Revolving Loan Fund
GPCOG administers two revolving loan fund programs: the Regional Economic Development Loan Program (REDLP), and the Economic Development District (EDD) Revolving Loan Fund Program.
Regional Economic Development Loan Program (REDLP):
This program, established in 1996 as a result of a Finance Authority of Maine (FAME) grant that GPCOG received, provides financing to small businesses with fifty or fewer employees or annual sales of less than $5,000,000 with an emphasis on technology-based enterprises. To be eligible for financing through this program, businesses need to be located in either York or Cumberland County and must obtain at least two-thirds of their financing needs through sources other than GPCOG.
Economic Development Administration Revolving Loan Fund Program:
This program was initially designed to make loans to businesses that had been negatively impacted by defense downsizing and defense industry realignment in York and Cumberland Counties. GPCOG has administered this program since its inception. One major change that has recently occurred with this program is the granting of a waiver so that a much wider range of businesses can qualify for loan funds. This new flexibility allows GPCOG to fund any commercial or industrial project that will create jobs in the two-county area.