Portland gets federal funds to boost startups

The greater Portland area has been selected as one of eight communities in the country to receive funds from a federal program that aims to help small businesses grow and create new jobs.

The U.S. Small Business Administration on Tuesday announced that Portland is receiving $301,000 as part of the administration's “ScaleUp America” program, which aims to assist growth-oriented small businesses with average annual revenue of $150,000 to $500.000. Only eight communities were chosen out of more than 60 applicants.

“Today the SBA is announcing funding support for eight communities that will help scalable small firms grow and create jobs,” Administrator Maria Contreras-Sweet said in a prepared statement. “We are bringing our successful entrepreneurship education programs to underserved communities, bridging the gaps for those in greatest need across the country. This intensive SBA support will create jobs and support a diverse cross-section of communities across our great nation.”

The funding will be provided through Virginia-based Supply Chain Visions, which will administer the program in partnership with the University of Southern Maine, Gorham Savings Bank, Maine Center for Entrepreneurial Development, Blackstone Accelerates Growth, the Portland Regional Chamber and SBA resources.

The SBA said that Portland has a strong support system for its startup community, but that gaps have been identified in its support network for later-stage, growth-oriented companies. Those companies will receive help through an entrepreneurship-based education curriculum, one-on-one support for mentoring and technical assistance, assistance and connections to growth capital and opportunities to create new connections in the community.