Small companies in Cumberland County will have the ability to entry forgivable loans to pay staff and bills by a brand new program administered by the Larger Portland Council of Governments.
A job program to rent and retain staff and a micro-enterprise program to help enterprise homeowners is funded by a Neighborhood Growth Block Grant from the county authorities.
“As summer draws to a close, many small business are confronting a long, cold winter, and we hope these programs contribute to viable solutions for even the smallest of businesses,” Andrew Butcher, director of innovation and resilience on the council, mentioned in a press release.
Companies which have 25 or fewer staff can entry loans of as much as $10,000 – or $2,500 per job for as much as 4 jobs. The loans are forgivable if they’re used to rent, retain or create jobs for low- or moderate-income residents.
Companies which have 5 or fewer staff, together with the proprietor, can entry micro-enterprise loans of as much as $5,000 which are forgivable if spent on eligible bills together with lease or mortgage, utility, debt compensation, payroll and stock.
The loan applications can be found to corporations in Cumberland County aside from Portland, Bridgton and Brunswick. To be eligible, candidates and employees have to be county residents exterior the three excepted communities and earn not more than 80 p.c of the realm median earnings.
The Larger Portland Council of Governments will maintain a webinar to reply questions on this system at 11 a.m. on Tuesday.