Department of Economic and Community Development
Allocation: $8,000,000
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Status: Active
Maine entrepreneurs started or acquired more than 14,000 new businesses in 2020. Many of these new businesses experienced serious pandemic-related disruptions yet were unable to access federal relief programs because they had not been operating long enough to demonstrate revenue losses necessary for eligibility.
With funding from the Maine Jobs and Recovery Plan, the New Business Recovery Grants program will offer one-time stabilization grants to early-stage companies started on or after January 1, 2020. In addition, the New Business Recovery Technical Assistance program will provide business counseling services to help these firms navigate their economic recovery and set a strong foundation for future growth. By delivering this counseling through local small business assistance programs and community organizations, the Department of Economic and Community Development will also strengthen the capacity of Maine's entrepreneurial support providers.
These programs will be delivered through Regional Economic Recovery Hubs alongside Business Technical Assistance & Entrepreneurial Training for Underrepresented Populations.