Business Development Grants

Forecaster:

The Business Assistance Program for Job Creation, called BAP by city officials, offers grants of up to $20,000 for businesses to invest in improvements like building renovation or equipment purchases that will result in new jobs. Officials announced Tuesday morning that they are now accepting applications for the grants.

Officials said BAP is targeted at helping low- and middle-income Portland residents. Participating businesses must match each dollar of the loan with their own investment, and create at least one job for every $10,000 they receive. The grants will be prioritized, with preference to employers that offer job training, are located near public transportation or public housing, and plan to create more than one new "quality" job per $10,000. BAP grants will also be available to entrepreneurs, who form the flip side to the city's focus on already-established businesses.

Rather than luring larger companies from away, the city should be trying to attract entrepreneurs to move to Maine, Brennan said: "The economy of the future is really going to be a knowledge-based, skill-based economy."