Small companies in Cumberland County will have the ability to entry forgivable loans to pay workers and bills by a brand new program administered by Larger Portland Council of Governments.
A job program to rent and retain workers and a micro-enterprise program to help enterprise homeowners is funded by a Group Growth Block Grant from the county authorities.
“As summer time attracts to an in depth, many small enterprise are confronting an extended, chilly winter, and we hope these program contribute to viable options for even the smallest of companies,” stated Andrew Butcher, director of innovation and resilience on the council, in a press release.
Companies which have 25 workers or fewer 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 workers, together with the proprietor, can entry micro-enterprise loans of as much as $5,000 which might be forgivable if spent on eligible bills together with lease or mortgage, utility, debt compensation, payroll and stock.
The mortgage packages can be found to corporations in Cumberland County apart from Portland, Bridgton and Brunswick. To be eligible, candidates and employees have to be county residents outdoors the three excepted communities and earn not more than 80 p.c of the realm median earnings.
Larger Portland Council of Governments will maintain a webinar to answer questions about the program at 11 a.m. on Tuesday.