Five Maine groups receive $1M to support (very) small businesses in rural areas
Five Maine organizations have received a total of $1.09 million in federal funds to support microentrepreneurs and microenterprises in rural areas of the state.
The grants and loans, from the U.S. Department of Agriculture’s Rural Microentrepreneur Assistance Program, will have a statewide impact, said U.S. Sens. Susan Collins, R-Maine, and Angus King, I-Maine.
“These investments will provide Maine entrepreneurs with the seed capital they need to start or grow their businesses and create opportunity across our state, particularly in our rural communities,” Collins and King said in a joint statement. “We welcome this funding that will help support local businesses, create and sustain quality jobs, and help grow our state’s economy.”
The program also provides business-based training and technical assistance to rural microborrowers and potential microborrowers. Technical assistance often makes the difference between the success or failure of a new business, affecting the ability of the microborrowers to repay its debt in a timely fashion, according to the USDA.
The funding will be allocated as follows:
- The Northern Maine Development Commission received a $500,000 loan and a $200,608 grant to support microentrepreneurs and microenterprises in Aroostook and Washington counties.
- The Sunrise County Economic Council; a $250,000 loan and a $10,525 grant; Washington County.
- Androscoggin Valley Council of Governments; $34,540 grant; Androscoggin, Franklin, and Oxford counties.
- Eastern Maine Development Corp.; $80,544 grant; Hancock, Penobscot, and Piscataquis counties, as well as portions of Waldo County.
- Community Concepts Finance Corp.; $13,262 grant; Androscoggin, Cumberland, Franklin, Kennebec, Oxford, and York counties, as well as the town of Thomaston.
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