Ross Cunningham, left, Lisbon economic and community development director, and Shiloh Hagerman, vice president of lending at Lisbon Community Federal Credit Union, stand in the village area. They are working together as the two organizations team up to attract businesses to Lisbon Village. Submitted photo

LISBON — Municipal and business officials hope to entice out-of-town business owners and professionals to consider moving or expanding to Lisbon village through a new grant program.

Lisbon will start accepting applications Feb. 15 for its 2025 Business Attraction Grant Program from people outside the Lisbon community looking expand or open a business or professional office in the village, according to Economic and Community Development Director Ross Cunningham.

With no empty storefronts, economic development in the Lisbon Falls area has been very successful. Now, the town wants to bring more business to the village, which is nearer Lewiston, he said. With a lot of development happening in that area and property available, he thinks now is a good time to increase interest in there.

The area has “a history of being a very vibrant downtown area and we’d like to see that come back,” he said. “We’ve worked for years on how to do that. This is just another tool in our toolbox, to help us attract new businesses to this footprint.”

With $45,000 total in the fund, $30,000 of it from the town’s Revolving Loan Fund and $15,000 of it coming from Lisbon Community Federal Credit Union, the town hopes to give loans of up to $20,000 for large businesses and $12,000 to small ones, he said.

“At Lisbon Community Federal Credit Union, we believe in the power of small businesses to shape and strengthen our community,” Sarah Perkins, Lisbon Community Federal Credit Union president, said. “The Business Attraction Grant Program is a fantastic initiative that aligns with our mission of economic empowerment, and we look forward to seeing new businesses bring fresh opportunities to Lisbon.”

Cunningham said he hopes the funding will help two to five people with three years of experience with an established and successful business who want to relocate or establish a new business in Lisbon village. The money would come with a two-to-five-year commitment to operate in Lisbon.

Cunningham said he thinks applicants who can prove they have operated a successful business for at least three years will minimize the risk of a business failing.

The program is targeted toward people who want to open professional offices, such as doctors and lawyers, and businesses such as restaurants, retail shops and other service businesses along those lines, he said. The town has a good workforce and the cost of living is cheaper in Lisbon than it is in Portland.

“I think we have a phenomenal workforce,” he said. “I don’t think you’ll struggle too much to find workers, people want to live and work in the community … and having that opportunity being part of the results of this grant would be fantastic.”

Applications are due by March 15 and the town will look to roll out the grant program again next year if there are funds left, he said.

“I’m really excited to be able to shine a light on this part of town and really bring some attention to it and start trying to bring it back to its vibrancy,” Cunningham said.