Town of Orono and UCU Partner to Provide COVID-19 Relief Loan for Orono Businesses

The Town of Orono and University Credit Union (UCU) have announced the availability of no-interest relief loans for Orono-based businesses impacted by the COVID-19 pandemic, including those that have remained open, are planning to reopen, are closed temporarily, or have furloughed employees.

“Small businesses are the heart of Maine’s economy, and many are in crisis due to the continued impact of COVID-19,” said Dave Milan, Director of Community Development for the Town of Orono. “Businesses need cash in hand just to stay afloat; make payroll; cover rent, mortgages and utilities; and purchase inventory. For over 50 years, University Credit Union has been a cornerstone of the Orono community, which is why the Town of Orono is proud to partner with UCU to give our local businesses access to low-cost working capital from an institution they know and trust.”

Under this program, eligible businesses located within the Town of Orono may apply for a zero-interest loan ranging from $5,000-$10,000. UCU will originate the loans and the Town of Orono will provide a guaranty for up to 80 percent. Payments will be deferred for the first six months.

“Orono holds a special place in our heritage as the birthplace of University Credit Union more than 50 years ago and where our statewide headquarters stands today,” said Renee Ouellette, President and CEO at UCU. “We are proud to be helping our neighbors find the resources and reassurance they need to carry on business with confidence.”

Applications are being accepted now through December 31, 2020, while funds are available. This program is not intended to substitute other federal, state, or local COVID-19 relief programs such as those offered by the U.S. Small Business Administration and the Finance Authority of Maine. For full program details and to apply, visit https://www.ucumaine.com/business-lending-orono/.