First Time For Everything
By: Business Advisor Peter Harriman
You started a business and are pretty excited. Excited that is until you get a letter from the IRS that the business failed to file their taxes, pay on time, and/or deposit taxes when due! Ooops! While understandable, the penalty letter and associated fee has just ruined your day… and perhaps your budget as well.Read More
When Jeff Harder and Nate Delois had an opportunity to purchase the historic Mellen E Bolster House at 747 Congress Street in Portland they had a vision of what it could become. The home was built in 1881 and had beautiful features and design. That vision has become The Francis hotel, a 15 room boutique hotel in Portland’s West end.Read More
Jennifer Pingree and her husband Brian had the opportunity to purchase Creative Signs & Apparel, a screen and vinyl printing business located in the heart of Rumford. The opportunity was a perfect fit for their family. It would allow Jennifer to care their 2-year old daughter while managing the business. Brian would continue his work in the woods, allowing the business to grow to an income level that could support their family. Read More
After two years in business, Sukhi Singh, co-owner of E&S Auto Repair in Scarborough, came to the Maine SBDC looking for help to grow his business. Him and his business partner Edwin Zukic had been working out of a leased three bay garage and were quickly running into two main problems – rent was relatively high and the business was quickly outgrowing the three bays. This prompted Singh to sit down with Business Adviser Peter Harriman to discuss how to finance the purchase of a larger garage.
Singh was able to locate a six bay garage for sale relatively close to his current business. With English as his second language and not having much experience in financing, Singh needed help putting together a comprehensive business plan to obtain a loan for the purchase. Harriman explained the various types of financing available, and that multiple sources would likely be necessary. The pair worked back and forth over several months to ensure that Singh had a thorough business plan narrative as well as a realistic set of financials to present to his potential funders.
Singh worked to negotiate with the seller, checking in regularly with Harriman for advice. With the agreement in place, Singh was able to successfully obtained $500,000 from Gorham Savings Bank. In addition, he secured an additional $85,000 from Greater Portland Council of Governments and Community Concepts. was able to close on the loan, successfully obtaining $500,000 from Gorham Savings Bank.
In October 2017, Cityside by E&S Auto Repair moved to its new, larger space at 42 Holmes Road in Scaborough. Known for its professional and trustworthy service, Singh reports that the business is busier than ever.
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Jim Denz’s passion for brewing started in 1994, when he began making his own beer in the basement of his home. Before long, he was the go-to beer supplier for friends and family, producing three different beers. Jim began visiting local craft breweries, exploring the craft beer industry and imagining what it would be like to be part of it all. He knew his beer was good and he wanted to be able to share it with everyone, not just those closest to him.Read More
When Nina Murray decided she wanted to start her own bakery making homemade crackers, she gave herself plenty of time to do it right. She came in to the Maine SBDC at the University of Southern Maine in Portland and met with Business Advisor Peter Harriman who advised her on many steps of starting and running a successful business.Read More
The Maine Small Business Development Centers (Maine SBDC) has received funds from the U.S. Small Business Administration’s (SBA) Portable Assistance Grant Program to develop a program that will provide entrepreneurial advising and training for potential and existing business owners in the Madison and Jay, Maine regions who have been adversely affected by the layoffs and closures of the Androscoggin Mill and Madison Paper Industries.Read More
Please fill out the form below to register for the free Small Business Essentials seminars in Jay and Madison. Event details here.