PHILLPS – The Phillips Area Micro-Loan Program is taking applications from those looking to start a new business or expand, particularly those who need to jump start after the damage of COVID-19.
If the business is, or will be, locating in Phillips, Avon or Madrid, the owner may be eligible for an affordable low-interest loan through the Phillips Area Micro-Loan Program. Applicants don’t have to live in one of the towns, the business, or the one they plan to start, just needs to be located there.
In an effort to create new business and retain jobs in the three towns, the program helps applicants work through a process to assist them in their success. All applications and related information provided by applicants remains confidential. Loans from $2,500 to $25,000 are available, and may be used to require real estate, business equipment, building construction or renovation and more.
Loans can be used by home-based businesses, cottage industries or home occupations, as well as storefront operations.
The program has been in operation since 1994 and many businesses have been helped. The Phillips Area Micro-Loan Committee is looking for more businesses to add to its list of success stories.
For information, call Maureen Haley at the Phillips Town Office, 207-639-3561.
