Thrive Maine: Pandemic Recovery Forgivable Business Loan Program

Finance Authority of Maine Accepting Applications October 4 Through December 3 

Governor Janet Mills announced that the Finance Authority of Maine will begin accepting applications for $58 million in forgivable small business loans through the “Thrive Maine” initiative of her Maine Jobs & Recovery Plan starting next Tuesday, October 4.

Under the program, eligible Maine small businesses who experienced losses, increased costs, or market interruptions as a result of the pandemic may receive a forgivable loan of up to $2 million if selected. Awardees that follow program terms may have their loans fully forgiven over a four-year period.

“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, said Governor Janet Mills. “Thrive Maine is the latest way that my Administration is offering meaningful relief to small businesses to support their continued economic recovery.”

“FAME looks forward to helping Maine’s small businesses recover from the pandemic and to moving them and Maine’s economy forward,”said Carlos Mello, Acting CEO of the Finance Authority of Maine. “We have been actively conducting outreach to the business community in order to get the word out to Maine businesses so they can apply.”

Applications can be submitted online starting Tuesday, October 4th at 9 a.m. through the Finance Authority of Maine at “Thrive Maine” will offer two separate application periods, the first beginning Tuesday and running through December 3, 2022, or until funds are exhausted. Businesses are eligible to apply if they have fewer than 500 employees and are located or have significant operations in Maine. Full eligibility criteria and application requirements can be found on the Finance Authority of Maine website.

Governor Mills first 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.

The Maine Jobs & Recovery Plan is the Governor’s plan, approved by the Legislature, to invest nearly $1 billion in Federal American Rescue Plan funds to improve the lives of Maine people and families, help businesses, create good-paying jobs, and build an economy poised for future prosperity.

It draws heavily on recommendations from the Governor’s Economic Recovery Committee and the State’s 10-Year Economic Development Strategy, transforming them into real action to improve the lives of Maine people and strengthen the economy.

For more about the Maine Jobs & Recovery Plan, visit Maine.Gov/JobsPlan.