FAME launches Thrive Maine

(25 News)
Published: Oct. 4, 2022 at 5:37 PM EDT
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BANGOR, Maine (WABI) - The Finance Authority of Maine says they’re getting hundreds of applicants for a new forgivable business loan program.

This first come, first served program known as Thrive Maine began Tuesday morning at 9am.

The program is for small Maine businesses that have been negatively impacted by the global pandemic.

Loans range from $10,000 to $2 million dollars, and funds will be forgiven at a rate of 25% over a four-year period.

Certain conditions need to be met.

The program is set to run until either December 3rd or until funds run out.

“A small business under this federal program is defined as 500 or fewer employees, and as we know, Maine has a lot of small businesses with far fewer employees, and we encourage all of those who might be eligible to consider applying, nonprofits as well,” said Governmental Affairs & Communications Manager William Norbert.

To learn more about Thrive Maine you can do so here.