Screenshot / Maine Office of Tourism
Economic and Community Development Commissioner Heather Johnson
Updated: May 10, 2023
FAME opens applications for forgivable loans
FAME will be hosting an informational webinar on Tuesday, May 16, that explains how to apply.
More Information
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A forgivable grant program for eligible Maine nonprofits and small businesses negatively affected by the pandemic will launch its second application cycle on May 23.
The Finance Authority of Maine Thrive Maine application period will remain open until June 23, after which $29 million in loan requests ranging from $10,000 to $500,000 will be awarded.
Applicants should note that the second cycle will be markedly different from the first. The winners will not be chosen on a first-come, first-served model. Applications will instead be scored cumulatively on eligibility criteria, an impact statement and the number of increased jobs. Award amounts must be justified by the business’s impact statement. Loans may be forgiven at a rate of 25% per year over a four-year period provided certain conditions are met.
“The businesses ... will be catalysts for development in our communities and job market, with strong and innovative business plans for future success," said Heather Johnson, commissioner of the Maine Department of Economic and Community Development. "This second cycle will fund future plans for organizational improvement and growth, taking the next step beyond replenishing COVID-related negative economic impacts.”
Recipients of forgivable loans from the first cycle are not eligible to apply, but nonprofits and businesses from any industry are. Priority will be given to businesses and projects in the construction, manufacturing and science and technology industries, sectors that have been identified to be in alignment with Gov. Janet Mills’ 10-year economic strategic plan and proven to create more direct and indirect in-state jobs. Nonprofits are not prioritized for acceptance and will be judged equally on all other checkpoints.
Successful applicants will need to demonstrate a COVID-related negative economic impact on their businesses of more than $10,000. Losses for which a business previously received federal and state pandemic relief, such as Paycheck Protection Program, Economic Injury Disaster Loans, or Maine Small Business Grant funding, cannot be part of the loss calculation.
FAME will be hosting an informational webinar on Tuesday, May 16, at 11 a.m.. It will explain how to apply. To register, click here.
FAME
Carlos Mello, CEO of FAME
“We are looking forward to launching the second cycle of Thrive Maine to help Maine’s economy continue to move forward,” said Carlos R. Mello, FAME CEO. “We listened to feedback from the first cycle and have accordingly modified the second cycle to address these concerns and suggestions.”
Thrive Maine is funded under the American Rescue Plan Act of 2021, as allocated by the Maine Jobs & Recovery Plan enacted by the Maine Legislature. In the first application cycle, which ran in October 2022, $26 million was awarded to 149 Maine businesses through forgivable loans. For more information, including eligibility details and program applications, click here. please visit .
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