CARIBOU, Maine — More than $85,000 is coming to northern and eastern Maine to assist businesses with accessing loans from Northern Maine Development Commission’s recently awarded $500,000 loan from the U.S. Department of Agriculture.
NMDC was awarded funding from the USDA Rural Microenterprise Assistance Program to aid loan clients to strengthen their small businesses.
Under the program, USDA provides loans to microenterprise development organizations that, in turn, make microloans for business startup or development to eligible microentrepreneurs, defined as very small businesses with 10 or fewer employees. Grants are available for technical assistance and training, particularly in rural areas experiencing persistent poverty or significant outmigration.
“This grant from Rural Development provides NMDC the opportunity to work more closely with small and microenterprise businesses to address the challenges they face every day,” said Business Development Director Dave Spooner.
“Too often business owners are turning to credit cards and predatory lenders to meet their financial needs,” Spooner said. “NMDC’s Business Finance Division can now not only provide these businesses with needed financing, but we can also provide impactive and free one-on-one counseling to better ensure the success of that business.”
The $85,024 to NMDC will impact businesses in Aroostook and Washington counties, and the Penobscot County towns of Mount Chase, Patten and Stacyville.
To learn more about the RMAP funds and other sources of capital, contact Spooner at 493-5766 or by email at dspooner@nmdc.org. Individuals can also request assistance using the NMDC online client intake form at www.nmdc.org.
