Small Business Loans

We make the process of applying for a loan quick and seamless

CEI offers business financing for a wide range of purposes including start-up, working capital, real estate and equipment purchases, facilities expansion, and construction in Maine.

CEI is committed to reducing the wealth gap and building a more equitable economy by focusing our services on people and communities unable to access financing from traditional sources. And we don’t stop there. Our lenders, investors, business and workforce advisors, and food system, aquaculture, and climate experts lend their expertise, connections, and hands-on support to make sure you and your business succeed.

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Business Loans

Loans up to $1 million

Get the cash you need to help your business grow. New to applying for a business loan, or heard a “no” before? Our friendly and knowledgeable lenders, business advisors and credit counselors are here to help you succeed.

Terms

Terms and closing costs may vary based on specifics of project and prevailing market rates. Typical time to approval is 4-6 weeks but can fluctuate based on number of requests.

Geography:

Maine

Sector:

Any

Uses:

Start-up, working capital, real estate and equipment purchases, facilities expansion, and refinance of existing higher interest rate debt.

Amount:

Up to $1 million (higher amounts may be considered)

Interest Rate:

6-10%

Typical Term:

3-7 years with extended amortization possible.

Other Features / Requirements:

Speak with your loan officer about additional features or requirements.

Loan Process

Have your business plan, financials, and other materials handy? Then you’re ready to apply!

Loan Application

In addition to the application above, you must submit a credit acknowledgement for each guarantor listed on the loan application.

Credit Acknowledgement

Review our application checklist to ensure you have all the materials you need.

Application Checklist
QUESTIONS?
Complete our inquiry form and a lender will reach out to you shortly.
Contact Us
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Wicked Fast Microloans

Are you looking for flexible cash for your business without a long and complicated application process? CEI’s Wicked Fast Loans offer up to $15,000 for start-up businesses and up to $30,000 for existing businesses, with a loan decision in 3 business days.

Terms

A loan decision is provided in 3 business days.

Geography:

Maine

Sector:

Any

Uses:

Working capital, equipment/supplies and refinance existing higher interest. Funds cannot be used for real estate purchases.

Amount:

Up to $15,000 for start-up businesses and up to $30,000 for existing businesses.

Interest Rate:

7.25%

Typical Term:

Up to 5 years/60 months

Other Features / Requirements:

Decision within 3 business days. Non-profit businesses do not qualify. Borrower must have evidence of a relationship with a business advisor. CEI can make referrals to a free Business Advisor upon request.

Loan Process

Have your business plan, financials, and other materials handy? Then you’re ready to apply!

Loan Application

In addition to the application above, you must submit a credit acknowledgement for each guarantor listed on the loan application.

Credit Acknowledgement

Review our application checklist to ensure you have all the materials you need.

Wicked Fast Application Checklist
QUESTIONS?
Complete our inquiry form and a lender will reach out to you shortly.
Contact Us
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Riba-Free Loans

We know that a lack of financing options that align with Islamic financing principles can limit your ability to start or grow your business. For entrepreneurs like you, we provide an alternative that charges a fixed monthly administrative fee, based on the loan amount and term, instead of interest that accrues each month.

CEI believes this fixed fee-based product is compliant with the principles of Islamic finance and is similar to other models we have researched. We acknowledge that there are many countries and regions of the world which interpret Islamic law differently, so please feel free to review with your local mosque, imam or other community members.

Terms

Terms and closing costs may vary based on specifics of project and prevailing market rates. Typical time to approval is 4-6 weeks but can fluctuate based on number of requests.

Geography:

Maine

Sector:

Any. This business loan product is available to all applicants for commercial uses.

Uses:

Working capital, equipment/supplies and refinance existing higher interest.

Amount:

Up to $1 million.

Interest Rate:

None. A fixed monthly administrative fee is calculated on the loan amount and term based on the cost of doing business, which includes CEI’s cost of funds, internal loan group operations, and the loan’s level of risk. Over the life of the loan, the cumulative admin fee is equal to the accrued interest on a typical interest-bearing loan of the same amount and term.

Typical Term:

3-7 years

Other Features/Requirements:

Speak with your loan officer about other features or requirements.

Loan Process

Learn more about our Riba-Free Loan product

Riba-Free Loans

Have your business plan, financials, and other materials handy? Then you’re ready to apply!

Loan Application (Under $30,000)

Have your business plan, financials, and other materials handy? Then you’re ready to apply!

Loan Application (over $30,000)

In addition to the application above, you must submit a credit acknowledgement (link below) for each guarantor listed on the loan application.

Credit Acknowledgement

Review our application checklist to ensure you have all the materials you need.

Application Checklist
QUESTIONS?
Complete our inquiry form and a lender will reach out to you shortly.
Contact Us
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Child Care Loans

Your passion is helping children grow & develop. Ours is to help you finance your dream. After nearly 45 years of helping child care providers just like you, we’ve created a special loan product for licensed Maine child care providers (and those in the process of being licensed) that is tailored to your needs. Loans can be used to buy children’s activities, create an outdoor learning environment, purchase required health & safety supplies, renovate or purchase a building and more. We think it’s particularly important that you have enough money or working capital on hand to cover staff wages, food & consumables (ex. fingerpaint and paper) during your first few months. Whether you are starting up or expanding, we are ready to help with financing to make your child care dream a reality.

Terms

Geography:

Maine

Sector:

Licensed Maine child care businesses and entrepreneurs in the process of being licensed

Uses:

Business assets (children’s activities, furniture, supplies & more) and working capital (money on hand for bills during the first few months)

Amount:

Up to $250,000. Higher amounts may be considered.

Interest Rate:

2.75%

Typical Term:

5 to 7 year loan with interest only payments for the first 6 months.

Other Features / Requirements

• Business plan / financial forecast is cash flow positive • 25% owner investment (can include Child Care Infrastructure Grant award) • 20% of enrollment allocated to Child Care Affordability Program

Loan Process

Have your business plan, financials, and other materials handy? Then you’re ready to apply!

Loan Application (over $30,000)

In addition to the application above, you must submit a credit acknowledgement for each guarantor listed on the loan application.

Credit Acknowledgement

Review our application checklist to ensure you have all the materials you need.

Application Checklist
Questions?
Complete our inquiry form and a lender will reach out to you shortly.
Contact Us
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Sea Farm Loans

 Financing for Maine’s Aquaculture Businesses

If you are seeking to grow your aquaculture operation but have had difficulty getting a loan from a commercial lender, CEI is here to help. We have over 45 years of experience working with marine trades, in and on the working waterfront, and are experts in aquaculture practices and financing.

Terms

Terms and closing costs may vary based on specifics of project and prevailing market rates. Typical time to approval is 4-6 weeks but can fluctuate based on number of requests.

Geography:

Maine’s coastal counties – York, Cumberland, Sagadahoc, Lincoln, Knox, Waldo, Hancock and Washington Counties

Sector:

Commercial aquaculture. To be eligible: – Borrower must have necessary licensing and leasing permits – Borrower must have documented $500 in sales to unrelated/non-family party – A complete business plan and minimum two years cash flow projection

Uses:

Restructuring of debt, purchasing boats, gear, and equipment, renovating or constructing infrastructure, acquiring land, and operating capital

Amount:

Up to $250,000 (higher amounts may be considered)

Interest Rate:

Fixed at 5%

Typical Term:

5-7 years with extended amortization possible.

Other Features / Requirements:

Flexible/seasonal repayment schedules may be available.

Loan Process

Have your business plan, financials, and other materials handy? Then you’re ready to apply!

Loan Application

In addition to the application above, you must submit a credit acknowledgement (link below) for each guarantor listed on the loan application.

Credit Acknowledgement

Review our application checklist to ensure you have all the materials you need.

Application Checklist
QUESTIONS?
Contact our Fisheries & Aquaculture experts!
Contact Us
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Meat & Poultry Processing Loans

Terms

The objective of the Meat and Poultry Intermediary Lending Program (MPILP) is to strengthen the capacity of independent meat processors, and to create a more resilient, diverse, and secure U.S. food supply chain. Loans for the start-up, expansion, or operation of slaughter or processing of meat and poultry.

To qualify for these loans a business must be engaged or propose to engage in USDA inspected meat and poultry processing. Custom exempt processing facilities do not qualify for this product, unless they have a demonstrated plan in place to become a USDA federally inspected facility. 

Geography:

New England states (Connecticut, Maine, Massachusetts, New Hampshire, Rhode Island, and Vermont) and New York

Sector:

Any species eligible for USDA inspection include cattle, sheep, swine, goats, catfish, and equine. Poultry species amenable to USDA inspection include chickens, turkeys, ducks, geese, guineas, ratites, and squabs (young pigeons).

Uses:

Predevelopment, real property and business acquisition, construction, working capital, machinery, and equipment.

Amount:

Up to $2.5 million

Interest Rate:

Fixed Rate of 6%

Typical Term:

Up to 10 years, with amortization over 20 years possible.

Other Features / Requirements:

NOTE: The following species are not eligible for voluntary federal inspection or this lending program: rabbit, antelope, bison, buffalo, catalo or cattalo, deer, elk, reindeer, water buffalo, yak; voluntary poultry, migratory waterfowl, and game birds.

Loan Process

Have your business plan, financials, and other materials handy? Then you’re ready to apply!

Loan Application

In addition to the application above, you must submit a credit acknowledgement for each guarantor listed on the loan application.

Credit Acknowledgement

Review our application checklist to ensure you have all the materials you need.

Application Checklist
Questions?
Complete our inquiry form and a lender will reach out to you shortly.
Contact Us
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Low-Cost Solar Loans

Does your small business want to go solar? As part of a pilot program, we are offering 2.75-3.5% interest loans for small businesses in Maine looking to go green and install solar panels on their business. We can also get you in touch with local solar installers for a quote.

Funds are limited and priority will be given to businesses that are BIPOC-, women-, or immigrant-owned. Loans may be capped in size due to demand.

Terms

Terms and closing costs may vary based on specifics of project and prevailing market rates. Typical time to approval is 4-6 weeks but can fluctuate based on number of requests.

Geography:

Maine

Sector:

Any

Uses:

Installation of solar panels and related upgrades (e.g. battery storage, electrical panels)

Amount:

Up to $100,000. Higher amounts may be considered.

Interest Rate:

2.75-3.5%

Typical Term:

5-7 years with extended amortization possible.

Other Features/Requirements:

Funds are limited and priority will be given to businesses that are BIPOC-, women-, or immigrant-owned. Based on demand, loans may be capped in size.

Loan Process

Can’t swing solar right now, but are interested in the future? We are currently raising funds to expand the program. Sign up to be notified of future funding options.

Sign Up

Have your business plan, financials, and other materials handy? Then you’re ready to apply!

Loan Application

In addition to the application above, you must submit a credit acknowledgement for each guarantor listed on the loan application.

Credit Acknowledgement

Review our application checklist to ensure you have all the materials you need.

Application Checklist
QUESTIONS?
Complete our inquiry form and a lender will reach out to you shortly.
Contact Us
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Community Facility & Nonprofit Loans

CEI offers financing to projects that support nonprofits and/or the construction, rehabilitation or expansion of facilities that support community needs including:

  • Healthcare facilities such as hospitals, medical and dental clinics, nursing homes or assisted living facilities
  • Community, social, or cultural services such as child care centers, community centers, food banks and pantries, fairgrounds, transitional housing, libraries or schools

Terms

Terms and closing costs may vary based on specifics of project and prevailing market rates. Typical time to approval is 4-6 weeks but can fluctuate based on number of requests.

Geography:

Maine

Sector:

Community Facilities & Nonprofits

Uses:

Start-up, working capital, real estate and equipment purchases, facilities expansion, and refinance of existing higher interest rate debt.

Amount:

Up to $1 million (higher amounts may be considered)

Interest Rate:

6-8%

Typical Term:

3-7 years with extended amortization possible.

Other Features/Requirements:

Limited to borrowers who are Nonprofit organizations and Tribal entities.

Loan Process

Have your business plan, financials, and other materials handy? Then you’re ready to apply!

Loan Application

In addition to the application above, you must submit a credit acknowledgement (link below) for each guarantor listed on the loan application.

Credit Acknowledgement

Review our application checklist to ensure you have all the materials you need.

Application Checklist
QUESTIONS?
Complete our inquiry form and a lender will reach out to you shortly.
Contact US