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Brunswick Development Corporation’s Pandemic Emergency Loan Fund Recapitalized for Another Round of Business Assistance

April 24, 2020

Brunswick Development Corporation’s Pandemic Emergency Loan Fund Recapitalized for Another Round of Business Assistance

FOR IMMEDIATE RELEASE

Brunswick, Maine USA – April 23, 2020

The Brunswick Development Corporation’s Pandemic Emergency Loan fund is recapitalized to $100,000 and BDC is accepting applications.  The PEL fund was replenished through a $25,000 private donation, a $25,000 match by the Town of Brunswick from Tax Increment Financing (TIF) revenues, and a BDC allocation of $50,000.  

The BDC initially allocated $100,000 for the emergency loan fund and recognizes the continuing financial hardship our business community is experiencing and urgent need for flexible financing.  “There is a high demand for capital that can be obtained quickly and used for immediate working capital as businesses wait for Federal Stimulus funding to come through,” stated BDC Board Chair, Larissa Darcy.

The PEL fund will offer special terms for this short-term financing to include:  no-interest loans of up to $5,000; a two (2) year term, and deferred principal payments.  As funds are limited, Brunswick businesses are encouraged to apply for the funds expeditiously as the loan applications will be funded on a first-come, first-served basis. 

“This interim funding provides a much-needed cushion to longer term financial support; we are especially grateful to our public-private partners who have stepped up to assist our organization with capital to continue this timely business assistance,” stated Darcy.  

 

It is the mission of the BDC to bridge the larger lending community by bringing gap financing to stabilize, stimulate and support economic growth.  BDC is a 501 (c) (3) non-profit organization committed to its larger mission to encourage development, combat community deterioration, lessen the burdens of government, provide increased employment and increase the tax base within the Town of Brunswick.

 

Sally Costello, BDC Support Staff                                      Email:  scostello@brunswickme.org

Phone: (207) 721-4051                                                        Website:  www.brunswickdevcorp.org

 

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