Loan program targets underserved counties

BANGOR – Penquis Community Action Program, KeyBank and the Small Business Association are partnering in a new program to bring financing and technical assistance to entrepreneurs in Penobscot, Piscataquis and Hancock counties.

The Community Express Pilot Loan Program was developed by the U.S. Small Business Administration in collaboration with the National Community Reinvestment Coalition to help entrepreneurs in traditionally underserved areas receive the financing and expert guidance they need.

The loans are available to those who meet the requirements for an SBA business loan guaranty and those who are either in low or moderate-income rural areas or are identified as new market small businesses. New market small businesses are current and prospective small businesses owned by minorities, women or veterans who are underrepresented in the population of small-business owners compared with their percentage in the overall population.

The SBA guaranty encourages lenders to make loans they otherwise might not make on their own. The maximum loan under Community Express is $250,000. Proceeds from the loans may be used for most business purposes, including start-up, expansion, equipment purposes, working capital, inventory or real estate acquisitions.

Applicants for the loans receive pre- and post-loan closing assistance in the form of marketing, financial, management and planning aid.

For more information, call Penquis CAP at 973-3612 or KeyBank at 945-6303.