PORTLAND (AP) – Coastal Enterprises Inc. and Bangor Savings Bank are making $9.5 million available in the form of low-interest loans to small- and medium-sized businesses in hopes of providing a spark to Maine’s economy.
They say it’s one of the first times a nonprofit and community bank have come together to provide small New Markets Tax Credit loans.
John Moore of Bangor Savings Banks says loans of $500,000 to $2 million will give eligible Maine businesses access capital if they’re willing to locate or expand in disadvantaged metropolitan neighborhoods or other low-income areas.
Charlie Spies of Coastal Enterprises says the agency is targeting another $30 million in federal dollars to expand the program.
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