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July 25, 2011

Island Institute launches $2M fund

By The Mainebiz News Staff

Rockland-based nonprofit Island Institute has launched a $2 million economic development fund to help island and coastal entrepreneurs.

At a Portland press conference Friday, the organization said the Island and Coastal Innovation Fund will provide micro-loans between $5,000 and $25,000 to allow businesses to access working capital and expand, according to a press release and the Maine Public Broadcasting Network. The fund will also be used to purchase and hold groundfishing permits, which will then be leased to fishermen.

The institute also plans to invest up to $50,000 in companies with the potential to change typical island business models. The nonprofit has already invested in Calendar Islands Maine Lobster, a cooperative of Chebeague Island lobstermen that this year began selling gourmet lobster food products.

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