Biddeford’s downtown revitalization organization Heart of Biddeford, along with the City of Biddeford and other area businesses, is sponsoring the first-ever Main Street Challenge to help entrepreneurs make their dreams come true.

The organizations will choose three winners to assist in opening or expanding current business through financial aid, like six months of free rent, a forgivable loan, special bank loan rates and more than $6,000 in in-kind services like Web design and telephone and Internet services.

We’re pleased to see HOB and the city stepping up to grow the downtown, and we hope the city council will show its support by appropriating TIF funds to help with the project.

While some people argue against using public money to help private businesses, it happens all the time ”“ through tax credits and other incentive programs ”“ and these types of incentives can mean a major difference to a business owner as to whether they open in Biddeford or Belfast ”“ or even Maine or Minnesota.

Some who want to open a business may not have the capital to do so, but an extra boost like the Main Street Challenge can help those people get their businesses up and running. In the long-term, should these businesses be successful, they will pay taxes and keep money spent by residents and visitors flowing through the local economy.

By seeking business plans, the panel making the decision will be able to hand pick a well-thought-out business that will be the right fit for Biddeford’s ever-evolving Main Street. Also, by getting other businesses to donate services, the cost to city and other organizations will be lessened.

This program has done well in Waterville, according to officials there.

Waterville started a similar program last year, and through a competitive process, two new businesses were selected to receive $25,000 in forgivable loans financed through tax increment financing.

The program has been a success, Shannon Haines, the executive director of Waterville Main Street, told the Journal Tribune. Both businesses, the Selah Tea Cafe and Silver Street Tavern, remain open ”“ and busy, she said.

This year, she said, the Waterville City Council has doubled the pot of money available to new or expanding businesses to $100,000.

The Biddeford City Council will vote next week on whether to use $30,000 in tax increment financing funds for Main Street Challenge program.

We hope they will see the importance of investing further in the downtown by utilizing these TIF funds to help open new business or expand those that are succeeding already.

Today’s editorial was written by City Editor Robyn Burnham on behalf of the Journal Tribune Editorial Board. Questions? Comments? Contact Managing Editor Kristen Schulze Muszynski by calling 282-1535, Ext. 322, or via email at kristenm@journaltribune.com.