A place your business can call home in Franklin County, Maine
Maine has two Business Equipment Tax Relief Programs targeted specifically at helping new and established businesses to invest for growth by allowing them to recoup local property taxes paid on eligible business equipment and property.
Municipal Tax Increment Financing (TIF) is used by towns, plantations, and the unorganized townships to leverage new property taxes generated by a specific project with a defined geographic district. Any portion of the new taxes may be used to finance public or private projects.
Employment Tax Increment Financing (ETIF) is a state program that helps new and established Maine businesses hire new employees by refunding from 30-80% of the state withholding taxes paid by the business for up to ten years. The reimbursement rate rises with the level of local unemployment, with those in Pine Tree Development Zones receiving the highest rate.
Maine offers Technology Tax Credits and sales tax exemptions for businesses engaged in certain specialized areas. In general, R & D tax credits are based on federal IRS rules and applied for as part of a company’s state corporate tax return. Sales tax exemptions are applied either at the time of purchase or as a refund.
The Pine Tree Development Zones (PTDZ) program offers eligible businesses the chance to greatly reduce or virtually eliminate state taxes for up to ten years when they create new, quality jobs in certain business sectors or move existing jobs in those sectors to Maine.
Whether your business makes salsa or semiconductors, whether your challenge is getting your product to market for the first time or evaluating export opportunities, Maine has a marketing assistance programs to help you succeed.
When traditional loans are not the solution for your financing needs, FAME Business Loans may be the answer. These loans are directly administered by FAME, often in conjunction with partner agencies, such as the Maine Department of Agriculture, Conservation, and Forestry; the Maine Rural Development Authority; and the Kim Wallace Adaptive Equipment Loan Program board.
FAME Agriculture Loans help farms and agricultural businesses compete through various loan programs.
FAME Equity Capital/Tax Credits helps businesses seeking capital by encouraging private investment in Maine businesses.
FAME Bonds offer a variety of options to allow businesses to seek funding via both tax and tax-exempt bonds.
AVCOG provides financing assistance for start-ups, expansions, and modernizations throughout the tri-county area. Funding for the agency’s lending, grant, and technical assistance programs are secured through a mix of state and federal loan and grant programs and strategic partnerships. In addition to our direct loan programs, AVCOG also provides assistance to businesses in accessing other local and state sources of financing.
CEI offers business financing and technical support for a wide range of small business, community facilities, affordable housing and mixed used real estate projects and ventures. With flexible business financing, loans, investments, rates and terms, CEI is able to leverage its capital with other sources, primarily banks.
CEI Venture Capital is funding, invested in an enterprise, which offers the probability of profit along with the possibility of loss. The VC investor owns a piece of the company (equity) in exchange for his investment and is commonly repaid when the company is sold or when its shares become available to the public.
Community Concepts Finance Corp (CCFC) Business Lending Center is another source for business loans. CCFC can provide financing for projects that cannot qualify for conventional financing.