• How do I finance the start-up of a small business?

Each small business has different financing needs. To determine financing needs for your idea/small business, you must first have a business plan with a complete set of financial projections, including a balance sheet, income statement and a cash flow statement. CEI offers one-on-one business counseling and workshops to assist you with business planning, loan applications and other management issues. Please click on Business Advice and Training on the menu to the left for more information.

• How do I need apply for a loan at CEI?

Applicants are required to submit a loan application and completed business plan. In every Loan Application there is a checklist detailing the specific information that you need for your application. For more information and to download an application, click to the left on Apply for a Loan.

• To whom do I submit my application?

Mail your completed loan application (including all additional items requested on the checklist) to the CEI office closest to you.

Portland: 2 Portland Fish Pier, Suite 201, Portland, 04101; Telephone: 207/772-5356; FAX: 207/772-5503

Wiscasset: 36 Water Street, PO Box 268, Wiscasset, ME 04578; Telephone: 207/882-7552 FAX: 207/882-7308

• How long does the approval/denial process take?

Approximately 2-4 weeks, depending on the complexity of the transaction.

• Will I be required to invest owner equity?

Yes. In most cases, the borrower is expected to make an investment to demonstrate a personal commitment to the business.

• Will I be required to pledge collateral for my loan?

Yes.

• Does CEI have grant money?

In general, CEI does not provide grants. However, CEI does help package grant requests for the Trickle Up Program which provides grants of up to $700 for low-income entrepreneurs. As well, Farms for the Future provides grants to a limited number of program participants meeting specific criteria. Please contact for the Trickle Up Program and for the Farms for the Future program.

• I have a poor credit history. Will I be eligible for a loan?

Having bad credit or a poor credit history does not automatically disqualify you from receiving a loan from CEI. Each application is evaluated independently and, while repayment ability is a primary consideration in the loan decision process, good character, management capability, collateral and owner's equity contribution are also important considerations.

• Can CEI recommend a bank that can finance my business?

CEI partners with banks throughout Maine and the region. However, we do not recommend specific banks to customers. Approaching your current bank or a local commercial bank is a good place to begin your financing process.

• I don't live in Maine. Can I still apply for financing at CEI?

CEI's primary market is Maine, but CEI's venture capital funds and New Markets Tax Credit Program operate outside of Maine, primarily in northern New England and upstate New York.

• I read that CEI was recently awarded funding. Is that money available to finance businesses here in Maine?

CEI raises money from many different sources to support all of its programs. New funds may or may not be used for loan capital. However, CEI has a revolving loan pool and would be happy to consider financing your business with existing resources.

• Does CEI offer low-interest rate loans?

Interest rates are determined by the current market, project, risk, and other qualifying factors. Please check with a Loan Officer to find out what the interest rate would be for your project.

• How is a typical loan structured?

Each loan is structured depending on your business needs. All loans that CEI offers are Term Loans. The term on the loan depends on how the funds are used, as well as the assets used for collateral. The three main uses of funds of CEI loans are for working capital (operating costs), machinery and equipment needs, and real estate purchases and development.

• Where is CEI located?

For a list of our office locations, see About CEI in the left-hand column.