The Finance Authority of Maine on Tuesday launched a forgivable loan program for small businesses affected by the COVID-19 pandemic.
FAME spokesperson Bill Norbert says loans ranging from $10,000 to $2 million are available for eligible businesses.
"So companies with fewer than 500 employees, and where 50% or more of employees reside in Maine are eligible," Norbert says. "And they have to list an economic impact they experienced. And there are three eligible impacts."
Those include a loss of profit during the pandemic, increased expenses or costs, or increased capital costs.
The Thrive Maine loan program has a total of $58 million in available funds through the American Rescue Plan Act. Loans will be distributed on a first-come-first-served basis. Applications will be accepted through Dec. 3, or until funds are exhausted.
Norbert says FAME will offer a second round of forgivable loans sometime this winter.
