![]() ![]() Losses for which a business previously received federal and state pandemic relief, such as Paycheck Protection Program (PPP), Economic Injury Disaster Loans (EIDL), or Maine Small Business Grant funding, cannot be part of the loss calculation, however. Business applicants will need to demonstrate a COVID-related negative economic impact on their businesses of more than $10,000. ![]() Recipients of forgivable loans from the first cycle are not eligible to apply. These industry sectors have been identified to be in alignment with Governor Mills’s ten-year economic strategic plan and proven to create more direct and indirect in-state jobs. Priority will be given to businesses and projects in the construction, manufacturing, and science and technology industries, but all industries may apply. This second cycle will fund future plans for organizational improvement and growth, taking the next step beyond replenishing COVID-related negative economic impacts.” “The businesses that are awarded these forgivable loans will be catalysts for development in our communities and job market, with strong and innovative business plans for future success. “The second cycle of Thrive Maine is designed to further strengthen the Maine economy through impactful investments for the future,” stated Heather Johnson, Commissioner of the Maine Department of Economic and Community Development and a FAME board member. Loans may be forgiven at a rate of 25% per year over a four-year period provided certain conditions are met. Award amounts must be justified by the business’s impact statement submitted with the application. Awards will be based on a cumulative score. Instead, forgivable loan applications will be scored on eligibility criteria, an impact statement, and number of increased jobs. It will not be utilizing a first-come, first-served model. This cycle of Thrive Maine will be significantly different from the first, with new eligibility requirements, application questions, and a new award process featuring a longer application period. “We listened to feedback from the first cycle and have accordingly modified the second cycle to address these concerns and suggestions.” “We are looking forward to launching the second cycle of Thrive Maine to help Maine’s economy continue to move forward,” stated Carlos R. A total of $29 million will be available this cycle for loan requests ranging from $10,000 to $500,000. The application period will remain open until June 23, 2023. $29 million in forgivable business loans ranging from $10,000 – $500,000ĪUGUSTA–-The Finance Authority of Maine (FAME) is pleased to announce that the Thrive Maine program, which offers forgivable loans to eligible Maine small businesses negatively impacted by the pandemic, will launch its second application cycle on May 23. ![]()
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