Maine Small Business Start-up Grants – Below is an overview of the various funding sources. Maine SBDC business advisors can help you identify the best funding sources for you and your business.
Most people immediately think of commercial banks when considering their business financing needs. Unfortunately, as a source of capital, banks may be low on the list of sources. However, most small businesses receive funding from private and other sources. Some of these sources include:
Maine Small Business Start-up Grants
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Your first step in evaluating business prospects should be a feasibility study to determine the potential of your product or service. A cash flow project is an important part of a feasibility study. In it, you estimate your business income and expenses, usually monthly, for a year or two. This analysis is important because it will tell you (and your bank or investors) how much money you need to invest to keep your business up to the point where you can support it. This analysis will also show the burden of cash in the new business and help make difficult financial decisions. Remember that banks differ in their aggressiveness over time and from each other, and the banks themselves and their experiences differ. Therefore, you need to be stable and ready to shop.
The SBA offers a variety of loan programs designed for business owners who may have difficulty obtaining loans from traditional banks. Check out the loan program to see if you qualify.
Most small business startups are risky, and commercial banks are often risky. Banks are not small business investors or speculators, but will lend to small businesses if the returns are fairly certain. Commercial banks usually offer financing at relatively low rates, but expect strict payment schedules and careful underwriting. The main concern is that you can repay the loan in full and on time. Bank loan officers look for certain criteria when evaluating your loan proposal. They will evaluate you on the following characteristics:
Finding the above criteria can be very difficult for a startup business. Usually one or more criteria cannot be met. It can be very difficult to convince bankers that your sales and cash flow projections are realistic. This can only be done by sharing your knowledge about business and the market. The bank will review your formal business plan, complete a professional financial statement, and ask you to complete a personal financial statement.
Annual Report — Elmina B. Sewall
When all the bank’s conditions are met, the bank will find additional steps to request a loan. This can be done in several ways:
The Maine Technology Institute (MTI) is a private, not-for-profit organization that provides commercial and technical support for research and development of technologies that create new products, processes and services in Maine.
Learn more about MTI on its website. Maine SBDC business advisors can help you determine if MTI funding is right for your business, assist with the application process, and more. Contact us here.
There are various economic development lenders throughout the country. Availability may depend on the location of your business and the type of business you are starting. SBDC business advisors can provide these resources. These lenders are usually non-profit organizations. You may have heard the term “gap supply.” These lenders often take more risk than traditional banks and will fill the “gaps” needed to do what traditional banks do. These lenders still conduct regular underwriting, but may be willing to take on additional risk beyond what banks are willing to pay. If less, they can handle all the necessary financing.
Downtown Grant Program — Heart Of Ellsworth
Angel investors are high net worth individuals who provide venture capital or debt capital to startups or entrepreneurs.
Maine Angels – Maine Angels helps entrepreneurs by investing and advising New England businesses with an emphasis on Maine. Visit the website for more information.
Common Angels – CommonAngels® Ventures invests in information technology startups in New England. Visit the website for more information.
The State of Maine Finance Agency (FAME) provides innovative financial solutions to help Maine residents find business and educational opportunities. Far away
Small Business Development Center
Federal, state and local governments offer many financial programs to help small businesses start and expand their operations. These programs include low interest loans, capital investments, and economic development grants. For more information on grants, visit Grants.gov.
Crowdfunding is used to fund a project or business by collecting small amounts of money from a large number of people, usually online. There are two general types of fundraising – based on gifts and assets. There are hundreds of crowdfunding platforms available, so be careful to choose the right one for your project/company. Also, check the rules of the Maine Securities and Exchange Commission regarding fundraising.
Venture capital is capital for early stage companies with high potential. The money usually comes from a group of investors who pool their investments into a single investment fund. With joint ventures, investors own equity in the companies they invest in.
Maine Venture Fund (MVF) – MVF is a professionally managed investment fund that invests exclusively in Maine companies that demonstrate growth and high potential. Click here for more information.
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CEI Ventures, Inc. – CEI Ventures manages socially responsible stock funds. Stock companies are diversified by geography, industry, stage of business development and social interests. Click here for more information. Maine Department of Economic and Community Development (DECD) Maine Jobs Recovery and Small Business Recovery Grant. This funding is available for new businesses that opened before the COVID-19 outbreak and are in business until January 1, 2021.
Full details of the grant are available on the DECD Maine Economic Recovery Grants page and the grant application is here.
We advise you not to wait until the last minute to apply! This will provide a buffer for technical difficulties, or if the state requests more information about your application, the business will have to upload a PDF document or image to save the increase in fees, late purchases or interest.
Watch a recent webinar where Maine SBDC business advisors present information about Maine Jobs and the recovery of small business assistance. He answers your questions and explains the program in a short 13-minute video! See here.
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Eligible expenses are based on 4 categories. You must show new or increased expenses in one or more categories.
How does DECD measure a 20% loss of income? Income and expenditure compared to the previous year.
What if my business doesn’t open in 2019? How can I compare losses? For businesses open between 2019 and January 1, 2021, losses will be assessed randomly and DECD will be used for additional documentation.
What is the timeframe for discretionary spending? Expenditures must be made between March 2020 and June 30, 2021.
Start Up Family Child Care Grants
What is the maximum prize amount? $50,000. This can vary according to the needs and size of the application.
Eligible expenses include loan delays. Should the loan be deferred now or at the time of award? Even if you don’t have a loan default and you’re stuck on loan payments, paying interest during foreclosure has become a huge expense, especially because of COVID-19. You can claim these interest payments as eligible expenses.
If you have more questions about this project or need clarification about the area For any reason, please contact us for feedback here! Institutional Law.
Compare eligibility criteria and information for different programs. This can also be translated at the bottom of the page.
Thrive Maine: Pandemic Recovery Forgivable Business Loan Program
SBDC – Business Counselors located throughout the country provide free and confidential advice. You can request a consultation on the website. www.sbdc.org
SCORE is a free volunteer-led service, and SCORE has general business mentors and subject matter experts. www.skor.org
For a complete list of COVID-19 resources for businesses, including grants, loans and other information, please visit the Covid-Compass resources page.
The maximum prize will be equal to the average gross monthly income of each working month in 2019 (up to 6 million).
Maine Jobs And Recovery Small Business Grant
The calculation method is not published. The SBA uses the information you provide on your application to determine your loan amount.
The award will be equal to 2019 gross income minus 2020 gross income minus the PPP loan amount.
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