MAINE, USA — With the future of banks in limbo and cost increases forcing many businesses to make cuts, there is a loan program aimed at helping small Maine businesses thrive post-COVID-19.
Thrive Maine, administered by FAME, is a forgivable loan program available to businesses and nonprofits showing a negative economic impact because of COVID-19.
“Thrive Maine aims to further strengthen the Maine economy through impactful investments in the future," the FAME website article stated.
It is noted that each applicant much meets specific criteria before a forgivable loan can be awarded.
According to the website, loans are awarded to applicants who have a plan to increase jobs, grow strong organizations, and lift the economy in Maine.
Here is a criteria list for the forgivable loan:
- Must have significant operations in Maine (be headquartered in Maine and have a minimum of 50% of employees and contract employees based in Maine).
- Must be a Maine business or nonprofit with fewer than 500 employees.
- Must have been established by August 31, 2022.
- Must be in good standing with the State of Maine.
- Payroll, state, and federal taxes must be current.
- Must not have filed or be in bankruptcy and must be currently open for business.
- Must have a Unique Entity Identifier (UEI) at the time of applying.
- Must provide an impact statement that describes your forward-looking plan to improve your business and economic viability.
- Must demonstrate a COVID-related negative economic impact of at least $10,000.
Losses for which the business previously received federal and/or state pandemic relief, cannot be re-submitted.
The program is funded by the American Rescue Plan Act (ARPA), an economic stimulus bill that was passed by the 117th United States Congress, with $58 million allocated to support Maine small businesses by the Legislature and Maine Gov. Janet Mills under LD 1733 through the Maine Jobs and Recovery Plan.
The first application took place in October 2022, giving $29 million in forgivable loans to Maine businesses.
The next application round is scheduled to open on May 23, 2023.