A Portland nonprofit corporation that provides financial assistance to small businesses has received an $18 million loan portfolio from the U.S. Small Business Administration.
The portfolio consists of 80 separate SBA 504 loans, which are long-term, fixed-rate loans earmarked for businesses with less than $2 million in annual revenues and intended for job creation. Pine Tree State Community Development Corp. received the portfolio from the SBA after the previous holder, Coastal Enterprises Inc. in Wiscasset, relinquished its 504 license to concentrate on another type of SBA loan, according to a media release.
Pine Tree State is certified by the SBA to underwrite and service loans on behalf of the SBA. It is governed by SBA rules and a Maine-based citizen board of directors. “Portfolio borrowers can be confident in Pine Tree’s expertise and service quality,” said Sarah Matel, CEI senior credit officer.
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