NEW GLOUCESTER — The Gray-New Gloucester Development Corp. is seeking to bring new business to the towns through a three-phase competition offering the winner a $10,000 forgivable loan and $7,000 more in in-kind products and services.
All businesses must be for-profit, new to Gray or New Gloucester or expanding existing businesses offering new business concepts, and must meet other eligibility requirements.
“We have been working for five years to build our coffers in order to have this competition,” Tracy Scheckel, corporation president, said in a news release. “We were inspired by and modeled Grow GNG after the Heart of Biddeford program.”
The selected business will be required to meet certain criteria during the first three years of operation, which, if met, will trigger loan forgiveness.
The three phases of the competition will take place through the summer, with the winner to be announced by the end of September. Contest rules require that the new business commence operation by May 15, 2017.
The Gray-New Gloucester Development Corp. is a private, board-driven nonprofit organization whose mission is to maximize the economic potential of Gray and New Gloucester.
Individuals interested in the competition, and those wanting more information about Grow GNG, should visit the organization’s website at gngdc.com.