BIDDEFORD, Maine — The Town of Biddeford has launched a new program that aims to retain jobs within the city.
The CDBG Job Retention Program aims to provide assistance to local businesses facing financial difficulties. Funding for the program was issued from the U.S. Department of Housing and Urban Development as a result of the Coronavirus pandemic.
The City of Biddeford received a total of $250,000 from the Department of Housing and Urban Development and qualifying small business owners can apply for a forgivable loan of up to $12,500.
The loan can be used to fund business expenses such as payroll and rent, but the business owner will need to prove the loan was used to either retained or created a job. For self-employed individuals with proof of operating a legitimate business, the one job retained can be their own.
All businesses located in Biddeford with fewer than 20 employees can apply.
Biddeford's Economic Development Coordinator tells NEWS CENTER Maine some small businesses within the city went under the radar of federal programs such as the PPP loan, and this is the city's way of catching those businesses.
"A number of the smallest businesses just weren't able to access that money. Didn't apply on time, didn't have the right banker, didn't have the right aggressive banker." Brad Favreau, the Economic Development Coordinator said.
Applicants are required to complete an application form by June 22 in order to be considered for funding. The application can be found on the City of Biddeford's website.
At NEWS CENTER Maine, we're focusing our news coverage on the facts and not the fear around the illness. To see our full coverage, visit our coronavirus section, here: /coronavirus