BDC Emergency Loans Serve 42 Brunswick Businesses
In response to the COVID-19 pandemic, the BDC provided 42 loans to Brunswick-based businesses through the Pandemic Emergency Loan (PEL) fund in March and April 2020. The loan program was initiated by the BDC Board of Directors to provide critical gap funding to businesses while other state and federal emergency funding assistance programs were in development. The loans have a 0% interest rate with a two-year repayment schedule.
Given the extreme need and interest in the PEL program, the BDC offered a second round of PEL funding with additional contributions from the Town of Brunswick and two anonymous donors. The amount of funding to local Brunswick businesses provided through the PEL Program totaled over $185,000.
Mason Palmatier, owner of Little Dog Coffee Shop on Maine Street, said the following about the impact of BDC’s PEL loan program:
“The stark contrast from lines out the door to no one allowed through the door has given me a few moments to breathe and ponder Little Dog’s place in the greater economic machine of not just our local community, but to how we are connected to those around the world. The Pandemic Emergency Loan Fund from Brunswick Development, Co. hasn’t just given us the opportunity to keep our doors open but has allowed the continuation of business from our suppliers and their suppliers. There are many livelihoods interconnected even from just a small coffee shop on our little Maine Street. I am grateful for the support from the Brunswick Economic and Community Development leadership to allow me to breathe a little bit longer.”– Mason Palmatier, Owner of Little Dog Coffee Shop
As a small and local development corporation, BDC was able to act quickly to provide capital support to Brunswick businesses. Nearly one year since the PEL initiative’s launch, many additional funding sources have been deployed to our local business community. The federal Paycheck Protection Program and state-run Maine Economic Recovery Grant program have provided significant capital to Brunswick businesses.
Paycheck Protection Program in Brunswick:
- $38,548,000 in total loan proceeds
- PPP loans to businesses representing 4,906 jobs
Maine Economic Recovery Grants in Brunswick:
- Phase 1 & 1+: $1,665,486
- Phase 2: $1,410,317
- Maine Tourism, Hospitality, & Retail: $1,217,946
Brunswick businesses have navigated the economic hardships of this healthcare crisis with grit and innovation. The support from local, state, and federal funding institutions has been integral to bridging the gap during this time of economic recovery. BDC is pleased to have been able to provide some of that critical financial support during this unprecedented time.