The City of Biddeford’s Planning and Development Department is pleased to announce the CDBG Job Retention Program to assist local businesses facing financial difficulties.
The City of Biddeford received $250,000 in emergency Community Development Block Grant (CDBG) funding from the U.S. Department of Housing and Urban Development (HUD) as a result of the Coronavirus pandemic. Through the CDBG Job Retention Program, which was approved by the City Council on June 2, the funding will be distributed to Biddeford businesses that can create or retain jobs for low- to moderate-income individuals, as determined by HUD guidelines.
Qualifying small business owners may receive a forgivable loan of up to $12,500 to help fund business expenses such as payroll, rent, and some permissible operating expenses over an eight week period. Applicants must follow all program terms and conditions in order to have the loan forgiven.
“The well-being of our small businesses and their employees is critical to our community,” said Mayor Alan Casavant. “Unfortunately, many of our local business owners have not been eligible for federal business assistance programs. We hope this new program can help fill in the gaps and make a difference for those who are in need of a hand to get through this crisis.”
Businesses located in all areas of the city with fewer than 20 employees are encouraged to apply. Interested applicants will be required to complete an application form that is available on the City of Biddeford website at www.biddefordmaine.org/jobretention, as well as submit an income statement and at least one year of payroll documentation to substantiate the need. Applications must be submitted by June 22, 2020 to be considered for funding.