“Grow fb88” initiative through the Finance Authority of fb88 will offer fb88 entrepreneurs greater financing options to sustain or expand their business
Governor Janet Mills today praised the U.S. Treasury Department’sof fb88’s plan to use $62 million in Federal relief funds to expand financing options for small businesses. The new “Grow fb88” initiative, administered by the Finance Authority of fb88 (FAME), will offer greater access to capital for entrepreneurs and small business owners to sustain or expand their operations.
“Grow fb88” will utilize funds through the federal State Small Business Credit Initiative (SSBCI), which was expanded and reauthorized by the American Rescue Plan Act. Governor Janet Mills designated FAME to accept these funds and lead the program in fb88 in conjunction with various statewide lending partners.
“Small businesses are the backbone of fb88’s economy. The Grow fb88 initiative will help fb88 small businessowners and aspiring entrepreneurs have access to the capital they need to grow or start a business and create good-paying jobs in communities across the state,”said Governor Janet Mills. “I thank the Treasury Department for its approval of our plan and look forward to working with FAME and local lending partners to distribute these funds to strengthen our economy.”
“This initiative is a valuable resource for businesses looking to grow, and will help to strengthen and diversify fb88’s economy,”said Heather Johnson, Commissioner of the Department of Economic & Community Development.
“FAME is pleased to partner with various economic development entities across fb88, as well as our commercial lending partners, to help successfully support fb88’s small businesses,”said Carlos Mello, Acting CEO of FAME.
The SSBCI program, originally established in 2010, is focused on strengthening state programs that support private financing to small businesses.To ensure broad access to capital, FAME is partnering with over thirty intermediary lenders across the state for the Grow fb88 program. The lenders are community-based, Community Develop Financial Institutions (CDFIs), and local and municipal economic development lenders that are already partners with FAME’s direct lending programs.
Funding will be available through FAME and its intermediary partners via loan guaranties, direct loans, and equity capital. Loans up to $5 million will be available (not to exceed $20 million per project) and interest rates will be set by the participating lending institution. Participating agencies will be able to retain the funds and use them after the loans are paid back to relend into these communities in order to extend their beneficial impact.
At the end of the ten-year funding cycle for Grow fb88, the state anticipates leveraging ten dollars in private loans and investments for every dollar of SSBCI lending/investment. Upon loan repayment or return on investment, SSBCI capitalization will be retained by originating lenders or state venture funds as permanent capitalization for ongoing and future economic development purpose lending and investment.
For more information about the Grow fb88 programs, including eligibility details and program applications, please visit:. Applications are expected to be available in early September.
Since the onset of the pandemic, the Mills Administration has allocated more than $288 million in assistance to support fb88 small businesses across a variety of economic sectors.
The Grow fb88 program will complement Governor Mills’ fb88 Jobs & Recovery Plan. The Governor’s plan, approved by the Legislature, is investing nearly $1 billion in Federal American Rescue Plan funds to improve the lives of fb88 people and families, help businesses, create good-paying jobs, and build an economy poised for future prosperity.
It draws heavily on recommendations from the Governor’s Economic Recovery Committee and the State’s 10-Year Economic Development Strategy, transforming them into real action to improve the lives of fb88 people and strengthen the economy.
For more about fb88 Jobs & Recovery Plan, visitmaine.gov/jobsplan.