By Josh Keefe, BDN Staff • March 16, 2020 4:15 pm
Updated: March 17, 2020 5:19 pm
Gov. Janet Mills detailed the struggles of Maine’s small businesses to the federal government on Friday in a letter seeking access to low-cost federal loans for the state’s business owners.
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On Monday afternoon, the U.S. Small Business Administration responded to the letter by declaring Maine eligible for its economic injury disaster loans. Maine small businesses and nonprofits will have access to up to $2 million in financing at between 2.75 and 3.75 percent interest with terms up to 30 years.
The loans can be used to “pay fixed debts, payroll, accounts payable and other bills that can’t be paid because of the disaster’s impact,” according to the U.S. Small Business Administration. Congress has earmarked $7 billion for the fund.
Maine was one of the first states to submit its request for eligibility, which could give Maine small businesses a head start in securing the funds, said Heather Johnson, commissioner of the Maine Department of Economic and Community Development.
Small businesses employ 56.5 percent of Maine employees, according to the U.S. Small Business Administration.
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