Business Funding Programs

There are many ways to fund your business start-up or expansion, and Bucksport's Office of Economic Development is ready to work with you to find the one that best suits your needs.

Business Funding Programs

Town of Bucksport Business Loan Program

The Town of Bucksport operates a Business Loan Program that can provide up to $25,000 to qualifying businesses.

With the help of Bucksport's Business Loan Program, which includes the valuable service of technical assistance for your small business and a friendly one-on-one atmosphere, the sky is the limit!

Up to $25,000.
Interest rate set by Community & Economic Development Director and fixed for the life of the loan.
Collateral will be required in the form of business and/or personal assets.
Terms determined by Community & Economic Development Director.
Post-loan technical assistance.
Must provide jobs for Low/Moderate individuals.

Local Funders

Bucksport is home to several quality financial institutions that are ready to serve your business needs. Whether your business needs include lines of credit, daily banking needs or mortgage assistance, these companies want to invite you to Bucksport.

Bangor Savings Bank - www.bangor.com
Camden National Bank - www.camdennational.com
Seaboard Federal Credit Union - www.seaboardfcu.com

SBA 504 Loan

The 504 Program provides growing businesses with long-term, fixed-rate financing for major fixed assets, such as land and buildings.

Small Business Administration 504 Loan Program

Planning an expansion? You can benefit from attractive, fixed asset financing through the SBA 504 Loan Program. With 504, you get long-term fixed rate financing at a reasonable interest rate. And, you typically put in only 10%.

Up to $1,000,000
Up to 40% of project costs
Rates based on 5 and 10 year U.S. Treasury market rate, plus premium over the base treasury rate
10 year term for machinery & equipment
20 year term for commercial real estate

Proceeds from 504 loans must be used for fixed asset projects such as: purchasing land and improvements, including existing buildings, grading, street improvements, utilities, parking lots and landscaping; construction of new facilities, or modernizing, renovating or converting existing facilities; or modernizing, renovating or converting existing facilities; or purchasing long-term machinery and equipment.

The 504 Program cannot be used for working capital or inventory, consolidating or repaying debt, or refinancing.
To be eligible, the business must be operated for profit and fall within the size standards set by the SBA. Under the 504 Program, the business qualifies as small if it does not have an average net income in excess of $2.5 million after taxes for the preceding two years. Loans cannot be made to businesses engaged in speculation or investment in rental real estate.

Typically, a 504 project includes a loan secured with a senior lien from a private-sector lender covering up to 50 percent of the project cost, a loan secured with a junior lien from the CDC (backed by a 100 percent SBA-guaranteed debenture) covering up to 40 percent of the cost, and a contribution of at least 10 percent equity from the small business being helped.

Eastern Maine Development Corporation is a Certified Development Corporation for the SBA 504, serving the needs of business in Hancock County.