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$10k forgivable loans available to start or grow small business

SACO — Southern Maine micro-businesses are invited to use for a $10k forgivable mortgage to start out or develop their enterprise, introduced Southern Maine Planning and Growth Fee (SMPDC), in partnership with the Maine Division of Financial and Group Growth (DECD). This micro-enterprise program targets cities in SMPDC’s area: York County; Cumberland County (Baldwin); and choose cities in Oxford County (Porter, Hiram, Brownfield, Denmark, Fryeburg, Sweden, Lovell, Stow and Stoneham).

“This program permits low to average revenue small companies to advance their firms,” mentioned SMPDC Government Director Paul Schumacher. “The expenditures needs to be used for working capital bills to help in serving to to start out, maintain or develop a enterprise. There isn’t any utility deadline however funds will likely be reviewed and disbursed on a month-to-month foundation till we run out of funds so the quicker one applies, the higher.”

Step one to making use of is contacting SMPDC; candidates will likely be directed to a Small Enterprise Growth Middle advisor. Contact: Kelsey Pelton ([email protected])

Grant Eligibility Pointers

• 5 or fewer workers together with all homeowners, at time of utility (nonprofits not eligible)

• Low to average family revenue for the earlier 12 months. For instance, a household of two in York or Kittery with family revenue between roughly $53,000-$64,000 may qualify for this program.

• Should discuss with a enterprise advisor supplied by the state.

• Should have a DUNS quantity. (Advisor may also help applicant receive one.)

• A marketing strategy offers the applicant extra factors and is strongly advisable. (Help making a marketing strategy is obtainable.)

• Applicant can not have obtained any earlier CDBG grant funding at time of utility.

• If awarded, the applicant should retain all data of expenditures for 3 years.

Awards are based mostly on some extent system. Those that rating increased usually tend to obtain the funds.

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