Machias Savings Bank

The Round 2 PPP funds are fully exhausted, and we are no longer accepting applications. If you have any questions or concerns, please reach out to your relationship banker.

The SBA is now accepting applications for the Restaurant Revitalization Fund. If you are interested in applying, please review the full program details here. You must have an account to apply. Register for an account at restaurants.sba.gov.

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We’re Still Here to Help.

Machias Savings Bank can no longer offer PPP loans. On May 4th, the Small Business Administration notified us that all funds have been exhausted and the portal is no longer accepting applications from banks like ours. Our Relationship Bankers are reaching out to those businesses who already applied but are still waiting for a confirmation that the request was accepted by the SBA. The SBA is processing those loans in the “funnel” one at a time, in the order of application, to determine eligibility for funding.

However, we know your business still has funding needs to stay in operation, and in some cases, to grow even stronger.

Below are five ways we can help find your YES and grow your business.

1) Government loans and grants, we love them, and some are still available.

PPP Loan through Community Development Financial Institution

A limited amount of money was designated to minority deposit institutions and community development financial institutions. The following institutions in Maine are still accepting PPP applications until May 31st, 2021:

NorState Federal Credit Union

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Katahdin Federal Credit Union

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Eastern Maine Development Corporation (EMDC) is no longer accepting PPP applications. It is EMDC's recommendation to seek funding from a National Community Development Institution called Lendistry. If interested, we urge you to explore this option for your business soon. To learn more, please visit the website here

Restaurant Revitalization Fund

If you are a restaurant, food truck, brewery or other businesses providing food services, money may still be available.

The Small Business Administration (SBA) announced a $28.6 billion grant program, “Restaurant Revitalization Fund,” to help small restaurants hard-hit by the pandemic. This program will provide restaurants with funding equal to their pandemic-related revenue loss up to $10 million per business and no more than $5 million per physical location. Recipients are not required to repay the funding as long as funds are used for eligible uses no later than March 11, 2023. The SBA is now accepting applications for the Restaurant Revitalization Fund. If you are interested in applying, please review the full program details here. You must have an account to apply. Register for an account at restaurants.sba.gov.

Shuttered Venue Operators Grant

The Shuttered Venue Operators Grant is reserved for operators of live venues, museums, movie theaters, and other related businesses. Eligible applicants may qualify for grants equal to 45% of their gross earned revenue, with the maximum amount available for a single grant award of $10 million. $2 billion is reserved for eligible applications with up to 50 full-time employees. The SBA is now accepting applications for the Shuttered Venue Operators Grant. Grants are forgivable and do not need to be repaid if used for eligible purposes. If you are interested in applying, please review the full program details here. Please submit your application at svograntportal.sba.gov.

2) Tax Credits/ Refunds are another way to maximize your funding options.  

The Employee Retention Credit

The Employee Retention Credit is a fully refundable tax credit. It’s available to companies who have partially or fully suspended their operations due to COVID-19 or have had a significant decline in gross receipts. The program has been designed to encourage employers to keep employees on their payroll. Please review the full tax credit details here.

3) Direct Government Loans are available.

  • SBA Economic Injury Loan
    • The Economic Injury Loan provides assistance to small business owners, including agricultural businesses, and nonprofit organizations that are experiencing a temporary loss of revenue due to COVID-19. If you are interested in applying for a COVID-19 Economic Injury Disaster Loan, please review the full program details here.
  • SBA Micro Lenders
  • Finance

 Finance Authority of Maine

4) Of course, banks are still in the business of lending.

5) Last but not least, other organizations are here to help. We can help connect you.

  • Economic Development Organizations - Revolving Loan Fund
  • City/Town Regional Funds
  • Non Profit Opportunities
  • New Maine Jobs & Economic Recovery Plan
    • Department of Agriculture, Conservation and Forestry
    • Maine Technology Institute
    • Department of Marine Resources

OUR FOCUS

As a customer of Machias Savings Bank, the focus is on you. We will enhance your banking relationship by working with you to discover your banking needs. We will be there when you need us.

 

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Member FDIC. Equal Housing Lender logo Equal Housing Lender.
Routing Number: 211274531
Wire Instructions for Customers
NMLS Number: 469539

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