Thrive Maine is a forgivable loan program to help Maine small businesses who had financial setbacks due to the pandemic fund future plans for organizational improvement and growth. Administered by the Finance Authority of Maine (FAME), the program provides forgivable loans in amounts from $10,000 to $500,000 to eligible Maine businesses and nonprofits. The application portal is scheduled to open on May 23 and close on June 23, 2023.
To be eligible to apply, a business must demonstrate that it has experienced a COVID-related negative economic impact of at least $10,000 and have an organizational improvement plan. The application process is competitive, and all applications will be scored for approval. Priority will be made for businesses and projects in construction, manufacturing, and science and technology industries.
Businesses must be in good standing with the State of Maine currently and ongoing to have the loan forgiven at 25% over each year in a four-year period.
It is important to note that a Unique Entity Identifier (UEI) is required to apply. Businesses can apply for a UEI by visiting SAM.gov. This process can take several weeks so it is suggested to apply now.
FAME is hosting an informational webinar on May 10, 2023 at 11:00 a.m. A second webinar detailing how to apply will be held on May 16, 2023. Information on how to register for these webinars and more information on the program can be found at FAMEmaine.com/thrive.
Thrive Maine is funded by the American Rescue Plan Act (ARPA) with $58 million allocated to support Maine small businesses through Governor Mills’ Maine Jobs and Recovery Plan (MJRP).