LEWISTON — The LA Metro Chamber of Commerce will offer a 90-day forbearance on all loans held with them through the LA Economic Growth Council, the chamber’s economic crowth department.
The chamber lends money to local businesses, the loans originating with Norway Saving’s Bank USDA and the Finance Authority of Maine, and are intended to support the stabilization and growth of local businesses.
Currently, the chamber services 29 local businesses with thee loans. Local businesses are being impacted as a result of their commitment to social distancing practices, or as a result of implementing suggested or required changes to their operations. It is clear the very real, very immediate impact these operational shifts are having on local businesses. With 98 percent of Maine’s employees qualifying as a small business, it is also clear that small businesses are the backbone to our local economy, and everyone has a vested interest in ensuring the longevity of each business.
Loan officers will be a resource of support through these uncertain times, modifying loans, and ensuring clients have the most current information on other Small Business Association disaster loans, as well as federal, state and local programs.
“The Chamber recognizes that businesses across the LA region are facing hard choices about their staff, their business, and their entrepreneurial dream. As a financial institution who has the ability to help ease the burden and bring some level of uncertainty to uncertain times, it felt important do what we can” said Shanna Cox, president and CEO of the chamber. “As this economic hardship hits more in our community, it will be important that each institution, business, or agency does what it can to support the region as a whole, and the communities that comprise it.”
The chamber will support the business community through this, and are committed to being an active part of the restarting of the local economy.
