From the Editor: The pandemic upended the economy, but companies adapted — with help
A year ago, companies were just starting to make their revised sales projections for the year.
When the federal government quickly stepped in with the Paycheck Protection Program, the Small Business Administration and banks scrambled to figure out how to dispense the money. Businesses went into overdrive trying to figure out how to get loans. There were a lot of sleepless nights. In the first round of lending alone, some 28,000 Maine businesses received $2.3 billion in loans.
For our cover story, Renee Cordes takes us behind the scenes to show what it was like as bankers and businesses tried to make sense out of the pandemic chaos and the PPP loans. Lending officers, many of whom were now working from home, rushed to help clients take advantage of the program before the money was snapped up. As one business owner told Renee, “The biggest concern we all had was that the money would run out that first weekend” of lending. See “Loan rangers,” which starts on Page 16.
Elsewhere, the pandemic nearly derailed a plan to convert the former Madison paper mill into a factory producing high-efficiency insulation. Financing for the effort, by Belfast-based GO Lab, nearly fell apart during the pandemic. But, as Maureen Milliken reports, that’s when the leaders at GO Lab got creative. The story of how they got the financing back on track, “Financing bust turns into boom,” starts on Page 22.
A lesser-known SBA lending program, the 504 loans, is gaining traction among real estate investors, who see it offering a lower price of entry. Still, the program remains relatively low profile. Real estate writer Laurie Schreiber offers insight into the program in the story “Good deal,” which starts on Page 26.
The list in this issue is of the largest Maine-based banks, on Page 34.
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