When the price lobstermen were paid for their catch collapsed last October, officials from the state and local banks came up with a program to help fishermen restructure business loans.

Despite fluctuations, that price has not recovered in the last 10 months, remaining below $2.50 a pound in many sections of the coast at the end of July.

But that emergency loan program is still in place, according to bank officials, offering struggling lobstermen help to keep their boats.

In addition, the federal Small Business Association (SBA) just launched a program, called America’s Recovery Capital, to provide up to $35,000 to help viable small businesses make loan and interest payments.

The program is designed to help small businesses with a history of good performance that are struggling to make debt payments due to the recession, according to a press release from the SBA. Repayment does not start until a year after the final loan payment is received and businesses have up to five years to pay the money back. However, this program ends in September. The loans will be made by banks, not by the SBA.

The state program provides loan insurance to banks so that the banks can restructure loans with lobstermen.

“I would say that everyone has pulled together to find a solution to this,” said Beth Bordowitz, CEO of the Finance Authority of Maine, which provides the loan insurance. She said the program would continue “as long as it is needed and as long as it is being successful.”

Bordowitz said FAME is still getting one or two requests per week about the agency’s program. To be eligible for the state program, current loans cannot be more than 45 days past due. In addition, the loan applicant must show a public benefit of the loan, such as the need to keep jobs or the impact on other businesses and industries in the region.

Banks have been working with borrowers to restructure loans since the crisis hit the industry last fall.

Camden National Bank has restructured almost half of the $25 million loans it has with lobstermen, according to Tim Nightingale, senior loan officer for the bank. “These are mom-and-pop companies-hard-working individuals who ran into a roadblock that was beyond their control,” he said. “We consider ourselves partners with our borrowers, and as you enjoy the good times together, you have to work through the hard times.”

To find out more about the FAME program, go to www.famemaine.com or call 1-800228-3734. To find out more about the SBA program, go to www.sba.gov or call 622-8551.