ROCKLAND — The City of Rockland is offering a lifeline to small businesses whose revenues have been severely impacted by COVID-19.
The new Rockland Recovery Loan Program offers deferred-payment loans of up to $5,000 at 0% APR to eligible businesses affected by COVID-19. Two options are available: a real estate secured loan that does not need to be repaid until the property is transferred or sold, and a 5-year installment loan with payments deferred for one year.
“The stability of Rockland’s tax base depends on the health of our business community, said Tom Luttrell, City Manager. “I see this as an investment in Rockland’s future.”
Eligibility criteria include that the business must be independently owned and operated, have less than 10 employees (full time equivalents), and be able to show a documented loss of revenue of more than 50% for a 3-month period prior to application.
Funds can be used to cover up to 3 months of operating expenses, excluding payroll – so long as those expenses aren’t already covered by other federal, state or local assistance. Since funding comes directly or indirectly from taxpayers, businesses also must be up to date on their Personal Property Taxes and located in a Rockland building.
Rockland has consistently received state and national recognition as a top place to locate, visit and call home, according to Rockland, in a news release.
“Vibrant commercial districts are important for attracting investment, workers, and residents, and that benefits everyone in Rockland,” said Julie Hashem, Community Development Director.
Application reviews will be first come, first served. The first round of applications will be reviewed later this month.
Learn more at www.rocklandmaine.gov/recoveryloan.