Skip to main content

Site branding

Home

Breadcrumbs

Page title

Thrive Maine: Forgivable Business Loan Program

About the program

About the program

The second application period closed on June 23, 2023 at 4:30 p.m. Our team is now reviewing and scoring applications. This process is expected to take 6-8 weeks. However, depending on the amount of applications received, this process could take longer. All applicants will be notified of their loan approval or denial after the review and scoring process is completed.

Administered by the Finance Authority of Maine (FAME), Thrive Maine is a forgivable loan program for businesses and nonprofits that demonstrate COVID-related negative economic impacts. Thrive Maine aims to further strengthen the Maine economy through impactful investments in the future. Forgivable loans will be awarded to those with strategic, forward-looking plans that will strengthen businesses, increase jobs, and lift the Maine economy. 

The first application cycle occurred in October 2022, awarding $29 million in forgivable loans to Maine businesses. The second application cycle opened on May 23 and closed on June 23 at 4:30 p.m. The second application cycle is competitive and applications will be scored, NOT first-come, first-served. Applicants with the highest scores will be awarded a forgivable loan. 

Application Process

Application Process

Title

STEP 1: Compile the following documents and information:

Description
  • Two forms of ID  
    • First ID Document (one of these required):  Passport, Drivers License, ID Card, US Military ID, US Military Dependent ID.
    • Second ID document (one of these required):  Passport, Birth Certificate, US Citizen ID Card, Card for use of Resident Citizen in the United States (Form 1-179), Certification of Birth Abroad issued by the Department of State (Form FS-545 or Form DS-1350), Native American tribal document.
  • Income Statement or Profit and Loss Statement for 2019, 2020, 2021, and 2022 and 2019-2022 Federal Income Tax Returns. 
  • Year-to-Date 2023 Profit and Loss Statement and balance sheet.

  • Federal UEI number. The UEI is a 12-character unique number assigned to all entities (public and private companies, individuals, institutions, or organizations) who must register to do business with the federal government. If you do not have a UEI number, register for one here.

  • Bank Routing Number, Account Number, and Account Type (UEI ownership required to match name on bank account)

Title

STEP 2: Develop strategic organizational plan and write impact statement.

Description

Please note, you must include how you plan to spend the loan amount requested before December 31, 2024.

Title

STEP 3: Complete the application and upload necessary documentation. You will be prompted to create an account upon beginning your application.

Title

STEP 4: A member of our team will review your application. Only complete applications will be reviewed.

Title

STEP 5: You will receive an email with a final decision.