ORONO, Maine (September 25, 2020) – The Town of Orono and University Credit Union (UCU) today 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. 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,” said Dave Milan, Director of Community Development for the Town of Orono.
Under this program, eligible businesses located within the Town of Orono may apply for a zero-interest loan ranging from $5,000-$10,000. University Credit Union 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.
University Credit Union President and CEO Renee Ouellette said, “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. 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/.
About Orono’s Local Economy
Orono is part of the Bangor metropolitan area and, as home to the University of Maine, is a job center in its own right. More than 6,300 people work in Orono, including the University (2,400 employees), senior housing and student residential facilities, industrial concerns such as Shaw and Tenney (wooden oars and paddles), Byer Manufacturing (outdoor recreational and camping furniture), the financial headquarters of University Credit Union, and the retail-hotel-service districts in Downtown Orono and along the Stillwater Avenue corridor off Exit 193 on Interstate 95. For more information, visit https://orono.org/199/Economic-Development.
About University Credit Union
University Credit Union is an innovative, full-service cooperative institution designed to advance the financial well-being of its member owners in every stage of life. UCU is the sixth largest credit union in Maine in terms of total assets and total members, and has eight retail locations across the state located in Orono, Bangor, Farmington, Gorham, Portland, and Presque Isle. For more information visit www.ucumaine.com.