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.
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.
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 form 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.
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 City website 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".