Saco Mayor William Doyle announced the City's new Covid-19 Emergency Loan Fund at the Council Meeting on April 21, 2020.
In order to help Saco businesses impacted by Covid-19, the City’s Planning & Economic Development Department has established this fund. The 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.
To learn more, fill out an easy inquiry form, or start your application, visit sacomaine.org/loans
More community resources are available. Visit sacomaine.org/covidresources for more.