Maine rolls out first $5M of small business grant program
FILE / Renee Cordes
A new campaign is setting out to boost Maine's retail employment, which has been hard hit by the pandemic. Shown here is Front Street in downtown Bath.
For Maine small businesses still struggling because of the pandemic, an initial allotment of $5 million from the Maine Jobs & Recovery Small Business Grant Program is now available, Gov. Janet Mills said Wednesday.
Mills announced the grant program last month, and the Maine Department of Economic and Community Government is rolling it out with first with $5 million for capital-intensive businesses that need immediate help to sustain operations.
The new program, which will eventually total $20 million, comes on top of the more than $273 million in federal support the Mills administration has already channeled to 5,224 businesses and nonprofits during the pandemic.
“Small businesses are the backbone of Maine’s economy, and my Administration will continue to do all we can to support their recovery,” said Mills said. “These grants through the Maine Jobs & Recovery Plan will help pull back those businesses who are still on the brink and put them on stronger financial footing as we tackle the pandemic. I encourage all eligible Maine businesses to take advantage of this opportunity.”
Heather Johnson, commissioner of the Maine Department of Economic and Community Development, added that "by assisting businesses and organizations with this funding in the short term, we hope to support their long-term sustainability and growth as the economy recovers from the impacts of the pandemic."
She also said that while the state can’t repair all the losses businesses have incurred, "our goal is to allocate the available funds where they will have a direct impact in supporting the viability of Maine’s businesses and non-profit organizations.”
Applications for the initial grants will be accepted through Nov. 26, while remaining $15 million will be made available next April so businesses and nonprofits can use tax returns to demonstrate the pandemic's financial impact on their business activities and their qualification for funding based on need.
Dana Connors, president and CEO of the Maine State Chamber of Commerce, welcomed the additional aid for small businesses.
“This small business grant program is another vital lifeline for Maine businesses that are continuing to struggle because of the pandemic,” he said. “We applaud the Mills Administration for launching this important program and thank them for their ongoing work through the Maine Jobs & Recovery Plan to ensure that businesses have the capital and support needed to keep their doors open through this difficult time.”
Echoing that sentiment, Curtis Picard, president and CEO of the Retail Association of Maine, said the grant program "will help businesses that continue to struggle due to the pandemic but that are critical to Maine's long-term economic success.”
More information
Maine's small business grant program aims to provide expense-based relief for businesses and nonprofits with substantial expenses stemming from the impacts of COVID-19.
Eligible expenses include interest on deferred loans, costs incurred as a result of reopening after a COVID-19 related closure and HVAC improvements. To be eligible, applicants must demonstrate at least 20% lost revenue in 2021.
The minimum award will be $250, while the DECD anticipates setting an award cap of $50,000 though that is subject to change depending on the need and volume of applications. If the qualified application amount exceeds the available funding, the department will pro-rate the awards.
Further details and the application portal are available online.
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