Small businesses in Maine, the northeasternmost US state, can now avail of loans of up to US$5 million each under a state-wide lending program termed Grow Maine through the Midcoast Council of Governments, which acts as a participating lender. Grow Maine will be providing US$62 million through its lending partners to eligible small businesses in the state. The participating lenders decide interest rates, and the Midcoast Council plans to offer competitive fixed rates at or below the current prime interest rate of 7%. Businesses can use the loan funds for various business purposes, such as acquiring owner-occupied non-investment real estate, equipment, renovations, construction, and working capital.
