February 13, 2018
FOR IMMEDIATE RELEASE:
Statewide (Maine) –Today the Maine Small Business Development Centers (Maine SBDC), a state-wide program that helps entrepreneurs to start and grow their businesses, is pleased to announce its annual results.
In 2017, certified business advisors across Maine provided no-cost business advising to 1,400 entrepreneurs which helped clients to:
- Save and create 661 jobs
- Start 98 new businesses
- Access $44 million in capital to start or grow their businesses.
The Village Market has stood in the heart of the Town of Carmel for over 70 years. After being closed for five years, Jamey Brown and his wife Raquel came to Business Advisor Ann McAlhany with a dream to purchase and re-open a local market. Read More
Katahdin Communications is a locally owned radio broadcasting company. It’s main station WSYY AM and FM broadcasts in a sports format and serves Northern and Downeast Maine. It features programming from CBS Radio and CBS Radio News as well as covering local school sporting events.
Business owner James Talbot has big plans for the business. He wanted to expand his business, but was struggling to secure the funding needed to do so. His lender recommended he connect with Maine SBDC’s Ann McAlhany for assistance in mid-2015, and the pair have been working together regularly since. McAlhany listened to his plans. She helped him to organize his vision into manageable and executable phases.Read More
Kimberly Ortengren started Wallace James Clothing Company in Portland’s Bayside neighborhood with the hope of inspiring confidence in new and existing designers to make clothing right here in Maine. She understood the challenge independent designers faced to produce apparel, and wanted to create an incubator-like space that would allow them to take their concepts and make them a reality. Wallace James is a place where new designers could make their ideas come to life, while receiving expert mentorship on the design, development and production process. It also helps companies scale up, with streamlined, sustainable practices that save money and waste. Read More
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.
Follow this growing business on Facebook.
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