GPCOG Launches Rapid Response Micro-loan Program to Support Small Businesses and Nonprofits
Small businesses need help right now. GPCOG (Greater Portland Council of Governments) launched a Rapid Response Micro-loan Program to support businesses and nonprofits that need working capital amidst the COVID-19 crisis.
Qualifying businesses and organizations are eligible for loans of up to $10,000 at 0% interest for the first two years. Portions of the loan may be forgiven if businesses meet certain requirements or participate in other GPCOG initiatives.
GPCOG has committed to lending as much as $250,000 through the new program. We created it in coordination with the City of Portland, which is developing a similar program expected to launch on May 19. GPCOG’s program will primarily support businesses and nonprofits located in communities outside the city.