The city of Bath will offer a second round of one-time loans through its Economic Relief Bridge Program, an initiative that provided $300,000 in loans to 39 small Bath businesses in 2020, according to a news release.

This year’s program was recommended by the City’s Economic Development Committee in response to immediate needs for small businesses affected by the COVID-19 Pandemic in 2021, and funding was approved by City Council.

The 2021 loans, funded through the Bath Iron Works tax increment finance district, will offer up to $5,000 for small businesses in Bath, and will be awarded on a first-come, first-served basis with program funding of up to $200,000.

The terms of the loan are two years, zero-interest, with deferred payments for a year. The loans may be forgiven as long as the loan proceeds are used to cover payroll, mortgage interest, rent and utility costs in 2021, and employee and compensation levels are maintained or are returned to levels as of Feb. 29, 2020, on or before Dec. 31.

Applications and guidelines are available at the City Manager’s Office or at cityofbath.com. A rolling application period will begin Feb. 1. Applications will be reviewed and approved for funding by the City’s Economic Development staff.

Contact Assistant City Manager Marc Meyers at [email protected] for more information.

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