and closing costs* |
*All rates and costs quoted are for businesses located in municipalities
that are members of AVCOG
For more information on business financing services contact:
Greg Whitney, Finance Director
• Loan Request
Form
If you are interested in applying for financing assistance please
download the form.
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