ORONO, Maine–University Credit Union here continues to participate in a program with the Town of Orono that offers no-interest relief loans for area businesses affected by the COVID-19 pandemic, including those that have remained open, are looking to reopen or that have furloughed employees.
Eligible businesses located within the Town of Orono may apply for a 0% 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%. 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 University Credit Union President and CEO Renee Ouellette in a statement. “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 Dec. 31, 2020, while funds are available.