Services to Business

The Saco Economic Development and Planning office and the Saco Economic Development Commission are able to provide businesses with assistance in site searches, to assist in permitting of all types, and as the local government contact for assistance for business on any local matter. Please contact Peter Morelli, Development Director, 282-3487.

FINANCING:
The Biddeford Saco Area Economic Development Corporation (BSAEDC) is a nonprofit corporation (est. 1992) that assists emerging and expanding companies in Biddeford and Saco. The Corporation's mission is to work with companies to create and retain quality jobs for the people of this community and to expand the property tax base while maintaining the environment and quality of life in our community. Through BSAEDC, Biddeford and Saco collaborate on programs, projects, and policies designed to increase employment and improve living standards.

BSAEDC's experienced staff is aggressive in utilizing traditional and nontraditional financial resources to meet each client's needs for real estate and/or equipment acquisition or expansions and other fixed asset financing and working capital. The Corporation makes direct loans and works closely with all banks in the community, as well as other regional, state, and federal economic development organizations.

Eligible applicants include the following: Industrial or manufacturing firms where the goods are assembled; Wholesale and distribution companies and Commercial enterprises that create or save jobs. Eligible project costs include: site purchases and development; new construction and or rehabilitation of existing buildings; machinery and equipment acquisition and or installation and working capital.

An application must be submitted with the agency along with a business plan and supporting financial statements. Private sources of financing must generally be injected before revolving loan funds are disbursed. Loan terms and conditions vary depending upon business needs, cash flow and assets being financed. Interest rates are usually fixed at rates slightly lower than commercial loans. Underwriting criteria are very similar to those of commercial lenders.

OTHER PROGRAMS:
The Small Business Administration, FAME and RECD all provide commercial loan guarantee programs to all of the local and regional financial institutions. FAME administers the SMART- E Bond Program, a tax-exempt financing program for manufacturing facilities including land and depreciable assets.

Contact:
William O Armitage II, Executive Director
Biddeford Saco Area Economic Development Corporation (BSAEDC)
110 Main Street, Suite 1202, Saco, ME 04072
(207)282-1748 (voice); (207)282-3149 (fax)

OTHER BUSINESS ASSISTANCE CONTACTS

BIDDEFORD-SACO CHAMBER OF COMMERCE & INDUSTRY:
The Chamber of Commerce & Industry brings a wide variety of benefits and opportunities to people in every field. Manufacturers, retailers, lodging, restaurants, financial institutions and professionals are partners with property owners, promoting the community as a great place to live and do business. For more information about the Biddeford-Saco Chamber of Commerce & Industry, call (207) 282-1567 or write or visit the office at 110 Main Street, Suite 1202, Saco Maine, 04072.

MAINE SMALL BUSINESS DEVELOPMENT CENTER:
The Small Business Development Center (SBDC) provides comprehensive business assistance and information services to the small business community. SBDC provides one-on-one counseling and assistance to potential and existing business owners and managers at NO COST! For more information or to set up an appointment call (207) 282-1567 or write or visit the office at 110 Main Street, Suite 1202, Saco, Maine 04072.

MAINE DEPARTMENT OF ECONOMIC AND COMMUNITY DEVELOPMENT:
The Department of Economic and Community Development (DECD) assists firms considering locating or expanding with technical, site location, financial, training, marketing, and general business assistance. For more information: State House Station #59, Augusta, Maine 04333, or call (207) 287-3153.

FINANCE AUTHORITY OF MAINE:
The Finance Authority of Maine (FAME) is the state operated economic development agency which offers a wide array of financial assistance programs for Maine businesses. These programs include tax-exempt bond financing for multi-million dollar projects to commercial loan insurance. For more information call (207) 623-3262 or write: P.O. Box 949, Augusta, Maine 04330.