ROCKLAND – The town of Rockland is offering a lifeline to small businesses whose revenues have been severely affected by COVID-19.
The new Rockland Recovery Loan Program offers deferred payment loans of up to $ 5,000 at 0% APR to eligible businesses affected by COVID-19. You have two options: a secured home loan that does not need to be repaid until the property is transferred or sold, and a 5-year installment loan with one-year deferred payments. .
âThe stability of Rockland’s tax base depends on the health of our business community,â said Tom Luttrell, City Manager. âI see this as an investment in the future of Rockland.
Eligibility criteria include that the business must be independently owned and operated, have fewer than 10 employees (full time equivalents) and be able to demonstrate a documented loss of income of more than 50% for a period of 3 months before the request.
The funds can be used to cover up to 3 months of operating expenses, excluding payroll, provided that these expenses are not already covered by other federal, state or local aid. Since funding comes directly or indirectly from taxpayers, businesses must also be up to date with their personal property taxes and located in a Rockland building.
Rockland has always been recognized by the state and the country as a great place to locate, visit and call home, according to Rockland, in a press release.
âVibrant shopping districts are important in attracting investment, workers and residents, and it benefits everyone in Rockland,â said Julie Hashem, director of community development.
Application reviews will be first come, first served. The first round of applications will be considered later this month.
Learn more about www.rocklandmaine.gov/recoveryloan.