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Thrive Maine: Forgivable Business Loan Program

About the program

As of Noon, October 19, 2022, the Thrive Maine program is no longer accepting applications for this application round. There is a second round planned for 2023. Visit FAMEmaine.com/thrive for updates.

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. Funds may be used to reimburse loss of revenue, expenses incurred, or increased capital project cost. The program is funded by the American Rescue Plan Act (ARPA), an economic stimulus package that is intended to speed up the United States recovery from the economic and health effects of the COVID-19 pandemic. A portion of the funding was allocated to the State of Maine with $58 million allocated through the Maine Jobs and Recovery Plan to Thrive Maine to support small businesses and nonprofits.

Application Process

STEP 1: Compile the following documents and information:

  • 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, and 2021 (Sole Proprietors may provide federal tax filings for 2019, 2020, and 2021 instead), and 2019-2021 Federal Income Tax Returns. 

  • Year to Date Income State or Profit and Loss Statement and Current Balance Sheet (Sole Proprietors may provide confirmation of available cash reserves instead).

  • 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)

STEP 2: Complete required fields and upload any necessary documentation to support your application. You will be prompted to create an account upon beginning your application.

STEP 3: A member of our team will review your application. We might contact you for additional information.

STEP 4: You will receive an email with a final decision.