June 06, 2020

Block grant program to offer business loans

DEXTER — Businesses in Dexter, Newport and Corinna may be eligible to borrow up to $25,000 through this area’s Community Development Block Grant microloan program.

Since the inception of the program one year ago, three loans totaling $26,000 have been made to businesses in Dexter and Corinna.

Town Manager Steve Whitesel said, “The response to the program has been somewhat less than we anticipated. In an effort to increase interest in the program, the loan committee has made a number of changes … including lowering the interest rate from three points above prime down to prime, and simplifying the application process.”

The purpose of this program is to provide Maine communities with funds to assist businesses create or retain jobs for low- and moderate-income individuals. Eligible uses include facility improvements, furniture and fixtures, inventory, equipment and working capital.

The Eastern Maine Development Corp. works with interested applicants to prepare their application and business plans. Loan decisions are made by a volunteer committee composed of representatives from each participating community.

Additional information and applications may be obtained by contacting Eastern Maine Development Corp. at 1-800-339-6389 or 207-924-6389, One Cumberland Place, Suite 300, Bangor 04402.

Information is also available at the town offices in Dexter, Newport and Corinna.

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