Economic Development Program
Maine's Economic Development Program funds municipalities to help specific businesses create or retain jobs for low- and moderate-income individuals through working capital and equipment support.
Funder: Maine Department of Economic and Community Development
Due Dates: Annual cycle (typically opens late fall; check program page for current deadlines)
Funding Amounts: Up to $100,000 per project; waivers for higher amounts possible with substantial impact. Max $30,000 CDBG funds per job created/retained.
Summary: Supports Maine communities in assisting businesses to create or retain jobs for low- and moderate-income individuals.
Key Information: Strict job creation/retention requirements; repayment required if minimum benefit to low/moderate-income is not met.
Description
The Economic Development Program (EDP) is a grant initiative from the Maine Department of Economic and Community Development, designed to provide gap funding to municipalities for direct support of identified businesses. The primary goal is to create or retain jobs for low- and moderate-income individuals within Maine communities. Eligible activities include working capital and capital equipment purchases, but do not allow for acquisition, construction, or renovation. Each application must be tied to a single, identified business, and speculative or debt-refinancing activities are not permitted. At least 51% of jobs created or retained must benefit low- and moderate-income persons, or grant funds must be repaid.
