Gardiner to end unique business loan program
The Gardiner City Council has voted to end the city’s revolving loan program for small businesses, with plans to use the funds for other economic development purposes.
The Kennebec Journal reported that the city council’s decision follows the recommendation of the city’s Economic Development Committee, which suggested paying off the remaining $283,000 in federal loans that were used to help start the program. Gardiner is one of the two municipalities that was offering the program at a local level in the state.
In the program’s place, the committee has recommended creating some kind of economic development program that uses the program’s remaining balance. The revolving loan program has supported at least 15 local businesses, including Isamax Snacks.
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