Coastal Enterprises, Inc. (CEI) www.ceiventures.org
CEI is a private, nonprofit Community Development Corporation and Community Development Financial Institution that provides financing and support for job-creating small businesses, natural resources industries, community facilities, and affordable housing in primarily rural regions of Maine. CEI & its subsidiaries offer various programs.
Contact CEI: 772-5356
- Direct loans to start-up, existing and growing Maine small businesses, in amounts ranging from $1,000 to $50,000.
- Venture capital investments in small businesses located in New England and the mid-Atlantic region. Investments range from under $500,000 to over $1 million.
- New Markets Tax Credits are available for investments in targeted distressed communities in Maine, Northern New England, and upstate New York. Select projects with high 3E impact will be considered in other parts of the country. Tax credit investments range from $2 million to $30 million.
- The SBA 504 loan program which provides fixed-rate financing for machinery, equipment and buildings - as much as $4 million for manufacturing.
- Affordable Homeownership, Rental and Supported Housing with loans and development capital from under $500,000 to over $2 million.
Start Smart: free business development program that assists refugees & immigrants start up or expand businesses; email@example.com; 207-775-1984
Finance Authority of Maine (FAME) www.famemaine.com
FAME offers a wide array of business assistance programs, ranging from traditional loan insurance programs for both small & larger businesses, to tax credits for investments that individuals make in dynamic, growth-oriented, manufacturing or export-related firms.
5 Community Drive, P.O. Box 949, Augusta, ME 04332-0949
Tel 207-623-3263 or 1-800-228-3734; Fax 207-623-0095
Charlie Emmons, 207-620-3510 firstname.lastname@example.org or
Scott Bursey, 207-620-3510 email@example.com
Libra Future Fund librafoundation.org/libra-future-fund
Funding available to young entrepreneurs with a business plan, good references & a passion about what do. Exclusively for entrepreneurs under 30 yrs old. Coordinator is Erik Hayward; 207-879-6280; Fax: 207-879-6281; Libra Future Fund, P.O. Box 17516, Portland, Maine 04112
Request a copy of the standard application form or find it on-line at: librafoundation.org/apply
Maine Angels www.maineangels.org
An organized group of 51 individual private equity investors who make early-stage investments. Maine Angels acts as a mechanism for interested accredited investors to collaboratively locate, investigate and make investments in early-stage, high risk/return opportunities. Since being organized in 2003, Maine Angels has collectively invested more than $9.6 million in 42 promising early stage ventures, with the average range ~ $75K-$250K/deal. There are monthly meetings to review deals on the 4th Friday. Each individual decides on their own investment from the shared due diligence.
Maine Technology Institute(MTI) www.mainetechnology.org
8 Venture Ave, Brunswick Landing, Brunswick, ME 04011, Tel 207-582-4790, Fax 207-582-4772
Business Innovation Programs: http://www.mainetechnology.org/fund/business-innovation-program
- Tech Start Grants: up to $5000 (12/yr) for concept planning, market research & tech transfer exploration
- Seed Grants: up to $25,000 (3/yr) to support very early stage research & development activities for new products & services that lead to the market. Funded activities include proof of concept, prototype development & testing, field trials, pilot studies or technology transfer activities. * All projects must fall under one of Maine’s 7 targeted technology sectors.
- Development Awards up to $500,000 (3/yr) to conduct further research as a conditional loan for later stage R&D activity. (requires funding or in-kind match). (Requires a Concept Review Meeting with MTI Business Innovation Staff)
- Business Accelerator Grant for activities that will increase a company’s chance of success such as business planning, strengthening financial management capacity, developing strategies to secure key customers, strategic partners and investors and entrepreneurship training for management. Eligible Maine companies will be those that have received federal Small Business Innovation Research grants and first-time entrepreneurs who receive an MTI Development Loan.
Maine Venture Fund (MVF) www.maineventurefund.com
The Maine Venture Fund is a professionally managed venture capital fund that invests exclusively in Maine companies that demonstrate a potential for high growth and public benefit. The Fund has been actively investing in Maine companies since 1997, after its creation by an act of the Maine Legislature in 1995. The fund has received $13 million in capital contributions from the State of Maine and operates as a revolving, “evergreen” fund.
The mission of the fund is to provide resources to attract, support, and help develop eligible small businesses with the potential for substantial growth and success that will contribute to the prosperity of Maine.
SOURCES FOR “SMALLER” (up to $35,000) FUNDING NEEDS
by Dan Isaac “Finding Money for Your Business – Banks & Beyond” firstname.lastname@example.org
A. The 3 F’s (Family, Friends & “Fools” – be sure to put your understanding in writing – debt or equity)
B. Credit Cards (expensive rates, requires discipline to repay, but extends payments/pushes out cash outlay)
C. Home Equity Loan or Line of Credit (puts your house at risk)
D. Crowdsourcing (online micro investment programs like Prosper, www.kickstarter.com, www.fundable.com, www.indiegogo.com)
E. Community or Service Organization Grants or Loans (Lions Club or foundations )
F. Bank Loans (< $10K, you would usually be steered toward home equity or credit card due to closing costs)
G. Micro Loans (up to $35K, CEI, Community concepts, GPPDC)
H. Seed Grants (up to $12,500, research, R&D, hire consultants, not operations. Need to match funds)
I. SBIR and SBTT Grants (MTI offers up to $5K to cover cost/ assistance in application for these Federal funds)
J. Vendors (negotiate terms – extend payments until can get receivables proceeds in hand)
K. Other Governmental Loan Programs (AVCOG, GPCOG, a 2nd tier on top of a bank loan – for job generation)
L. Seller Financing (if seller would offer terms/finance % of sale, best if seeking >the $market/bank value)
M. Leasing (negotiate terms for purchase of car/copier/equipment etc. They’ll look at your credit history, but not need biz plan)
Women, Work & Community – Micro Loans www.womenworkandcommunity.org
New Ventures Loan Fund — Micro-Loans up to $1,500.00 for micro entrepreneurs in start-up or early development stage of a small business. Within Maine Toll Free: 800-442-2092
Victoria Hilliard Donovan Fund Award
Annual $500 financial award to women entrepreneurs who are developing technology-based products, through the Maine Center for Entrepreneurial Development’s incubation program or as one of the USM Annual Business Plan Competition Finalists. Proceeds from the Victoria Hilliard Donovan Fund, managed by the Maine Community Foundation, have been directed for use by the Maine Center for Entrepreneurial Development (MCED) for the Women in Technological Entrepreneurship Award. FMI: email@example.com or 774-8111.
More Resources For Entrepreneuers
Company Stage at Initial Investment
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Total Maine Angels Investment Per Company
Up to $100k 27%
Over $400k 18%
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Invested Company Locations
New England 48%
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