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MEMA Home > Programs> Communication> News > Governor Baldacci Announces Loan Assistance for Ice Storm Recovery

Governor Baldacci Announces Loan Assistance for Ice Storm Recovery

 

December 19, 2008

 

AUGUSTA – Governor John E. Baldacci today announced loan assistant programs available to businesses affected by the ice storm that struck Maine earlier this month. The Governor also announced the first in a series of sessions to be held to provide an overview of assistance available to impacted businesses.

“Many homes and businesses were in the dark for several days,” Governor Baldacci said. “Through this experience, Mainers demonstrated their resilience and patience during the recovery. However, many businesses in the southern and coastal parts of our State were significantly impacted by being without power.”

The Finance Authority of Maine (FAME) has made special modifications to its Economic Recovery Loan Program for impacted businesses located in the disaster area. FAME has set aside $500,000 for these loans, with a maximum loan of $75,000 available to affected businesses.

The Maine Rural Development Authority (MRDA) has approved a resolution providing $500,000 in business assistance loans to support businesses that have experienced damage from the ice storm. The loans will be available for repairs and renovations to business structures for which other funds are not available. Funds will be set aside for 90 days from the date of the Governor’s emergency declaration.

Additionally, the Office of Community Development has set aside $100,000 under the Urgent Need Program to assist locations affected by the ice storm. The Department of Economic and Community Development (DECD) will work with MEMA and towns to identify eligible projects.

At 9 a.m. on Tuesday, Dec. 23 at York County Community College, providers from DECD, FAME, the Small Business Administration, Small Business Development Centers, USDA and others will gather to provide an overview of assistance available to affected businesses. The group will also be available with agency personnel to begin guidance through the application process. The session will be broadcast to satellite locations at Southern Maine Community College and the Kittery Fire Department. This will be the first of a series of sessions to be held in York County and the other affected counties.

“I appreciate the quick response of agencies at all levels of government, both during the initial disaster response and now as we enter the recovery phase of the event,” the Governor said. “I encourage all affected businesses to attend the informational session being held on Tuesday, here at York County Community College, to learn more about these programs of assistance and others that are available through our federal partners.”

For more information about the Finance Authority of Maine, visit http://www.famemaine.com

For more information about the Maine Department of Economic and Community Development, visit http://www.mainebiz.com

 

Contact:

Governor's Office

 

Last update: 07/20/10