In 2011, The Upper Valley Economic Corp. (UVEC) established a Revolving Loan Fund for businesses in northern Penobscot and southern Aroostook counties.
The purpose of the Revolving Loan Fund was to provide capital to small businesses who were unable to obtain credit through conventional sources.
Revolving Loan Funds are currently available. Minority entrepreneurs, women business owners and self-employed individuals with limited incomes are encouraged to apply.
Borrowers may use funds for the purchase of machinery and equipment, furniture and fixtures, supplies and working capital, and renovations, acquisition and development of land, easements, and rights-of-way. UVEC’s Revolving Loan Funds cannot be used to produce agriculture products through growing, cultivation, and harvesting either directly or through horizontally integrated livestock operations, and the funds may not be used for construction, conversion, or the enlargement of buildings.
Loans range from a minimum of $2,000 to a maximum of $20,000. A $100 application fee shall be submitted with each application. Machias Savings Bank of Houlton Administers the grant for UVEC.
Since its inception, UVEC has loaned over $64,500 to local businesses. UVEC recently received a $15,000 grant from the Betterment Foundation to bring the total of funds available of over $30,000.
For more information on UVEC’s Revolving Loan Fund, visit their website at www.uvec.org , or call Jeff Package at 365-7631.
