Thrive Maine - Pandemic Recovery Business Loan Program

Department of Economic and Community Development

Allocation: $58,400,000

Status: Active

Maine businesses have experienced shut down periods which in turn have resulted in lost revenue, increased cost and/or decreased operational profitability in response to COVID-19 public safety guidance from the U.S. Center for Disease Control and the State of Maine. Some businesses experienced increased expenses to remain compliant with required safety protocols. In addition, many Maine businesses, regardless of industry, have experienced an inability to fulfill demand from their clients, as national and global logistical issues continue to arise as production of goods are hindered by the global pandemic.

With funding from the Maine Jobs & Recovery Plan, the new “Thrive Maine” program, administered by the Finance Authority of Maine (FAME), will offer forgivable loans to eligible Maine small businesses and nonprofit organizations who experienced losses, increased costs, or market interruptions as a result of the pandemic. Small businesses may apply for loans of up to $2 million. If businesses are approved and continue to meet program terms, loans may be fully forgiven over a four year period.

The first round of funding applications closed in October 2022. Information about a second round will be released in 2023.