PORTLAND, Maine —
There's new help for microenterprises in Portland with seven or fewer employees.
The goal is to support those very small businesses, existing and new, that the pandemic has impacted. American Rescue Plan Act (ARPA) funds are making this program possible.
The grant program is open to non-profits, for-profits, and startups within the city of Portland.
To be eligible:
- the business must have seven or fewer employees (including the owner)
- the business owner(s) must be low/moderate-income (click here to see table)
- non-profits must have annual operating budgets of $150,000 or less
The grant will provide up to $7,500 for commercial space operations that can be used for rent, payroll, equipment, insurance, inventory, and other working capital needs.
Nelle Hanig is the business programs manager for the city of Portland's Housing and Economic Development Department. She said businesses that have never received a microenterprise grant from the city can apply for up to $7,500 if they operate from commercial space that costs at least $500 per month. Home-based businesses or those that operate from commercial space that costs less than $500 per month can apply for up to $3,500.
On the other hand, businesses that have already received microenterprise or rapid response grants from the city can also apply for additional funds.
To learn more details and apply, click here.
"The small business community is such an important part of our economy, as are the non-profits," Hanig said. "Our purpose is to help them continue on and get stronger."
"We know our last small enterprise program help 75 small businesses in the city of Portland," Hanig expressed.
Falafel Time was one small business that received a microenterprise grant from a previous round of funding from a different source.
"We opened in October of last year, and my dad has always been in the restaurant industry, and I graduated college about three years ago from the University of Southern Maine," Qtaba Hassoon, the owner of the middle-eastern Restaurant, said. "It's been great. I never thought I'd open a business this young!"
Hassoon got a $5,000 grant from the city.
"This place was empty, so we had to buy all this equipment and we had to get some loans, and so for this grant, it helped us a lot with the rent," Hassoon added.
Hanig said the city of Portland has about $300,000 to work in federal money to give out. She said many businesses have applied, and funding is going quickly.
If people are interested in applying, they will need to submit:
- personal financial statement from all owners of the business with 20% ownership or greater (for loans)
- 2020 and 2021 business tax returns.
- current balance sheet and profit and loss (within the past 90 days)
- copy of signed lease, if applicable.
If you are interested in applying, click here.
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