SANFORD — A new pot of money to help small businesses start or expand will be available locally beginning this summer.
Earlier this week, the Southern Maine Planning & Development Commission, or SMPDC, was awarded $500,000 to create a revolving loan fund. The money will be used to support small businesses with between five and 15 employees that are starting up or plan to expand.
This alternative funding source is designed to support entrepreneurs in York County and southern Oxford County, the areas served by SMPDC.
Members of Maine’s congressional delegation recently praised the award.
“This funding will help the Southern Maine Planning and Development Commission continue its primary mission of helping Maine businesses grow, succeed and create good jobs,” said Republican Sen. Susan Collins.
“Manufacturing across Maine and America has taken a serious hit over the past few decades, which is why investments like this are so important,” said independent Sen. Angus King. “This welcomed award will boost SMPDC’s already exceptional work and help buoy local businesses, support economic innovation and create good-paying jobs for people throughout Southern Maine.”
“This is a smart investment in the local economy that is going to help create jobs and help workers who have been laid off transition to a new career,” said Democratic Rep. Chellie Pingree. “It’s good for southern Maine and the families that live and work there.”
The money will make up a revolving fund “that will be used to supplement bank financing or other types of funding,” said SMPDC Executive Director Paul Schumacher.
Loans will range from $50,000 to $200,000, he said.
This fund can be used by itself or in conjunction with a brownfield revolving fund, used for environmental clean-up, that SMPDC administers in conjunction with the Economic Development Corporation, based in Saco, said Schumacher.
This pool of money is welcome, he said, because “over the years, we’ve talked a lot about the need for access to capital throughout the region.”
“York County is the economic driver for the state,” said Schumacher, and “small business is the way we grow our economy, I think.”
— Staff Writer Dina Mendros can be contacted at 282-1535, ext. 324 or dmendros@journaltribune.com.
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