Thrive Maine Loan Program – Applications for Round Two Begin May 23

In July 2022 Governor Mills announced the creation of the Thrive Maine Loan Program to be administered by the Finance Authority of Maine (FAME). The program was established to provide $58 million in forgivable loans to eligible Maine businesses and non-profit organizations through two application rounds.

Thrive Maine loan program 2023

Qualifying organizations received loans totaling approximately half of the available funds in the first round. The application period for the second round of loans is scheduled to open at 9:00 a.m. on May 23 and close at 4:30 p.m. on June 23.

The eligibility criteria and application process are similar to those used in the initial round, as discussed in previous articles (August 4 and September 29, 2022). However, there are some important changes.

Thrive Maine loan eligibility criteria:

  • The applicant must submit an impact statement providing the entity’s detailed forward-looking plans to improve its economic viability. Loan amounts will be based on the amount of funds needed as described in the impact statement, not on the economic loss caused by the pandemic. This is discussed further below.
  • The applicant must demonstrate a negative economic impact related to COVID-19 of at least $10,000 net of prior government assistance received. Detailed calculations will not be required. The applicant will provide supporting information in a written narrative describing the negative impacts caused by the pandemic, and listing prior assistance received, such as PPP loans.
  • Entities that received loans in the first round cannot apply in the second round.
  • Loans will be awarded on a competitive versus first come, first served basis. Applications will be scored, and those with the highest scores will receive loans. Loan decisions will all be communicated at the same time after all of the applications have been scored.
  • Applications for businesses and projects in the construction, manufacturing, and science and technology industries will receive priority.
  • Loan requests may be from $10,000 – $500,000, and may exceed the actual amount of losses caused by the pandemic.
  • The organization must have been established by August 31, 2022.

The impact statement will be a critical component of the application. As noted above, the Thrive Maine loan amounts will be determined based on the funding needed by the applicant to accomplish its strategic plan. The statement must indicate specifically how the funds will be used and the plan itself must meet at least one of five criteria (more is better):

  • Adds quality Maine jobs;
  • Improves efficiency;
  • Develops / increases capacity;
  • Diversifies revenue streams;
  • Diversifies or expands product or service offerings.

What do I need to apply?

Applicants must have a Unique Entity Identifier (UEI). Information about how to apply for a UEI is located on the FAME website and at Organizations that believe they may qualify for a Thrive loan should apply for a UEI immediately (or verify that they already have one). It could take up to 4 weeks to obtain the UEI after the application is submitted.

An application checklist is included on the website and is located here. Eligible organizations that did not receive a loan in the first round should consider submitting an application in round two.

For more information, please contact Merrill Barter or your BNN advisor at 800.244.7444.

Disclaimer of Liability: This publication is intended to provide general information to our clients and friends. It does not constitute accounting, tax, investment, or legal advice; nor is it intended to convey a thorough treatment of the subject matter.

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