The City of Old Town has created two loan programs to promote new and existing businesses within the City. Both programs are in partnership with Camden National Bank and the Penobscot Federal Credit Union.
One is a Business Loan Program. Loans with favorable rates are available to qualifying applicants. The goal of the program is to assist the establishment, expansion or improvement to new and existing businesses. Applicant may be a startup or an existing business. The general purpose of the program is to create or retain existing jobs within the City. Favorable rates are available to qualifying applicants and the maximum loan amount is $50,000.
The second is a Business Equipment Loan Program. This program assists qualifying businesses with an interest rate reduction for the purchase of new equipment. Borrowers must meet all of lender’s eligibility requirements. A single business or applicant may receive up to $5,000 in interest subsidy; the subsidy is available for up to three years.
Applicants may begin the process by contacting the lender directly or by contacting: Ron Harriman, Economic Development Director, 207-947-8595.
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