Midcoast Council of Government’s recently announced a new economic development program as part of its Hub of Excellence initiative: the New Business Recovery Grants and Technical Assistance Program.
The funding for this program comes from Maine’s Department of Economic and Community Development to help the roughly 14,000 businesses started or acquired in the state since the start of 2020. MCOG will be managing this program for the Midcoast region which includes all or part of Sagadahoc, Lincoln, Knox, Cumberland and Waldo counties. Eligible entities are businesses or nonprofits that have a location in the MCOG region, started or were acquired on or after Jan. 1, 2020, have fewer than 250 employees and are in good standing with the state of Maine.
The New Business Recovery Grants program will offer one-time stabilization grants of up to $50,000 to new businesses that experienced serious pandemic-related disruptions or were not able to take advantage of previous pandemic-related recovery aid. The program will provide advising services to businesses and nonprofits to facilitate recovery and growth. In addition, advising will be provided to assist businesses and nonprofits owned and operated by racial, ethnic and linguistic minorities. Entrepreneurial training will provide business owners the skills to withstand the impacts of the pandemic and sustain their business models for the future.
The initial application period will open April 21 and close June 1 with additional application periods occurring through the end of 2024.
For more information, visit the MCOG website at midcoastcog.com or email hub@midcoastcog.com.
Comments are not available on this story.
Send questions/comments to the editors.
