CDBG funding to help small businesses
The city of Bangor has been awarded $1.1 million in Community Development Block Grant funding, part of which will support a small business loan program.
U.S. Sens. Olympia Snowe and Susan Collins announced the funding from the U.S. Department of Housing and Urban Development in a press release this week. The grant will be used for improvements to the city's waterfront, infrastructure repairs in several Bangor neighborhoods and to support a loan program for small businesses, according to the release.
The city's community development department offers loans funded through CDBG money for businesses in Bangor that create or retain jobs, with 51% of the program's funding going to businesses that employ low- and moderate-income people, according to the city's website. Businesses must match the loans with $3 in private funds for every $1 loaned. Funds can be used to acquire, construct or rehabilitate property, or to help private entities with economic development projects.
"Community Development Block Grants help form the backbone of countless community development efforts," the senators said in the joint release. "They are especially vital to communities in Maine seeking to make infrastructure improvements and expand economic development opportunities."
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