Maine Grants For Small Business – There’s more help for businesses affected by the pandemic, with a new program now available for low- to moderate-income businesses.
The Maine Department of Business and Community Development, in partnership with the Maine Small Business Development Centers, will award grants of up to $5,000 to businesses with five or fewer employees, who meet as an income statement. Brandon McDonald, a business consultant with the Maine SBDC, said this is a new type of financing designed to help businesses affected by the pandemic.
Maine Grants For Small Business
“It’s an honest loss, you know. It’s very easy to go through and say ‘what are my expenses,’ ‘what’s this, this and this.’ With this grant, you only have to show that you’ve lost income . So it – it’s a little easier to go to the register, go to the POS system and say here – here’s what I sell like a year. We – we can calculate from there. We do all the work. We do the heavy lifting. Just take you — all your money, and we’ll take it from there,” said Brandon McDonald, business consultant, Maine SBDC.
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McDonald said people who have received money in recent years can qualify for this program, if they can prove additional income. He said additional funding should be available in the future. For more information about the program or how to apply, visit our website.
For more information or to apply, visit https://www.mainesbdc.org/cdbg/ or call Brandon McDonald at 207-493-5770. The Maine Department of Economic & Community Development (DECD) launched the Maine Jobs and Small Business Development Grant. These funds are available to businesses that opened before the COVID-19 pandemic AND to new businesses that have been in business since January 1, 2021.
Full funding details are available on the DECD Maine Economic Recovery Grants page and the grant application is here.
We recommend that you don’t wait until the end to apply! This will create a loophole for operational issues or if the government requests additional information about your application, as companies will need to send a PDF file or screenshot file in lieu of price increases, purchases or late interest.
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Watch our recent webinar where Maine SBDC business advisors presented information on Maine jobs and small business development. They answer questions and explain the program in this short 13 minute video! Look here.
Eligible fees are based on 4 categories. New or increased expenses must be reported in one or more categories.
How does DECD measure a 20% revenue loss? Income for the year Expenses incurred are compared to the previous year.
What if my business doesn’t open in 2019? How do I compare the losses? For businesses that opened between 2019 and 1 January 2021, losses will be assessed on a case-by-case basis and DECD will seek further information.
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What is the time frame for necessary expenses? The debt must be incurred between March 2020 and June 30, 2021.
What is the maximum reward? $50,000. This will be changed according to the needs and volume of the application.
Reasonable costs for real estate loans. Should the loan be deferred now or when granted? Even if you are out of moratorium and you are arrested on your loan, the interest accrued during the moratorium is a significant cost due to COVID-19. You can claim this interest based on a reasonable amount.
If you have more questions about this program or are looking for more information in specific areas please contact Request help here! Overview of federal small business loans and grants included in the Small Business Financial Assistance Act, Nonprofits, and Field Acts.
Business Grant Info
Compare eligibility requirements and information for different programs. There is also a link at the bottom of the page where you can translate it.
SBDC – Business counselors throughout the state provide free, confidential advice. Feedback can be requested on the website. www.sbdc.org
SCORE – SCORE is a free, volunteer-run program that has both business mentors and regional experts in chapters across the state. www.score.org
To access the full list of COVID-19 resources for businesses, including grants, loans and other information, visit the Resource Compass Covid page.
Local Relief For Maine Small Businesses
Maximum award will be equal to your average monthly earnings for each month you earned in 2019 multiplied by 6 (up to $10 million)
The calculation method was not published. The SBA uses the information you provide in your application to determine the loan amount.
Award will be equal to 2019 gross revenue minus 2020 gross revenue less PPP loan amount (up to $10 million)
Award will be equal to (average 2019 gross revenue x 12) minus 2020 gross revenue minus PPP loan amount (up to $10 million)
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If you started working between 1 January 2020 and 10 March 2021 or have not yet opened but have eligible expenses:
Awards will be equal to the amount earned between February 15, 2020 and March 11, 2021 less 2020 gross revenue less 2021 gross revenue (through March 11, 2021) less PPP loans (up to $10 million)
Recipients of First Draw PPP loans, which are not permanently closed, will be eligible if the institution has:
At least 60% of the money must be spent on expenses to qualify for forgiveness. The remaining 40% can be used for permissible expenses, such as rent, interest, electricity bills, etc. (the list is not exhaustive).
Southern Maine Planning And Development Commission
The money will be used for special expenses, such as bills, rent, utilities, etc. (the list is not exhaustive). Allows higher capital expenditure than PPP loans.
The money is for working capital, which includes fixed fees, benefits, compensation and other expenses that cannot be paid because of the disaster. It does not cover blindness.
The money will be used for special expenses, such as bills, rent, utilities, etc. (the list is not exhaustive).
Update: If you apply for a PPP loan after 27 December 2020, you can still apply for grants for closed platform operators. Subsidized SVOG facilities can only be reduced with PPP loans.
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Update: If you apply for a PPP loan after 27 December 2020, you can still apply for grants for closed platform operators. Subsidized SVOG facilities can only be reduced with PPP loans. You cannot apply for a PPP loan after receiving an SVOG.
Organizations with pending applications or receiving SVOG are not eligible to apply for the restaurant revitalization fund.
Not yet. Obtaining a COVID-19 EIDL receipt does not affect eligibility for a PPP loan or for closed platform operating grants.
Organizations that have applications pending or have received grants to closed venue operators are not eligible to apply for the Restaurant Revitalization Fund.
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Please note that travel, hospital and shopping reimbursements and health insurance reimbursements are closed. Find more information about them here.
Some organizations may be required to submit a copy of state or local COVID-19 travel restrictions as proof of travel restrictions as part of their SVOG application.
The PDF below contains the Governor’s Executive Order on Lodging and Gathering, as well as a letter of support from DECD Director Heather Johnson. Companies and organizations are welcome to submit this PDF as part of their SVOG application as needed. There are many local programs across Maine that provide small grants, loans and resources to help you and your small business stay afloat as you deal with the effects of the coronavirus.
Updated 17.3.2021. This book is updated regularly to include available opportunities. Don’t see your city or town listed? Contact your local business development department to inquire about opportunities.
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Micro-Enterprise CDBG (Community Development Block) Grant – The Department of Economic and Community Development (DECD) provides grants of up to $5,000 to businesses with five or fewer employees if the owner’s income is in the low to moderate range. Businesses are required to report lost revenue as a direct result of COVID-19. This is a federal CARES fund and is distributed in partnership with the SBDC. Please contact us for more information and to apply.
KVCOG NEW Cares Act Revolving Loan Fund (RLF) – The Kennebec Valley Council of Governments through the Cares Act is now offering a NEW Revolving Loan Fund for small businesses to mitigate the financial impact of the COVID-19 pandemic. KVCOG has received $670,000 to distribute to eligible applicants, who will have excellent terms with interest rates as low as 0% and other exemptions from RLF requirements. Small businesses must be located in Kennebec, Somerset or West Waldo counties to apply.
AVCOG SBA Microloan Program – Provides microloans to small businesses in Androscoggin, Franklin and Oxford counties. Up to $10,000 for 3 years at 3% interest. Funds can be used for capital projects, equipment or refinancing of existing debts (not for real estate purchases).
CEI’s Wicked Fast Loan – CEI’s Wicked Fast Loan is available up to $25,000 for existing businesses and up to $15,000 for startups* with a streamlined application