EDC Awarded $1.1 Million in Funds to Make Available for Loan to York County Businesses

October 28, 2015

The Economic Development Corporation (EDC) in Saco recently received $1.1 million of new funds through the Finance Authority of Maine (FAME) – the largest amount granted to any organization in the state - to make available through loans directly to York County businesses.

Jim Nimon, Executive Director of Sanford Regional Economic Growth Council, said: "We are very pleased that FAME has provided revolving loan funds to the EDC. As a board member I'm familiar with the excellent work Executive Director Will Armitage and his staff do. In more complex situations, they work well with bankers in York County to assist where they're able to provide the necessary gap financing and subordinate lending that get business deals done. Or they can close a deal on their own if a development project warrants it. We encourage our companies in Sanford and Springvale to get in touch with the EDC as their business plans dictate."

The Regional Economic Development Revolving Loan Program (REDRLP) makes loans through Maine’s regional economic development agencies to help create or retain jobs. FAME makes disbursements from state bond proceeds to regional economic development agencies and the agencies in turn make loans to eligible borrowers.

Carlos Mello, FAME Director of Business, said: "REDRLP has made a difference with business development activity in regions around the state. Because these funds are limited, we depend on the solid expertise of regional agencies to deliver services to local companies. Will Armitage and the EDC have performed well in the past with these funds, so it was with great confidence that we again awarded REDRLP funds to their agency for loans to eligible businesses in York County."

The purpose of the program is to provide financial assistance in the form of loans of up to $350,000 to Maine businesses in order to create or retain jobs. It is targeted to businesses that have sales under $10 million or employ 100 or fewer people. Loans under this program typically provide the gap financing and/or subordinate financing businesses may need in order to complete their projects. There are match funding provisions required for loans of $50,000 or more. The program is operated in conjunction with participating economic development agencies throughout the state. Learn more on the FAME website.

The Economic Development Corporation (EDC) is a non-profit partnership established in 1992. Located in Saco, the EDC helps businesses, large or small, by providing gap financing for projects that require cash, fixed asset financing, start-up and working capital and real estate acquisition and development. The corporation's mission is to promote the sustainable, long term economic prosperity of the regional economy.

Over its 23 year history, the EDC has provided over $15 million in financing to almost 200 businesses in York County. These loans have stimulated over $80 million in investment and created and retained approximately 2,300 jobs in the regional economy. Today the EDC has business finance programs that are available throughout York County and the agency is making a concerted effort to ensure that the businesses in the Sanford Region have access to the county-wide menu of EDC programs and services.

To learn more about the EDC or to find out how to apply for a loan, visit the EDC website.