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Grants For Small Businesses Maine

Grants For Small Businesses Maine – The Maine Department of Economic and Community Development has awarded more than $5 million in recovery grants to more than 380 small and independent businesses in Maine, according to a report from centralmaine.com.

These recovery funds will help businesses and nonprofits with the costs of the pandemic, supply chain issues and general infrastructure costs that may have been depleted and significantly impacted by budget of these companies.

Grants For Small Businesses Maine

Grants For Small Businesses Maine

The money was made available through the Maine Jobs & Recovery Small Business Grant Program and was eventually funded by federal funds through the American Rescue Plan Act.

Community Impact Fund

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Do you already have a free radio app? Otherwise, this is the best way to request songs, chat with DJs, enter exclusive contests, and keep up with everything that’s happening in Central Maine and around the world. When you download it, make sure you turn on push notifications so we can send you exclusive content and local news that you need to know first. Enter your phone number below and we will send a download link directly to your phone. After that, you can download for free and get instant access to a variety of exclusive content tailored just for you. Try and stay connected with us! The Maine Department of Economic and Community Development (DECD) has launched the Maine Jobs and Recovery Small Business Grant. This funding is available to businesses that opened before the start of the COVID-19 pandemic AND to new businesses operating from January 1, 2021.

Full grant descriptions can be found on the DECD Maine Economic Recovery Grants page and the grant application here.

We advise you not to wait until the last minute to apply! This provides a buffer for technical problems or if the government asks for additional information about your application, because the company must upload a PDF document or a screenshot to support the price increase, purchase, or deferred interest.

Maine Jobs And Recovery Small Business Grant

Watch a recent webinar where Maine SBDC Business Advisors presented information about the Maine Jobs and Recovery Small Business Grant. They answered questions and explained the program in this short 13 minute video! Check it out here.

Eligible expenses are based on 4 categories. You must declare new or increased expenses in one or more categories.

How will DECD measure a 20% loss in revenue? The income of the year in which the expenditure is incurred is compared to the previous year.

Grants For Small Businesses Maine

What if my business did not open in 2019? How do the losses compare? For companies opened between 2019 and January 1, 2021, losses will be assessed on a case-by-case basis and DECD will be contacted with additional documents.

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What is the time limit for eligible expenses? The expenses must have arisen between March 2020 and June 30, 2021.

What is the maximum prize amount? $50,000. This may change depending on the need and number of requests.

Eligible expenses refer to delayed payments. Should the loan be deferred now or at the time of grant? Even if you are no longer in loan deferment and behind on your loan payments, paying interest while in deferment is a big expense, especially because of COVID-19. You can declare these interest payments as qualified expenses.

If you have any questions about this program or are looking for more information on a specific area, please contact Ask for advice Here! Photo/Maureen Milliken As small businesses across the state begin to reopen, there are many funding sources available to help them stay afloat during the COVID-19 crisis.

Coronavirus Small Business State Grants, Loans & Other Relief

As states slowly reopen, small businesses are looking for resources to stay afloat during the COVID-19 crisis. Over the past month, state and local governments and organizations have announced a variety of grants across Maine.

This is not a complete list of everything Maine has to offer. More business resources are available on the Maine Chamber of Commerce website and the Maine Development Foundation website.

Portland launched an emergency business assistance program earlier this month, funded by the May 18 City Council meeting.

Grants For Small Businesses Maine

A company must be located in Portland to receive funding. The deadline for submitting applications is June 4. Businesses that have received funding from the COVID-19 U.S. Small business management and/or FAME business finance programs are not eligible. Businesses with questions about these programs can contact Nelle Hanig, Business Program Manager, Department of Economic Development, at [email protected] Information is also available on the city’s website.

Maine Economic Recovery Grant Program For Small Businesses

Coastal Enterprises Inc., Community Concepts Finance Corp. and MaineStream Finance offers loan products backed by funds from the Small Business Administration to help businesses across Maine access the capital they need to rebuild. Three of the organizations provide loans of up to $50,000.

The loan can include six monthly payments and interest coverage by the SBA, and there is no prepayment penalty and is available until September 27 or when the funds are exhausted, whichever comes first. Small businesses can use the loan to meet capital needs or legal expenses. Funded companies also receive technical assistance, training and education from the company’s consulting services.

Each of the three organizations developed specific measures for their recovery. Companies interested in manufacturing products should contact the organization directly for product details and requirements. Completed applications are returned in the order of submission, with a decision made within two weeks.

The Greater Portland Council of Governments launched a small, quick loan program earlier this month to support area small and non-profit businesses in need of working capital during the COVID-19 crisis.

Business Credit Application

Eligible businesses and organizations receive loans of up to $10,000 at 0% interest for the first two years. Part of the loan may be waived if the company meets certain criteria or participates in other GPCOG activities.

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The agency promised to borrow up to 250,000 dollars through the new program, which will last until December 31 or until the money runs out. The loan is in addition to state and federal small loan programs offered through the Small Business Administration and the Finance Authority of Maine.

USDA Maine Rural Development has resources for many options for agriculture-related businesses. For more information, visit rd.usda.gov/me.

Grants For Small Businesses Maine

The Maine Grain Alliance offers grants of up to $2,000 to support businesses that buy, grow, or process local grain. The money in the new Emergency Fund is intended for unexpected expenses related to the COVID-19 epidemic and for expenses related to the reopening of the business. The application deadline is June 5. For more information, visit https://kneadingconference.com/emergency-relief-fund/

Ucu Awards $50,000 In Jne Recovery Grants To Maine Small Businesses

The Main Street Skowhegan Technical Assistance Program, which launched in February, has increased funding and provides assistance to Skowhegan businesses in need of immediate financial assistance due to park-related closures. COVID-19 or reduced income. Companies can apply for small grants ranging from $500 to $2,000 to fund the necessary assistance, technical assistance, or equipment. There is a deadline of May 31st. Visit mainestreetskowhegan.org.

United Midcoast Charities, based in Camden, has donated $39,000 from the Rapid Response Fund, which provides emergency aid to local nonprofits during the pandemic, and aims to raise enough money to provide $100,000 in grants. The money goes to non-profit organizations that provide food for local restaurants and soup kitchens experiencing unprecedented growth; housing solutions for homeless and domestic violence families, food delivery services for the homeless and elderly, substance abuse recovery and more different. Go to unitedmidcoastcharities.org/covid-19-response.

Hallowell launched the Hallowell Business Survival Grant program this month, which provides grants of up to $3,000 to businesses in the city. For information, visit hallowell.govoffice.com.

The Kennebec Valley Downtown Relief Fund, a partnership of Gardiner Main Street and the Augusta Downtown Alliance, has awarded $23,800 to small businesses in Gardiner and Augusta, closing applications until more funds are available. Funding is for for-profit businesses within Augusta County’s borders or downtown Gardiner that have been impacted by COVID-19. Organizations hope to reopen applications once funding is received again. Click here for details.

City Of Caribou, Maine

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The way we work can change in an instant. This podcast series features conversations with Maine business owners who have seen their life, business, or world suddenly turn upside down in one day.

Grants For Small Businesses Maine

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Maine Small Businesses Rewarded With $5 Million In Grants

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