The Gorham Times, Gorham, Maine's Community Newspaper

Economic Development Director

The Gorham Town Council, at their Regular Town Council meeting held November 10, unanimously passed a resolution to proclaim November 28 as Small Business Saturday. The purpose of the event is to encourage people to support small businesses and merchants on Small Business Saturday and throughout the year.

Small businesses are both the backbone and heart of the American economy. Small businesses in Gorham bring the community together, increase real estate value and help keep local money in Gorham, which benefits Gorham’s economy. With colder weather upon us and the pandemic still at play, supporting local businesses on November 28 and all year long through holiday shopping, the purchase of gift cards/ certificates and take-out food from Gorham restaurants will help sustain Gorham’s beloved businesses.

Resources for Gorham businesses include:

GPCOG Loan Programs: The Greater Portland Council of Governments (GPCOG) offer a variety of loans designed to provide financial assistance to businesses, including four primary loans to help alleviate the impact of the COVID-19 crisis on businesses in Cumberland County. Visit GPCOG Loan Programs for more information.

Maine SBDC Recovery & Relaunch site: The Maine Small Business Development Center (SBDC) has launched a site to help the small businesses of Maine as they reassess and move forward toward recovery during the pandemic. Visit www.mainesbdc.org/resource-center/ to access their resources.

Town of Gorham Revolving Loan Fund (RFL) Program: The RLF program, administered by the Town of Gorham, provides direct loans to Gorham businesses that help address financials needs that are not met through conventional sources of financing from banks or other financial institutions. The purpose of the fund is to provide financing to businesses that create taxable assessed value and increase the economic opportunity for citizens in the Town of Gorham, and for initiatives that create or retain jobs. The RLF offers business loans up to $150,000 with interest rates no more than four percentage points above or below the posted WSJ Prime Rate. Interest rates are fixed and reviewed on a quarterly basis by the RLF committee to ensure rates remain competitive and in line with market conditions. Loans are available for up to 20 years for land and building purchase, and between three and 10 years for other business purposes. The term of a loan is typically matched with the expected life of the asset being acquired through the use of revolving loan funds. The fund is available to businesses located in Gorham with fewer than 50 employees or sales of less than $5 million in the most recently reported year. To view and complete the required the RLF loan application, as well as view the loan criteria, visit https://gorham-maine.org/loan.

For inquiries related to the Town of Gorham, contact Economic Development Director Kevin Jensen at (207) 222-1628 or at kjensen@gorham.me.us.