New resiliency series launched to provide information and resources for 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 U.S. Economic Development Administration (EDA), have been made available through the CARES Act and will allow KVCOG to make significant new investments in our regional economy by supporting small businesses, employment, and entrepreneurship in the Kennebec Valley. At the conclusion of this RLF funding period, June 30, 2022, KVCOG will have the authority to determine how to lend these funds going forward.
“This investment could not come at a better time for Maine and our region’s economy,” stated KVCOG Community Resilience Coordinator William Harper. “This expansion of our RLF will allow KVCOG to address 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 relieve some immediate concerns and address the new realities of doing business in the midst of a pandemic.”
These funds are earmarked to alleviate sudden and severe economic dislocation caused by the pandemic, to provide permanent resources to support economic resiliency, and to further the long-term economic objectives of the Kennebec Valley. The funds are intended to help start-ups, as well as existing small and mid-sized businesses with growth, expansion, investment in equipment and facilities, or opportunities to pivot in the face of the pandemic. Examples of how funding can be used include: investment in an online store, improvement of a website, or expansion of online presence; renovation or expansion of facilities to increase capacity or improve customer experience; or the purchase or replacement of equipment that could 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 hardships that may come your way in future,” said KVCOG Community Resilience Coordinator, Robyn Stanicki.
New to this CARES Act RLF is the availability of extremely favorable terms including interest rates as low as 0% and waiver of typical RLF requirements, such as providing leveraged capital or proving credit unavailability. To be eligible for this new Revolving Loan Fund, businesses must be located in Kennebec, Somerset, or western Waldo Counties. More information, including the application for funding, can be found at www.kvcog.org/rlf. Contact Harper or Stanicki with your questions at firstname.lastname@example.org.
In conjunction with this new RLF program, KVCOG is pleased to partner with the SBA to offer the first in our new Resiliency Series! This series is designed to highlight different aspects of Resiliency throughout our region and is the product of additional funding from the EDA focused on helping our region respond to, and recover from, the COVID-19 pandemic.
This first free virtual session is titled “Help My Business Now!” It will take place at 8:30 a.m. on Feb. 2 and will provide an overview of this new funding opportunity including guidance on how these funds can best be utilized. This session will feature William Card, economic development specialist, SBA, who will inform new and existing small businesses about SBA’s free and confidential Technical Assistance programs, as well as information about SBA’s own loan programs.
|What:||Help My Business Now! New Funding and Resources Information SessionIn partnership with the Mid-Maine Chamber of Commerce and the Somerset Economic Development Corporation, Featuring SBA’s William Card|
|Format:||Free Virtual Session & Q&A|
|When:||February 2, 2021 from 8:30 – 10:00 am|
|Where:||Virtual session hosted on Zoom.|
|RSVP:||Register in advance and receive a confirmation email containing information joining: https://us02web.zoom.us/meeting/register/tZwvdOytrT0vGdz72gOPhfRr4JYoCMjKoRKR|
With the landscape of funding sources in response to the current pandemic in constant flux, this information session is meant to provide accurate and up to date information and guidance on which funding source may be best suited to help your business, now!
“We’re enthusiastic about hosting this new series and beginning 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 Resiliency Series” states Stanicki. “Resiliency is an important topic for Maine and our region right now, and we are excited by the chance to offer this relevant information and an entirely new funding source for our region, now.”
This session is the first of a series, with further sessions to take place throughout 2021 and into 2022.