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*Fund at Capacity-Accepting Applications for the Waitlist*
The BDC PELF has reached capacity at this time and is now accepting applications for the waitlist.
Brunswick, Maine USA – March 24, 2020
In response to the COVID-19 Pandemic and its widespread effects on our business community, the Brunswick Development Corporation (BDC) unanimously approved the creation of a Pandemic Emergency Loan Fund (PELF). The emergency loan fund is meant to help stem the tide of business closures and hardship by providing interim capital to supplement other State and Federal emergency disaster relief funding anticipated to be available in the coming weeks.
The PELF loan fund will provide working capital to Brunswick-based businesses that have experienced interruption or hardship due to COVID-19 and will offer special terms for this short-term financing to include: no-interest loans of up to $5,000; a two (2) year term, and deferred principal payments for 12 months.
Brunswick businesses are encouraged to apply for the loan funds right away. “We understand that timing is of the essence and BDC is committed to getting our capital out quickly to eligible businesses,” notes BDC Board Chair, Larissa Darcy. In order to speed up the loan approval and funding process, BDC has developed a fast-track application which can be completed on-line. The BDC has allocated $100,000 to the PELF and loans will be approved on a first-come, first-serve basis.
It is the mission of the BDC to be a bridge to the larger lending community by bringing gap financing to stabilize, stimulate and support economic growth. “There has never been a more urgent need for capital assistance - this is the time for our organization to step in and be part of the stabilization and recovery solution to local Brunswick businesses,” stated Darcy.
Brunswick Downtown Association Executive Director, Debora King is supportive of this influx of capital to the business community. “We’ve witnessed the hardships that our downtown locally owned businesses are experiencing during this COVID-19 pandemic. Funds that can be accessed quickly will provide some stability and support to those most adversely affected.”
BDC is a 501 (c) (3) non-profit organization committed to its larger mission to “encourage development, combat community deterioration, lessen the burdens of government, provide increased employment and increase the tax base within the Town of Brunswick”
Sally Costello, BDC Support Staff Email: firstname.lastname@example.org
Phone: (207) 721-4051 Website: www.brunswickdevcorp.org
The application can be found on the Economic Development page.