5/22/2012 - City Now Accepting Applications for Job Creation Grants
Businesses and entrepreneurs encouraged to apply for grant funding to create jobs

PORTLAND, Maine- Today, the City of Portland’s Economic Development Division announced that they are now accepting applications for the Business Assistance Program for Job Creation, a grant program designed to help create jobs for low and moderate income Portland residents. Last week, City of Portland Mayor Michael Brennan held a press conference discussing a number of initiatives to help create jobs and spur economic growth including the Business Assistance Program for Job Creation, which in now open for applications. The grant program offers funding to entrepreneurs hoping to start a business as well as local businesses looking to expand. Grants up to $20,000 are now available to Portland businesses for projects that will spur job creation such as building renovation, leasehold improvements, and purchase of machinery and equipment.

To qualify for the program, businesses and entrepreneurs will need to create at least one job for every $10,000 in grant funds they receive as well as match the grant amount dollar for dollar with private investment in the project. All jobs created should benefit low and moderate income Portland residents. Business owners applying for a grant will be expected to fund at least half of the required private match with their own equity investment. The remaining amount can be funded through a business loan from a bank, credit union or other financing agency, including the city’s Revolving Loan Program.

High priority will be placed on applications that meet one or more of the following:
a) Provide on the job training to new hire(s), which teaches a new job skill;
b) Business located in a Housing and Community Development eligible neighborhood, within walking distance of or easily accessible by public transportation to an eligible neighborhood;
c) Private match is greater than the grant amount requested;
d) Job creation will exceed the basic requirement of one full-time job for every $10,000;
e) Creates quality jobs; and,
f) Financially stable applicant.

The City’s Economic Development Division administers the program, while the Portland Development Corporation, the city’s loan and grant board, will have final decision-making authority in approving grant awards. The program is funded by the city’s Community Development Block Grant program through the federal Department of Housing and Urban Development. For more information and details about the program, visit the city’s website.
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