The City of Old Town has created two loan programs to promote new and existing businesses within the City. Both programs are in partnership with Camden National Bank and the Penobscot Federal Credit Union. Application may begin by contacting the lender directly or by contacting: Ron Harriman (Economic Development Director): 207-947-8595.
Opportunity Zones are a new community development program established by Congress in the Tax Cuts and Jobs Act of 2017 to encourage long-term investments in low-income urban and rural communities nationwide. The Opportunity Zones program provides a tax incentive for investors to re-invest their unrealized capital gains into Opportunity Funds that are dedicated to investing into Opportunity Zones designated by the chief executives of every U.S. state and territory. Read more below about how the Opportunity Zones program works, as well as its history and community of supporters.
The community recently completed a comprehensive downtown revitalization plan for the City of Old Town with assistance from consultant Wright-Pierce.