Forgivable Micro-loan for Maine businesses starts 8/17/20
CDBG Forgivable Micro-loan
You may qualify for up to a $5,000 forgivable micro-loan if your business has been impacted by COVID-19.
Funds are available on a first-come, first-serve basis. Business owners must meet with a Maine SBDC business advisor to determine eligibility and submit an application. Connect with a business advisor here.It is confidential, easy, and free.
There has been talk of a CDBG forgivable micro-loan program for a while now. For those of you who don’t know, this is a program where The Maine Department of Economic & Community Development (DECD) in partnership with the Maine Small Business Development Centers (SBDC) will provide grants of up to $5,000 for businesses with 5 or fewer employees where the business owner meets low and moderate-income criteria and can show revenue losses from last year.
You may qualify for up to a $5,000 if:
You have 5 or fewer employees including owners - yes, sole proprietors are eligible
Must be a Maine business
Must demonstrate a revenue loss as a direct consequence of COVID-19. Funds cannot duplicate those received from other federal, state, or local programs (including other CDBG funds).
Must have a DUNS Number, which can be obtained here http://fedgov.dnb.com/webform
Owner’s household income must be low/moderate as defined by HUD as verified by the 2019 tax return.
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Where is the funding from these grants coming from?
These funds are made possible as part of the $11 million Maine received from the federal CARES Act for its Community Development Block Grant (CDBG) program. Approximately $2 million of the allocation is being made available through the Micro-Enterprise Grant Program in partnership with the Maine Small Business Development Center. The funds for the program are being distributed through Androscoggin Valley Council of Governments (AVCOG), Coastal Enterprises, Inc. (CEI), Northern Maine Development Commission (NMDC), and Southern Maine Planning & Development Commission (SMPDC).