A $120 million initiative to support Maine small businesses features two new programs administered by FAME: Thrive Maine and Grow Maine.

Thrive Maine is a forgivable loan program for businesses and nonprofits that demonstrate COVID-related negative economic impacts. The program is funded by the American Rescue Plan Act (ARPA), an economic stimulus bill that was passed by the 117th United States Congress, with $58 million allocated to support Maine small businesses by the Legislature and Governor Mills under LD 1733 through the Maine Jobs and Recovery Plan.

Grow Maine will provide up to $62 million of State Small Business Credit Initiative (SSBCI) funding to eligible Maine businesses. Funding will be available through FAME and its intermediary partners via loan guarantees, direct loans, and equity capital. SSBCI is a federal program administered by the U.S. Department of the Treasury that was created to strengthen state programs that support private financing to small businesses. Governor Mills designated FAME to serve as the state agency to accept and administer the allocated funds for the program.

Carlos Mello, Acting Chief Executive Officer, explains the Thrive Maine and Grow Maine programs.

Contact

Thrive Maine Support Team

Thrive@FAMEmaine.com
800-228-3734

Grow Maine Support Team

Grow@FAMEmaine.com
800-228-3734