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Covid-19 Emergency Loan Fund


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In order to help Saco businesses impacted by Covid-19, the City’s Planning & Economic Development Department has established a Covid-19 Emergency Loan Fund. This new fund will offer loans of up to $10,000 for Saco businesses and non-profits with 500 employees or less. To help support businesses as quickly as possible, the review and application process has been streamlined, all payments will be deferred for six months, and 50% of the loan may be forgiven after five years. Funds for this program will come from the City of Saco’s Tax Increment Financing (TIF) District revenues, and the program will be administered by the Southern Maine Finance Agency.

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The Covid-19 Emergency Loan Fund is a sub-program under the Saco Economic Development Fund, as amended by the Economic Development Commission on April 13, 2020. The program guildlines for both are available here:
Saco Economic Development Fund (SEDF)
Covid-19 Emergency Loan Fund (CELF)

In order to submit at application, a CELF loan application must be submitted to the Southern Maine Finance Agency:
Complete CELF loan application packet
Complete CELF loan application packet (fillable PDF)

For more information or to start your loan application process, please complete the inquiry form below and a member of the Planning & Economic Development Department will respond.

Name:

Business name and address:

Phone:

Email:

Optional Attachments:

Questions/comments:

     
For more information, contact Denise Clavette , Planning & Economic Development Director or Jessa Berna, AICP, Economic Development Specialist.