Funding
There are many loan and grant funding options to help you and your business stay afloat during these challenging economic times. As you consider new grants and loans, we strongly recommend that you review your current cash flow and financial projections which can help determine your best next steps.
It’s sometimes difficult to know what to apply for and what you might be eligible for. Maine SBDC advisors are here to help you navigate this challenging area as you look for additional financial support while reviewing, relaunching or recovering from the pandemic.
This page is updated frequently as new programs are announced. As always, never hesitate to reach out to a Maine SBDC advisor for one-on-one assistance.
Paycheck Protection Program provided funds to pay payroll costs, interest on mortgages, rent, and utilities. Funds through this program are fully forgivable if certain criteria are met. More details on PPP loan forgiveness can be found here.
The Economic Injury Disaster Loan Program is still accepting applications, though the emergency cash advance is no longer available. More details on the EIDL can be found here.
The Shuttered Venues Operators Grant (SVOG) is designed to provide aid to small business owners who have been hit hard by Covid-19 related shut- downs. This is for venue-related small businesses. More details on who’s eligible, how to apply, and other information on SVOG can be found here.
The Restaurant Revitalization Fund (RRF) contains support for small and medium-sized restaurants, as a part of the American Rescue Plan. Applications will be accepted starting May 3rd, 2021. More details on the RRF can be found here.
Maine Economic Recovery Grant – This grant program has been reopened to support Maine’s tourism, hospitality, and retail small businesses. The program is focused specifically on supporting Maine’s service sector small businesses, such as restaurants, bars, tasting rooms, lodging, and retail shops.
Main Street Skowhegan Technical Assistance Grants – Main Street of Skowhegan is now accepting applications for a Technical Assistant Grant for Skowhegan business owners and new entrepreneurs. The funding will be in the form of mini-grants of $500 – $2,000, the deadline for the application is May 15th.
Micro-Enterprise Business Grant Program is a program being offered by the Maine DECD in partnership with Maine SBDC. This is a $5,000 grant available for businesses in Maine with fewer than 5 employees whose owner’s income is in the Low to Moderate range. This grant is based on income eligibility and currently excludes some Maine towns and regions. You must meet with a SBDC advisor to determine eligibility and apply. More details here.
Maine International Trade Center (MITC) offers eligible exporting businesses up to $20,000 in reimbursements for costs associated with international business development or exporting.
Portland Covid-19 Loan and Grant Programs – The City of Portland Development Corporation is providing financial assistance to businesses impacted, including those who have remained open, have furloughed employees, closed temporarily, or are home-based. The assistance comes in the form of three different programs, which are in addition to federal assistance programs.
USDA Coronavirus Food Assistance Program for Farmers – The Food Assistance Program provides direct relief for farmers and ranchers who face price declines and growing marketing costs.
The State of Maine announced the Maine Economic Recovery Grant Program to assist businesses in recovering losses incurred as a direct result of the pandemic and the related public health response.
Maine Economic Recovery Grant – This grant program has been reopened to support Maine’s tourism, hospitality, and retail small businesses. Program is focused specifically on supporting Maine’s service sector small businesses, such as restaurants, bars, tasting rooms, lodging and retail shops.
AVCOG SBA Microloan Program – Offering microloans for small businesses in Androscoggin, Franklin, and Oxford Counties. Up to $10,000 for 3 years at 3% interest rate. Funds can be used for working capital, equipment, or refinancing existing debt (not for real estate purchase).
CEI’s Wicked Fast Loans– CEI’s Wicked Fast Loans offer up to $25,000 for existing and up to $15,000 for start-up businesses* with a streamlined application and 3-business day decision window.
City of Rockland Recovery Loan Program – This program offers deferred-payment loans of up to $5,000 at 0% APR to eligible businesses affected by Covid-19. Loans can be either real estate secured or installment loans.
FAME (Finance Authority of Maine) – Offering two direct loan programs for SBA borrowers as well as loans for businesses experiencing interruption and hardship. Contact FAME for updates to the program.
GPCOG’s Microenterprise Loan Program – The program provides funding for businesses most impacted by COVID-19 that are in danger of closing or have had to close temporarily. Applicants can request up to $5,000. The loan is forgivable for eligible purposes.
KVCOG NEW Cares Act Revolving Loan Fund (RLF) – The Kennebec Valley Council of Governments through the Cares Act is now offering a NEW Revolving Loan Fund for Small Businesses to reduce the economic impact of the COVID-19 pandemic. KVCOG received $670,000 to disperse across proper applicants, which will have the availability of extremely favorable terms including interest rates as low as 0% and other waivers to typical RLF requirements. Small Businesses must be in Kennebec, Somerset, or western Waldo county to apply.
Portland Covid-19 Loan and Grant Programs – The City of Portland Development Corporation is providing financial assistance to businesses impacted, including those who have remained open, have furloughed employees, closed temporarily, or are home-based. The assistance comes in the form of three different programs, which are in addition to federal assistance programs.
Revolving Loan Fund (RLF) – If your business is in Hancock, Knox, Penobscot, Piscataquis, Waldo, or Washington County, you could be eligible for Eastern Maine Development Corporations new, low-interest (as low as 2%) Revolving Loan Fund programs. If you still need funding and are in one of those Counties, this is a solid opportunity.
Your local Economic Development organizations here in Maine are available to help you locate and apply for the microloan program that may be right for you. Contact the SBDC to be put in touch with an advisor in your area who can walk you through microloan options. The local Economic Development organizations that the SBDC works in partnership with include: AVCOG (Androscoggin Valley Council of Governments), NMDC (Northern Maine Development Commission), and SMPDC (Southern Maine Planning & Development Commission).
Be sure to check in with your town or city’s economic development office regarding any specific financial programs they may be offering to support the relaunch and recovery. If you are unsure of who to contact, you can ask your City or Town Hall, or an SBDC advisor in your area.
