Bath City Council Approves Economic Relief Loan Program for Small Businesses

BATH, Maine (April 17, 2020) – In a special meeting to address COVID-19 concerns on April 15, Bath City Council approved funding for an Economic Relief Bridge Loan Program in response to the immediate needs of small businesses affected by the coronavirus pandemic. 

The one-time loans, funded through the Bath Iron Works TIF District, will offer up to $7,500 for small businesses in Bath, and will be awarded on a first-come, first-served basis with program funding up to $300,000, as of April 15, 2020.

“As a result of the operational restrictions placed on our local businesses due to the recent pandemic, we feel that the City has a responsibility to help stabilize our local economy by supporting small businesses in meeting their immediate needs,” said City Manager Peter Owen.

The terms of the loan are two years, zero-interest, with deferred payments for the first 12 months. The loans may be forgiven as long as the loan proceeds are used to cover payroll, mortgage interest, rent, and utility costs; and employee and compensation levels are maintained or are returned to levels (as of Feb. 29, 2020), on or before April 15, 2021. 

Applications and guidelines for the Economic Relief Bridge Loan Program may be obtained from the City of Bath website beginning Monday, April 20, 2020. Applications will be reviewed and approved for funding by the City’s Economic Development staff, including the City Manager, Assistant City Manager, and the Director of Planning and Development. Learn more at https://www.cityofbathmaine.gov/COVID-19EconomicRelief

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