Economic Recovery Resources

Phase 2 of Maine Economic Recovery Grants 

phase2econA second phase of the Maine Economic Recovery Grant Program begins Wednesday, September 23, 2020.

Phase 2 will make available approximately $95 million in remaining funds from Phase 1 and expand access to the program by increasing the number of eligible businesses and non-profits. Under Phase 2, businesses and non-profits that employ up to 250 people will be eligible for grant rewards. Previously, small businesses and non-profits with up to 50 people were eligible. Additionally, licensed childcare and behavioral health organizations will be eligible in this round. The Department of Economic and Community Development estimates that nearly 3,000 more businesses and non-profit organizations will be eligible for grants as a result of the program’s expansion.

Additionally, up to $5 million of the $95 million will be dedicated to support the viability of businesses less than a year old, which were not previously eligible. The Maine Technology Institute (MTI), which offers grants, loans, equity investments, and services to support Maine’s innovation economy, will lead the application review and financial disbursement of awards in their seven sectors.

The Maine Economic Recovery Grant Program is intended to help sustain the viability of Maine’s small businesses and nonprofits - not to replace lost profits – by providing short-term financial relief for businesses and non-profit organizations that incurred business disruptions as a result of the COVID-19 pandemic. Expanding the size of businesses also expands its scope since some types of businesses typically have more than 50 workers. Applications for Phase 2 will be accepted Wednesday, September 23, 2020 through Friday, October 23, 2020, at 11:59 p.m. with grants expected to be awarded in late November.

For additional information about the program, please visit the Department of Economic and Community Development’s website.

The Department anticipates $105 million in awards, averaging approximately $45,000, to be made in early October, although final eligibility and financial verification steps are being completed now.

Phase 1 of the program was intentionally designed to support small businesses and non-profit organizations. The Administration, in partnership with the Economic Recovery Committee and Economic Development Districts, designed the program in this manner to ensure that small businesses that may have been unable to access other grant or funding opportunities had the ability to apply in this initial phase.

Grants may be used to cover expenses, including but not limited to: payroll costs and expenses; rent or mortgage payments for business facilities; utilities payments; necessary operating expenses; expenses incurred to replenish inventory or other necessary re-opening expenses; purchase of personal protective equipment required by the business or business related equipment. Funds must be spent on operations that are strictly within Maine. Recipients are liable for any misuse of funds, and the grants are subject to audit.

Full details can be found on the Maine Department of Economic and Community Development "Maine's Path to Recovery Page".

Eligibility:

Application:

To apply please visit the Online Application. (Available September 23, 2020)

More Information:

To learn more about the program visit Maine’s Economic Recovery Grant Program.


Kennebunk Development Corporation COVID-19 Emergency Loan Fund (CELF)

The Kennebunk Development Corporation has introduced a loan program to assist businesses in Kennebunk that are struggling during this pandemic. If your business is located in Kennebunk, you may be eligible to apply for a forgivable loan under the following program:


Southern Maine Finance Agency

Southern SMFA_logo_darkMaine Finance Agency is committed to working with businesses in York County to identify resources and financing to support you through this unprecedented public health and economic disaster. If you are an SMFA borrower and need assistance with your loans, please visit https://smfamaine.org/ or contact SMFA at 207-282-1748. 


The Maine Small Business Development Center (SBDC)

sbdclogoThe Maine Small Business Development Center (SBDC) is available by phone or Zoom to assist in directing you to SBA programs, assist with updating your business plan in response to the State’s reopening phases, and provide assistance in determining your financial position. To contact an SBDC counselor, please visit Maine Small Business Development Centers and click on the ‘Request Counseling’ link to register and you will be contacted by their office soon after.


US Small Business Administration

sbalogoUS Small Business Administration Economic Injury Disaster Loan (EIDL) is offering loans and advances to qualifying businesses experiencing temporary difficulties. For more information and to apply, please visit Small Business Administration – Economic Injury Disaster Loan Emergency Advance.