Business Resources for Covid-19 Impacts
Saco's Economic Development Department is committed to helping our businesses during this unprecedented time. Below is a list of resources that may help your business and employees. Please contact Denise Clavette, Economic Development Director or Jessa Berna, Economic Development Specialist with any questions.
(last updated July 22, 2021)
U.S. Small Business Administration (SBA)
Shuttered Venues Operator Grant Program: The Small Business Administration will open The Shuttered Venues Operator Grant Program for applications on Thursday, April 8th. This program was designed by Congress to provide financial relief to businesses including live venue operators, theatrical producers, live performing arts operators, museums, and movie theaters who have suffered financial losses due to COVID-19. These grants are available to eligible businesses who were in operation as of February 29, 2020. Grant amounts will equal either 45% of an entity's 2019 gross revenue, or $10 million, whichever is less.
Restaurant Revitalization Fund: The American Rescue Plan Act established the Restaurant Revitalization Fund (RRF) to provide funding to help restaurants and other eligible businesses keep their doors open. This program will provide restaurants with funding equal to their pandemic-related revenue loss up to $10 million per business and no more than $5 million per physical location. Recipients are not required to repay the funding as long as funds are used for eligible uses no later than March 11, 2023.
Covid-19 Micro-Enterprise Business Grant Program
The Maine Department of Economic & Community Development (DECD) in partnership with the Maine Small Business Development Centers (SBDC) will provide grants of up to $5,000 for businesses with five or fewer employees, with an owner whose income is in the low to moderate range as defined by the Department of Housing and Urban Development (HUD).
Maine Center for Business and Economic Research
With funding from the US Economic Development Administration through the US CARES Act of 2020, CBER is providing a pool of resources, analysis, and technical assistance to Maine's businesses, communities, and policymakers supporting the response and recovery to the coronavirus pandemic (COVID-19). These resources are intended to compliment and not replace other economic and labor market data and analysis provided by state agencies and other outlets in Maine.
Biddeford + Saco Chamber of Commerce and Industry
The Chamber has many resources for local businesses, including information about local and federal business resources and up-to-date information about local restaurants.
U.S. Centers for Disease Control and Prevention
The U.S. CDC has issued safety guidance for communities, school, workplaces and events. This guidance is based on what is currently known about the coronavirus disease 2019.
U.S. Chamber of Commerce
The U.S. Chamber is working closely with the White House, U.S. government agencies, and foreign government officials to inform and equip businesses with the most important and up-to-date information to prevent the spread of the virus and prepare businesses for the near and long-term impact. The $2 Trillion Federal Assistance bill - called the Coronavirus Aid, Relief and Economic Security Act (CARES) signed into law on Friday, March 27th has significant benefits for small businesses:
The U.S. Department of Labor
The Finance Authority of Maine (FAME)
Maine Association of Non-profits
Retail Association of Maine
Southern Maine Finance Agency
Maine Development Foundation
Maine Philanthropy Center
Financial institutions are working directly with businesses to help with Covid-19 resources and impacts. Financial institutions are available to help businesses navigate the numerous state and federal programs currently available:
- Saco & Biddeford Savings
- Biddeford Savings
- Bangor Savings Bank
- Norway Savings Bank
- PeoplesChoice Credit Union
- Saco Valley Credit Union
- Northeast Credit Union
- Town and Country Federal Credit Union
- Atlantic Federal Credit Union