Northern Maine Growth Fund | NMGF
A dollar-for-dollar competitive grant program for Aroostook County businesses established in 2020, 2021, 2022, and 2023 affected by the Covid-19 Pandemic.
About the Grant Program: This is a competitive grant application to grow the economy in Northern Maine by supporting businesses or entrepreneurs that were established in 2020, 2021, 2022, or 2023 and were impacted by the COVID-19 pandemic.
Applications Are Due: Grants are accepted and awarded on a rolling basis
Applicants may utilize grant awards to assist with the costs of creating new projects. Applicants must have $1 for every $1 they request from the program (1:1 cash match), and also must be a for-profit business entity with proof of establishment in 2020, 2021, 2022, and 2023. Evidence may include, but is not limited to:
- LLC Formation Documents
- Employer Identification Number Registration
- Local Certificate of Business Registration
- State of Maine licensing registration (Sales Tax, Food Licensing, etc.)
- Business bank account opening date
Awardees are eligible to receive funding in the form of taxable grant awards to assist them with creating new projects in the region. Maximum awards will not exceed $15,000 & will be reviewed by a committee to ensure sustained economic benefit to Northern Maine. Businesses that are permanently closed are not eligible for this funding. Businesses may apply for both the Northern Maine Business Relief Program and the Northern Maine Growth Fund but are only eligible to receive one award. This funding may not be used to offset tax liabilities, court judgments, or other ARPA-designated illegal uses of funds including political lobbying.
NMGF Scoring Criteria
- Impacted by COVID-19 Pandemic: 20 pts
- Economic impact of project: 20 pts
- Financial feasibility & investment of non-grant capital: 20 pts
- Job retentions/Creations: 15 pts
- Project sustainability: 10 pts
- Working with Hub or Spoke mentor: 5 pts
We envision a treasured place with a vibrant quality of life and a thriving economy.
Northern Maine Development Commission’s mission is to create jobs, increase economic opportunities and drive growth to all communities, particularly those communities that are underserved and/or economically distressed. As a regional economic development organization, NMDC provides financing and counseling for small businesses, technical assistance to municipalities, conducts regional community economic development planning and support for industry sectors with high growth potential.