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New Business Recovery Program

As part of Midcoast Council of Government’s Hub of Excellence initiative, we will be administering a new economic development program: the New Business Recovery Grants and Technical Assistance Program. The funding for this program comes from Maine’s Department of Economic and Community Development has allocated $8 million to help the roughly14,000 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 parts of Sagadahoc, Lincoln, Knox, Cumberland, and Waldo counties.

 

Eligible entities:

Businesses or nonprofits that have a location in the MCOG region that:

Started or were acquired on or after January 1, 2020,

Have fewer than 250 employees

Are in good standing with the State of Maine.

Grants
 

One-time stabilization grants to new businesses that experienced pandemic-related disruptions or were not able to take advantage of previous pandemic-related recovery aid. Businesses that are experiencing ongoing disruptions are also eligible.

 

Grant value: up to $50,000

Application period: Not currently open

An additional application period will open at the beginning of 2024

Technical Assistance & Training

Provides advising services to businesses and nonprofits to facilitate recovery and growth. Through a partnership between MCOG and Coastal Enterprises, Inc., this assistance will include advising services to newly formed businesses and nonprofits to access pandemic recovery and other economic development programs. In addition, advising will be provided to assist businesses and nonprofits owned and operated by racial, ethnic, and linguistic minorities. Finally, entrepreneurial training will provide business owners the skills to withstand the impacts of the pandemic and sustain their business models for the future.

Application

Instructions:

✓ To be eligible businesses must have been started or acquired on or after January 1st, 2020; have fewer than 250 employees; be in good standing with the Maine Secretary of State Bureau of Corporations; be current on payroll and state and federal taxes; be not using funds to pay off debt; and be located in the MCOG Hub region.

✓ Please fill out the first few questions and more will appear if you are eligible for the grant.

✓ You will need to provide your Tax ID number.

✓ Since this is a federal grant, this application requires a Unique Identifier Number (UEI) OR a proof of pending status. To apply for a UEI, visit this link here and send a proof of pending status to hub@midcoastcog.com. For guidance on applying for a UEI, see this YouTube video produced by Maine Technology Institute.

We are not currently applications - please check back later Winter/Spring 2024
Business Services

Our Business Services

Small Business Grants

Micro Loans

Gap Financing

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