The Town of Yarmouth, in partnership with the Greater Portland Council of Governments, has launched a small business loan program to assist Yarmouth businesses impacted by COVID-19, including those that are in danger of closing, have laid off workers or have closed temporarily.
The Town has committed to lending up to $100,000 from its Tax Increment Financing Development Fund. The loans will supplement existing state and federal small business lending programs offered through the Small Business Administration and the Finance Authority of Maine, and GPCOG.
Loans of up to $5,000 are available for small business owners to use for working capital expenses, like rent, utilities, payroll and insurance; services like accounting and legal assistance and more. Expenses such as refinancing existing debt and making down payments toward other financing arrangements are not eligible.
Loan recipients pay 0% interest for 24 months and can defer payments for up to six months. All participating businesses may be eligible for up to $1,250 of forgiveness if they meet certain conditions, such as if they bring at least one-third of their employees back on the payroll, intend to use the funds to pivot operations or enhance accommodations for physical distancing, or participate in GPCOG’s Greater Portland Resilience Exchange.
Other businesses may be eligible for up to $3,750 of forgiveness if they have been considered non-essential or operate a restaurant or childcare facility during the state’s Stay at Home order.
Applicants can send questions to Scott LaFlamme, Director of Economic Development for the Town of Yarmouth: firstname.lastname@example.org, or by calling 207-846-2401.