You have determined your business idea is feasible. You have created a business plan. You even have financial projections. But how do you finance and implement your plan? The Business Finance Division at Northern Maine Development Commission (NMDC) can help.
The Business Finance Division assists with:
- Creating new businesses
- Expanding existing businesses
- Writing and refining business plans
- Developing financial projections
- Securing funding
The goal of the Business Finance Department is to create new jobs, retain existing jobs, and promote economic development for northern Maine. Staff members work with businesses, local banks, state and federal agencies, and other public and private funding sources to assist businesses with their financial needs. Through diverse programs and experienced staff, the department provides quality financing packages for business clients, whether you have a small corner store or a large manufacturing plant.
Staff members will assist you in assembling a comprehensive package of information about your business that addresses the needs of banks and other funding sources. It is important that they understand you have taken the time to develop a sound proposal.
The Business Finance Department at NMDC has earned a reputation for packaging sensible financing proposals that help area businesses get on the right financial track. The department has assisted more than 600 businesses with procuring some $160 million in public and private financing since 1977.
The Business Finance Division administers loan programs funded by the Economic Development Administration (EDA), the Small Business Administration (SBA), the USDA Rural Development (RD), the Finance Authority of Maine (FAME), US Environmental Protection Agency (EPA), and the State Office of Community Development.
We administer the revolving loan funds for the towns of Van Buren, Limestone, Madawaska, and Houlton and the Caribou Economic Growth Council.
The Business Finance Division works with you as an existing business or a new business prospect to develop the best possible financing package utilizing local, state, and federal programs that are available. We will work with you to help develop a financial plan that will accomplish your goals, assure you longevity, and be acceptable to your lender. Prior analysis and preparation helps to assure your success in structuring your plan. By staying abreast of all local, state, and federal programs you can be assured of up-to-date accurate information in making your determination.
Historically we have loaned over $46 million in loans, assisted in over $44 million in public fund lending, and leveraged over $128 million in private funds and over $21 million in owner equity funds. We have helped create over 4,900 jobs and helped retain over 5,300 jobs. Our average cost ratio has been $5,092.