The following information has been pulled directly from the sites handling these loans.
PORTLAND AREA PROGRAMS: COVID-19 Loan and Grant Programs for Small Businesses
The City of Portland’s Business Loan and Grant Programs are designed to provide financial assistance to Portland businesses impacted by COVID-19. This includes businesses that have remained open, have furloughed some or all of their employees, businesses that have closed temporarily, and those that have reopened.
Applications that are received by March 4th, 2021 before noon, will be considered for funding on March 18th, 2021. Applications that are received by April 1st, 2021 before noon,will be considered for funding on April 15th, 2021. Funding approvals will be voted on at the PDC meetings.
Questions can be sent to email@example.com.
GREATER PORTLAND AREA PROGRAMS: COVID-19 Loan and Grant Programs for Small Businesses
The Greater Portland Council of Governments (GPCOG) has received a Community Development Block Grant (CDBG) award from Cumberland County to assist small businesses within Cumberland County, who have been negatively impacted by COVID-19. GPCOG will utilize these funds to administer two forgivable loan programs: Job Program,
Assistance for Job Creation/Retention and Microenterprise Program, Assistance for Owners.
The Greater Portland Council of Government Loan Programs are designed to provide financial assistance to businesses. GPCOG has four primary loan offerings to help alleviate the impact of the COVID-19 crisis for businesses in Cumberland County.
- Microenterprise Program – Assistance for Owners
- Job Program – Assistance for job creation/retention
- Rapid-Response Microloan Program – Small business loans
- Regional Revolving Loan Program – For small and medium-sized businesses
Watch this webinar for information on the GPCOG forgivable loan programs.
Beyond the Greater Portland area, these funds are being made available to businesses through the SBDC.
The Maine Department of Economic & Community Development (DECD) in partnership with the Maine Small Business Development Centers (SBDC) will provide grants of up to $5,000 for businesses with five or fewer employees, with an owner whose income is in the low to moderate range as defined by the Department of Housing and Urban Development (HUD).
Eligibility criteria include:
- Must be a Maine business and resident
- Must demonstrate a revenue loss as a direct consequence of COVID-19. Funds cannot duplicate those received from other federal, state or local programs (including other CDBG funds).
- Must have five or fewer employees including the owner(s)
- Must have been in business as of December 1, 2019
- Must have a DUNS Number, which can be obtained here http://fedgov.dnb.com/webform
- Owner’s household income must be low/moderate as defined by HUD as verified by 2019 or 2020 tax return. Please see income eligibility by county (opens in new tab). Total annual household income must not exceed these limits
Where to Start?
You must meet with a Maine SBDC business advisor to determine eligibility and submit an application. Connect with a business advisor who can help you apply.
Funds are available on a first-come, first-serve basis.
How can the grant be used?
Businesses may use the grant money for working capital which includes fixed debts, payroll, accounts payable, and other bills that can’t be paid due to the disaster’s impact.
How much can I apply for?
Businesses can apply for grants up to $5,000. You must demonstrate revenue loss as a direct consequence of COVID-19. Funds cannot duplicate those received from other federal, state, or local programs (including other CDBG programs).
Where is the funding from these grants coming from?
These funds are made possible as part of the federal CARES Act for its Community Development Block Grant (CDBG) program. The funds for the program are being distributed through Androscoggin Valley Council of Governments (AVCOG), Coastal Enterprises, Inc. (CEI), Northern Maine Development Commission (NMDC), and Southern Maine Planning & Development Commission (SMPDC).