AUBURN — The city of Auburn and Community Concepts Finance Corp. have finalized an agreement which will provide new financing options for Auburn-based businesses.
The result is a new loan pool funded equally by CCFC and the city of Auburn that is earmarked for businesses based in the city, with a concentration of effort being placed on TIF District 10, which extends from Union Street to the river and as far south as Academy Street.
This loan pool will compliment other lending programs offered by the city, including the Storefront Traffic Accelerates Revitalization program.
“To grow our tax base, Auburn recognizes we need to have a thriving private sector,” Auburn Mayor Jonathan Labonte said. “One tool available to the city is the establishment of loan pools to provide access to capital, along with our area banks. We are proud to partner with CCFC to manage this economic development program, given their recognition as the Top Performing Microlender for the second year in a row by the U.S. Small Business Administration.”
CCFC manages a number of other federal, state and locally funded loan pools used to assist businesses throughout western Maine.
“Some of these pools are geographically specific, some focus on types of industries while others focus on job growth,” said Zakk Maher, loan officer for CCFC. “This fund simply provides another mechanism for us to better serve Auburn-based businesses.”
Qualifying businesses can request more information online at www.MaineBusinessLending.com.