KVCOG Announces $ 670,000 of EDA Revolving Loan Fund Now Available to Lend
New Resilience Series Launched to Provide Information and Resources to Kennebec Valley
FAIRFIELD – The Kennebec Valley Council of Governments (KVCOG) is pleased to announce a federal investment of $ 670,000 to expand KVCOG’s Revolving Loan Fund (RLF). These funds, distributed by the US Economic Development Administration (EDA), have been made available through the CARES Act and will enable KVCOG to make significant new investments in our regional economy by supporting small businesses, employment and entrepreneurship in the Kennebec Valley. At the end of this RFL funding period on June 30, 2022, KVCOG will have the authority to determine how to lend these funds in the future.
“This investment couldn’t come at a better time for Maine and our region’s economy,” said William Harper, KVCOG’s Community Resilience Coordinator. “This expansion of our RFL will allow KVCOG to close an economic gap in access to capital that our constituents continue to report to us in the wake of the coronavirus by allowing us to provide funding to our small business community to alleviate some immediate concerns. and solve the new realities of doing business in the midst of a pandemic. “
These funds are intended to mitigate sudden and severe economic upheavals caused by the pandemic, provide ongoing resources to support economic resilience, and promote the long-term economic goals of the Kennebec Valley. The funds are intended to help start-ups, as well as existing small and medium-sized businesses grow, expand, invest in equipment and facilities, or opportunities to pivot in the face of the pandemic. Examples of the use of funding include: investing in an online store, improving a website, or expanding the online presence; renovating or expanding facilities to increase capacity or improve the customer experience; or the purchase or replacement of equipment likely to increase productivity or efficiency.
“With this new loan program, KVCOG will provide technical assistance to help you navigate this program and identify other important resources to help your business remain resilient through the current pandemic or other challenges that may arise. the future, ”said KVCOG’s community resilience coordinator. , Robyn Stanicki.
The novelty of this CARES RLF law is the availability of extremely favorable terms, including interest rates as low as 0% and the waiver of typical RFL requirements, such as the provision of leveraged capital or proof of unavailability of credit. To be eligible for this new revolving loan fund, businesses must be located in Kennebec, Somerset or West Waldo counties. More information, including the funding request, can be found at www.kvcog.org/rlf. Contact Harper or Stanicki with your questions at [email protected]
In conjunction with this new RLF program, KVCOG is pleased to partner with the SBA to deliver the first in our new Resilience Series! This series is designed to highlight different aspects of resilience in our region and is the product of additional EDA funding aimed at helping our region respond to and recover from the COVID-19 pandemic.
This first free virtual session is called “Help my business now! ” It will take place at 8:30 a.m. on February 2 and will provide an overview of this new fundraising opportunity, including tips on how best to use these funds. This session will feature William Card, Economic Development Specialist, SBA, who will brief new and existing small businesses on the SBA’s free and confidential technical assistance programs, as well as information on the SBA’s own loan programs.
|What:||Help my business now! New information session on funding and resourcesIn partnership with the Mid-Maine Chamber of Commerce and the Somerset Economic Development Corporation, with William Card of the SBA|
|Format:||Free virtual session and questions and answers|
|When:||February 2, 2021 from 8:30 a.m. to 10:00 a.m.|
|Or:||Virtual session hosted on Zoom.|
|RSVP:||Register in advance and receive a confirmation email with information to join: https://us02web.zoom.us/meeting/register/tZwvdOytrT0vGdz72gOPhfRr4JYoCMjKoRKR|
With the landscape of funding sources in response to the current pandemic constantly changing, this information session aims to provide accurate and up-to-date information and advice on the most suitable funding source to help your business, now!
“We are excited to welcome this new series and starting with an introduction to our new CARES Act RLF, in conjunction with information from our expert partner at SBA, is the perfect way to launch our new series on resilience. Says Stanicki. “Resilience is an important topic for Maine and our region right now, and we’re excited to be able to offer this insightful information and a whole new source of funding for our region now. “
This session is the first in a series, with further sessions taking place throughout 2021 and through 2022.