The Department of Commerce Economic Development Administration awarded a $2.5 million Project Grant to the Northern Maine Development Corporation on September 29, 2021 under the Economic Adjustment Assistance program (CFDA 11.307). This supplemental funding will replenish NMDC's revolving loan fund to provide affordable capital to businesses in Caribou, Maine responding to impacts from the COVID-19 pandemic. An initial EDA CARES Act revolving loan fund grant of $3.34 million awarded in July 2020 was fully utilized by March 2021 to meet high demand for assistance from businesses experiencing adverse economic effects. With over $1 million in new loan requests and limited remaining capital of approximately $400,000, this additional funding will enable NMDC to sustain operations and growth for businesses in the region through flexible, patient financing as recovery continues.
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