Mainestream Finance as an SBA Microlender is launching the business booster loan to support Maine’s small businesses during COVID-19. We focus particularly on the sole-proprietors and the self-employed in Maine who may not have accessed other SBA programs, such as the PPP and EIDL loans. If you have accessed PPP or EIDL loans, you are eligible, however. To learn more and get a call back, inquire here:
- Loan up to $10,000 to cover up to two months of working capital/operating expenses.
- 2-year term
- May include six months of payment and interest coverage by the SBA and have no pre-payment penalty
- Other flexible payment arrangements available
- Fast turn-around, less than 2 weeks/10-business days
- Available through Sept. 27 or while SBA funds remain available
Documents Needed from borrower:
- Booster Loan Application
- Personal Financial Statement
- 2019 Tax Returns (2018 allowed if 2019 not filed yet)
Underwriting and loan determination will be based on your business’s cash flow prior to 3/15/20. We will pull a credit report to assess your other existing debts – we do not have a credit score minimum.
PLEASE NOTE: While there is payment relief available with this booster loan, you will have to pay back much of this loan eventually. PLEASE BE CAREFUL. If the SBA PPP or EIDL funds are still available (Phase 2 will begin in late April), they may be a better way to go. Our team can help you fill out the materials and find a bank for PPP. You can find out more on the SBA Paycheck Protection Program (PPP) and Emergency Injury Disaster Loan (EIDL) on our COVID-19 Resource page for small businesses. If you are self-employed, you may also want to wait for Maine Dept. of Labor to get self-employed unemployment insurance going – it can be back-paid – it is called Pandemic Unemployment Assistance (PUA).
You can also contact us at MSFInfo@penquis.org or call us and ask for the lending team at 973-3500 but best to fill out the short inquiry form above first.