Small businesses and nonprofits in Maine that are struggling due to pandemic disruptions will soon have access to a new loan program intended to help them recover and grow. The "Thrive Maine" program, announced by Gov. Janet Mills Friday, will make $58 million in loans available to businesses starting in September.
Heather Johnson, the commissioner of Maine's Economic and Community Development Department, says businesses will have to prove a loss due to COVID, such as decreased revenue, to access a loan that can be forgiven after four years if the company satisfies certain criteria.
"It's a forgivable loan program. They need to remain operating, maintain staff, those types of thing, and over the course of four years this loan would be forgiven, and give the company a path to reinvest in themselves," Johnson says.
The Finance Authority of Maine will administer the loan program and hold webinars to inform business owners about the criteria to be eligible and how to apply. “Thrive Maine” is in addition to the $62 million “Grow Maine” initiative announced earlier this week that will provide direct loans and equity capital to eligible Maine businesses.
