Sponsored by the Maine Small Business Development Centers (SBDC) and the Maine Department of Economic and Community Development (DECD).
Please review this grant opportunity below for small business owners that are in need of financial assistance. The intent of this micro-enterprise grant is to help offset lost revenue during the pandemic.
It is a two page application and the basic calculation is that you layout your 2020 revenue during the months that you have been affected, then compare this 2020 revenue against the same time frame of 2019. The difference is what you may be eligible to apply for.
However, if you have received PPP or EIDL funds then you must subtract those which will reduce your eligible amount. Also, your 2019 household income (listed on Line 7.B of your personal tax return) must fit within the Low to Moderate Income levels set by the federal government. Links to the application and LMI levels can be found on the bottom of this blog post.
The Maine Department of Economic & Community Development (DECD) in partnership with the Maine Small Business Development Centers (SBDC) will provide grants of up to $5,000 for businesses with five or fewer employees, with an owner whose income is in the low to moderate range as defined by the Department of Housing and Urban Development (HUD).
Eligibility criteria include:
- Must be a Maine business
- Must demonstrate a revenue loss as a direct consequence of COVID-19. Funds cannot duplicate those received from other federal, state or local programs (including other CDBG funds).
- Must have five or fewer employees including the owner(s)
- Must have a DUNS Number, which can be obtained here.
- Owner’s household income must be low/moderate as defined by HUD as verified by 2019 tax return. More details here.
Funds are available on a first-come, first-serve basis. Business owners must meet with a Maine SBDC business advisor to determine eligibility and submit an application.
To learn more, contact either of the following:
Raynor Large, SBDC Business Advisor
Charlie Woodworth & Morgan Spencer, Greater Franklin Development Council
These funds are made possible as part of the $11 million that the State of Maine received from the federal CARES Act for its Community Development Block Grant (CDBG) program. The funds for the program are being distributed through Androscoggin Valley Council of Governments (AVCOG), Coastal Enterprises, Inc. (CEI), Northern Maine Development Commission (NMDC), and Southern Maine Planning & Development Commission (SMPDC).