Loan Fund



The Elmina B. Sewall Foundation has established the EBSF Loan Fund to provide revolving loans to eligible, Maine-based entities with the intent of increasing the level of Foundation assets being used to advance its mission while building the capacity of participating organizations. Loans are intended to provide bridge financing and leverage for mission related projects undertaken by Maine organizations.

Fund Description


Through the EBSF Loan Fund, approved entities will receive loans to support their mission related work. Loans will be considered and approved by the Elmina B. Sewall Foundation. Specific terms of the loan will be determined by the Foundation in consultation with the applicant.

The Foundation has selected Bangor Savings Bank as its banking partner to administer the loans once approved. The Foundation will collateralize the loans ensuring a preferred interest rate from Bangor Savings Bank.

Loans will be for a minimum amount of $50,000 and will infrequently exceed $250,000. The length of loans will vary from 12-36 months. All loans will be amortized based upon a schedule and terms established at the time of loan approval. Loan payments will be made by automatic withdrawals from a deposit account at Bangor Savings Bank established by the recipient organization. Closing costs, if any, will be minimal and will be assumed by the loan recipient.

Eligibility Criteria & Approval Considerations

The fundamental eligibility criteria for this program is project alignment with the grantmaking interests of the Elmina B. Sewall Foundation.

Additional criteria and considerations:

  • The applicant has been in existence for more than 5 years
  • The applicant has at least three years of audited or reviewed financial statements and a surplus at the operating level for at least 3 of the last 5 years, and at least one of the most recent prior two year
  • The applicant can demonstrate strong financial management skills, has strong leadership at the management and board level and has an existing, board approved, operating budget for the current year
  • The use of loan funds are consistent with the applicants strategic plan and/or long term vision
  • The applicant must be conducting the project for which funds are being lent exclusively within the State of Maine
  • The applicant has no existing prohibition under its governance or other covenants that would prohibit it from borrowing funds
  • The applicant has the approval and strong backing of its Board of Directors to participate in this program
  • The applicant has a realistic loan repayment plan with a high likelihood of success

Application Process


Interested entities meeting all eligibility criteria are encouraged to contact Foundation staff to discuss the project and the loan application process.

Contact Information


For more information about this program please contact Jay Espy, Executive Director.