MCLP - Summer 2023 Update

August 2, 2023

By: Emily Reed, Summer Government Intern 2023, Muskie School of Public Policy 

In May 2022, Bath Development Corporation identified a need for a business loan program to support Bath-based businesses start and grow. This sparked the idea for the Micro Capital Loan Program which provides loans up to $7,500 for local businesses. This loan was designed to increase positive economic development in Bath, both with new and existing businesses. The loans are low-interest rates (current short-term adjusted applicable Federal Rate) for one-time capital costs. Since the start of the program, BDC has successfully been able to give out loans to four organizations: Maine’s First Ship, OystHERS Raw Bar and Bubbly, Soft Corner Midwifery, and Long Reach Painting Company. 

Each business has different needs the loan was able to meet. Soft Corner Midwifery used their BDC loan for desperately needed small medical equipment. OystHERS Raw Bar and Bubbly put their loan towards a glass cleaner and part of the ice machine they purchased. Long Reach Painting Company used the loan to purchase large equipment materials. Maine’s First Ship put the funds towards dock replacement materials.

Bath Development Corporation is looking forwards to supporting more Bath-based businesses over the next year and beyond. To learn more and read program success stories use this link: 

City of Bath, Maine - Micro Capital Loan Program

More: Current News Planning & Development News