ME nets $13M for small business growth
Maine is receiving $13.2 million to help grow small businesses by increasing access to capital.
Gov. Paul LePage said the federal funds are expected to increase private lending by at least 10 times that much, providing a total of $132 million in loans for Maine small businesses, according to the Maine Public Broadcasting Network. The money comes from the Small Business Jobs Act, signed into law last fall. Maine successfully applied for the funds under the act's State Small Business Credit Initiative, which aims to stimulate job creation through small businesses.
The money will support the Finance Authority of Maine's Economic Recovery Loan Program, which provides businesses with up to $1 million in direct loans, and its Regional Economic Development Revolving Loan program, as well as the state's Small Enterprise Growth Fund, which invests in Maine companies that show growth potential.
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