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April 29, 2015

Gardiner may end unique business loan program

Gardiner city officials are being asked to determine the fate of the city’s revolving loan program for small businesses.

The Kennebec Journal reported that Gardiner's Economic and Community Development Committee recommended on Monday to end the program, which has loaned hundreds of thousands of dollars to more than a dozen businesses. In its place, the committee suggested creating a revolving loan fund for mixed-use building owners.

Gardiner is one of two Maine communities to operate its own revolving loan fund at a local level. The program has benefited at least 16 local businesses, but four of them had part of their loans written off after closing down. The Gardiner City Council is expected to consider the committee’s recommendation next week.

Source: Kennebec Journal

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Gardiner to end unique business loan program

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