Loans to Support Creative Economy
In its continuing efforts to support the creative economy, the City of Portland has developed a new loan program. These loans are intended for artists and other individuals starting or expanding creative economy businesses in Portland. The Creative Economy Loan Fund offers loans up to $5,000, filling a need for small financing that can be hard to come by through conventional bank financing.
“The creative economy is vital to Portland’s vibrancy” said Lee Urban, the City’s Director of Planning and Development. “The City perceived a need in that sector for small loans and came up with a fund to address it. While the City’s loan programs offer gap financing up to as much as $200,000, this new fund will directly benefit those small creative economy businesses whose financing needs are modest but for whom that amount could make a real difference in the growth and success of their businesses.”
Uses for these loans include capital improvements, equipment purchases, leasehold improvements and permanent working capital. Program funds will be loaned for a term of five years at an interest rate of 6.5%. A fee of $50.00 will be required for processing each loan. More information about these loans can be accessed on the City’s website at www.portlandmaine.gov/planning/ecodev.asp or contact the City’s loan officer at 756-8181.