Spending time at the farmers market connecting with members of our community is among my favorite parts of every summer. It’s also a wonderful opportunity for me to learn more about the many entrepreneurs, farmers, artists and artisans establishing themselves and thriving right here in Gorham.
I know from my own experience that operating a small business is no easy feat. It often means long and odd hours, a ton of personal investment and a lot of figuring things out on the fly. That’s why it is truly a joy to see so many of our neighbors fighting through some of those hardships to produce beautiful, creative and tasty products each year.
It’s hard to believe what we’ve all endured since the start of the pandemic, now over two years ago. Many of us are in a much better spot than we were back then, but the debt incurred, and revenue lost during that time has left scars for most small business owners. Fortunately, in Augusta, we have continued to fight for initiatives that will support small businesses, families and communities to rebound and grow as we settle into more “normal” times. Last month, Gov. Janet Mills announced two such initiatives: “Thrive Maine” and “Grow Maine.”
The new “Thrive Maine” program, administered by the Finance Authority of Maine (FAME), will offer forgivable loans to eligible Maine small businesses that experienced losses, increased costs or market interruptions as a result of the pandemic. Gov. Mills announced that $58 million dollars from her Maine Jobs & Recovery Plan will be provided for this initiative. Small businesses can apply for loans of up to $2 million, which may be fully forgiven over a four-year period as long as the approved businesses continue to meet the terms of the program.
FAME will be accepting applications in two rounds. The first round will begin in September and will run for 60 days. To learn more about the application process and eligibility requirements, visit FAME’s website at www.famemaine.com/thrive. There are some steps that you may need to take before beginning the application, including applying for or renewing your Unique Entity Identifier (UEI) number, which most small businesses have. Visit FAME’s website as soon as possible to be ready when the applications open.
The “Thrive Maine” program is extremely exciting, and I look forward to seeing how this investment will support the many jobs and families that depend on Maine’s small businesses. The announcement of “Thrive Maine” last month comes in addition to another initiative called “Grow Maine” that will also be administered by FAME and further seeks to bolster our small business community. “Grow Maine” invests an additional $62 million in federal funds to provide loan guarantees, direct loans and equity capital to
help Maine businesses access capital, grow their offerings and ensure good-paying jobs for Maine people. This money can be used for start-up costs, equipment, inventory, purchases, construction, renovation or improvements of a place of business and more. Applications will open next month. To learn more about eligibility requirements, visit FAME’s “Grow Maine” website.
I’m incredibly proud of the work we did this session and of the many ways we’ve been able to invest in Maine people. Programs like “Thrive Maine” and “Grow Maine” demonstrate our commitment to supporting the many creative, scrappy and self-sufficient entrepreneurs that are fundamental to the fabric of our state and our way of life.
As always, it is an honor to serve you. If you have any questions about these programs or any other initiatives or issues, please don’t hesitate to reach out. I hope to see you at the market!
Rep. Maureen Terry, (207) 712-9735, (800) 423-2900
maureen.terry@legislature.maine.gov
Rep. Maureen “Mo” Terry, D-Gorham, is serving her third term in the Maine House of Representatives. She serves as House Chair of the Taxation Committee. Aide: Eleanor (Elle) Snyder, Eleanor.Snyder@legislature.maine.gov, 610-585-7744.