New program administered by the Finance Authority of Maine will provide $58 million in forgivable loans to Maine small businesses
On July 22, Governor Janet Mills announced that she is dedicating $58 million through her Maine Jobs & Recovery Plan to provide forgivable loans to small businesses in Maine to support their continued economic recovery from the COVID-19 pandemic.
The new “Thrive Maine” program, administered by the Finance Authority of Maine, (FAME) will offer forgivable loans to eligible Maine small businesses who experienced losses, increased costs, or market interruptions as a result of the pandemic. Small businesses may apply for loans of up to $2 million. If businesses are approved and continue to meet program terms, loans may be fully forgiven over a four year period. Full eligibility details and other information can be found at www.famemaine.com/thrive. The program is expected to start accepting applications in early September.
“Thrive Maine” is in addition to the $62 million “Grow Maine” initiative announced earlier this week, representing a total $120 million investment this month by the Mills Administration to help small businesses succeed in Maine. To date, the Governor’s Jobs Plan has made more than $288 million in financial assistance available to Maine small businesses.
“From increased costs to nationwide supply chain disruptions and workforce issues, many of Maine’s small businesses are still hurting as a result of the pandemic,” said Governor Mills. “Thrive Maine and other programs we announced this month will ensure that our small businesses can continue to recover despite worldwide economic disruptions.”
“Thrive Maine, in tandem with Grow Maine, will help Maine businesses mitigate lasting challenges from the pandemic, and contribute to the long-term growth, vibrancy, and diversification of Maine’s economy,” said Heather Johnson, Commissioner of the Department of Economic & Community Development.
“FAME looks forward to administering this program to help support Maine’s small businesses and to move Maine’s economy forward,” said Carlos Mello, Acting CEO at FAME.
The Maine Jobs & Recovery Plan is the Governor’s plan, approved by the Legislature, to invest nearly $1 billion in Federal American Rescue Plan funds to improve the lives of Maine people and families, help businesses, create good-paying jobs, and build an economy poised for future prosperity.
It draws heavily on recommendations from the Governor’s Economic Recovery Committee and the State’s 10-Year Economic Development Strategy, transforming them into real action to improve the lives of Maine people and strengthen the economy. For more about the Maine Jobs & Recovery Plan, visit maine.gov/jobsplan.