SNOWE, COLLINS ANNOUNCE $3,202,000 IN LOAN FUNDING FOR SMALL BUSINESS LOAN FUNDING

U.S. Senators Olympia J. Snowe and Susan Collins today announced that the U.S. Department of Agriculture Rural Development's Business and Industry Guaranteed Loan Program has authorized a combined $3,202,000 in loan funding to two Maine community banks. The funding will be used by the banks to provide low-interest loans to Maine's small businesses.

Specifically, the Northeast Bank in Lewiston will receive $1,750,000 in loan funding and the Bangor Savings Bank will receive $1,452,000.

The funding is being distributed through the American Recovery and Reinvestment Act of 2009. Senators Snowe and Collins worked with a bipartisan group of senators to craft the legislation that became law in February.

"This funding will provide Maine's small businesses with opportunities for growth and expansion through low-interest borrowing," Senators Snowe and Collins said in a joint statement. "Through this expansion and growth, these small businesses can create jobs and improve their communities."

Eligible Business and Industry Loan Program applicants include private businesses, cooperative organizations, corporations, partnerships, non-profit groups, federally recognized Indian tribes, public bodies and individuals. The funds will be targeted to creating and retaining quality jobs and serving difficult-to-reach populations and areas hardest hit by the current economic downturn.