$58M Thrive Maine program extends pandemic help for small businesses

File photo A $58 million program, under the Maine Jobs & Recovery Plan and using federal funds, will provide forgivable loans for small businesses hurt by the pandemic.

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By Renee Cordes

Gov. Janet Mills is dedicating another $58 million in support to Maine's small businesses through a new program called Thrive Maine, to be administered by the Finance Authority of Maine.

Under the program, small businesses will receive forgivable loans to support their economic recovery from the pandemic. Funding will come from the governor's Maine Jobs & Recovery Plan.

Thrive Maine, announced on Friday, is open to Maine small businesses that experienced losses, increased costs or market interruptions as a result of the pandemic. Small businesses may apply for loans of up to $2 million.

If businesses are approved and continue to meet program terms, loans may be fully forgiven over a four-year period. Full eligibility details and other information can be found at www.famemaine.com/thrive. The program is expected to start accepting applications in early September.

The $58 million comes on top of the $62 million Grow Maine initiative announced last week to support small businesses in rural areas and in key sectors, from forestry to tourism. To date, the Maine Jobs & Recovery Plan has made more than $288 million in financial assistance available to Maine small businesses.

“From increased costs to nationwide supply chain disruptions and workforce issues, many of Maine’s small businesses are still hurting as a result of the pandemic,” Mills said. “Thrive Maine and other programs we announced this month will ensure that our small businesses can continue to recover despite worldwide economic disruptions.”

Together, Thrive Maine and Grow Maine "will help Maine businesses mitigate lasting challenges from the pandemic, and contribute to the long-term growth, vibrancy, and diversification of Maine’s economy,” said Heather Johnson, commissioner of the Maine Department of Economic and Community Development.

FAME's acting CEO, Carlos Mello, said the organization looks forward to administering the program to help support Mainers small businesses "and to move Maine’s economy forward."

The Maine Jobs & Recovery Plan is the state's plan to invest nearly $1 billion in federal American Rescue Plan funds to help businesses and create well-paying jobs. The plan draws heavily on recommendations from the Governor’s Economic Recovery Committee and the State’s 10-Year Economic Development Strategy.