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October 4, 2022

Thrive Maine accepting applications for forgivable loan program

jumble of cash file photo A $58 million program, under the Maine Jobs & Recovery Plan and using federal funds, will provide forgivable loans for small businesses hurt by the pandemic.

Thrive Maine, a program unveiled by Gov. Janet Mills in July, is now accepting applications for up to $2 million in forgivable loans from eligible Maine businesses and nonprofits that demonstrate COVID-related negative economic impacts. 

Loans ranging from $10,000 to $2 million will be deployed on a first-come, first-served basis and be forgiven at a rate of 25% per year over a four-year period, provided certain conditions are met. 

The application period starts today, Oct. 4, and will close Dec. 3. For more information, click here.

The $58 million program is part of the Maine Jobs & Recovery Plan announced by Mills in July.

Under the program, Maine small businesses that experienced losses, increased costs, or market interruptions as a result of the pandemic and follow program terms may have their loans fully forgiven. 

“From increased costs to nationwide supply chain disruptions and workforce issues, many of Maine’s small businesses are still hurting as a result of the pandemic,” Mills said in a news release. 

Carlos Mello, FAME

Carlos Mello, acting CEO of the Finance Authority of Maine, the state agency that is distributing the funds through Thrive Maine, said the authority has been conducting outreach to the business community to encourage applicants to apply.

Businesses are eligible if they have fewer than 500 employees and are located in or have significant operations in Maine. Full eligibility criteria and application requirements can be found on the Finance Authority of Maine website.

Mills unveiled Thrive Maine in July as part of a $120 million investment in small businesses that also includes the Grow Maine small business loan and capital program.  Since the onset of the pandemic, the Mills administration has allocated more than $288 million in assistance to support Maine small businesses across a variety of economic sectors. 

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