MAINE, USA — Small businesses in Maine can start applying for forgivable loans Tuesday as part of a new $58 million program.
Thrive Maine allows small businesses to apply for a loan of up to $2 million. To qualify for a loan, businesses have had to experience losses, increased costs, or market interruptions because of the pandemic.
Loan applications can be submitted now through Dec. 3 on the Finance Authority of Maine website.
"It is a first come first serve program," Finance Authority of Maine Communications Director Bill Norbert said. "We expect that it will be quite popular. The loan is designed to help Maine small businesses and nonprofits recover from any negative economic impacts they may have incurred due to the pandemic."
Norbert told NEWS CENTER Maine loans can be forgiven over a four-year period.
"For loans to be forgiven, businesses need to stay in business over the four-year term, be in good standing with the state and federal governments, and have at least 50% of employees residing in Maine," Norbert explained.
Thrive Maine is part of the $1 billion Maine Jobs and Recovery Plan put forward by Gov. Mills and approved by the state legislature. It's funded by federal pandemic money.