Business Assistance Program for Job Creation

Description 

The City of Portland’s Business Assistance Program for Job Creation provides grants up to $20,000 to new and expanding Portland businesses for the creation of net new, permanent full-time jobs for low/moderate income Portland residents. 

Objectives 

  • Job creation for low/moderate income Portlanders;
  • New business formation and existing business expansion;
  • Leverage private investment to support business growth;
  • Help new and existing small businesses establish credit;
  • Enhance the health and vitality of Portland’s economy.

Program Requirements  

         Create one (1) full-time job (1,750 hours/year or 33.65 hours/week*) for every $10,000 of grant funding;

  • Business location of applicant fits any of the following:  in a low income area of the City; within walking distance to one or more of these areas; or, easily accessible from these areas via public transportation;
  • Net new jobs created with the help of the grant are marketed to low/moderate income** Portland residents, resulting in at least 51% of these jobs going to this population.  As an example, if two jobs are created to meet grant requirements, then both must be filled by low/moderate income Portland residents.
  • Job(s) are created within one (1) year of grant approval.
 Financial Terms
  • Maximum Grant:  $20,000
  • Amount of Match:  Equal to or greater than grant amount
  • Match Sources:  At least 50% applicant cash equity; the remainder may include a bank or credit union loan or, if not accessible, a loan from the City of Portland’s Revolving Loan Program. 


*Definition of a full-time job, per the U.S. Department of Housing and Urban Development.

**Low-moderate income is defined as 80% of median household income.  A chart showing the qualified income levels can be found at the following link:  http://portlandmaine.gov/DocumentCenter/View/8939  (also link found under "Related Documents Below"


For more information, please refer to guidelines below under "Related Documents".