MAINE SBDC 2023 ANNUAL REPORTNurturing Dreams,
Building Futures
Year In Review
The entrepreneurial spirit remains strong in Maine. Almost 2,300 entrepreneurs and small business owners turned to the Maine SBDC in 2023, up almost 50% from pre-pandemic times. Despite the challenges of the last few years, business owners remain optimistic. This optimism is reflected in the more than 140 new businesses started with the help of the Maine SBDC, higher than in any of the last 10 years. This is also seen in the funding that business owners accessed – over $36M – to help start and grow their businesses.
These small businesses play a crucial role in building Maine’s future, contributing to the creation of welcoming, vibrant communities, and high-quality employment opportunities. The Maine SBDC supports these resilient entrepreneurs and plays a vital role in fostering the creation, growth, and success of these small businesses. With business advisors located across Maine, small businesses can more confidently navigate the challenges and rewards of business ownership.
Maine SBDC is helping build Maine’s future, one business at a time.
THE MAINE SBDC TEAM
Serving over 2,200 entrepreneurs in 2023
Mark Delisle
State Director
Jennifer Boutin
Associate State Director of Operations
Peter Harriman
Center Director & Business Advisor
Raynor Large
Center Director & Business Advisor
Alison Lane
Associate Center Director & Business Advisor
Christine Cole
Business Advisor, Portland
Christina Dodge
Business Advisor, Waterville
Anne Lancaster
Business Advisor, Biddeford
Ann McAlhany
Business Advisor, Bangor
Chase Nelson
Business Advisor, Eastport
Christina Oddleifson
Business Advisor, Portland
Peter Piconi
Business Advisor, Rockland
Eric Treworgy
Business Advisor, Ellsworth
Dan Umphrey
Business Advisor, Caribou
Stephanie Case
Admin & Data Manager
Elise Devon
Director of Finance & Grant Management
2023
Highlights
Making an Impact
Verified impact in communities across Maine: In 2023, Maine SBDC business advisors provided guidance to thousands of individuals. The economic impact of this work can be attributed to the assistance received from Maine SBDC business advisors — our clients have verified each job created or saved, business started, and dollar of capital reported.
Serving & Supporting
Serving all of Maine’s entrepreneurs and small businesses, including those in underserved markets: Business advisors work with each entrepreneur to provide the unique assistance needed in order for them to achieve their goals.
In 2023, Maine SBDC clients consisted of…
- 53% Women Entrepreneurs
- 34% Young Entrepreneurs (35 years or younger)
- 29% Rural Entrepreneurs
- 14% Non-White & Hispanic Entrepreneurs
- 10% Entrepreneurs with Low-to-Moderate Income
- 8% Entrepreneurs with Disabilities
- 7% Veteran & Military-Connected Entrepreneurs
Inspiring Confidence
Business advising inspires clarity and confidence to build sustainable businesses: More than 97% of clients said they would recommend their business advisor. After meeting with a business advisor, business owners feel supported, encouraged, and inspired to run their businesses more confidently.
The Maine SBDC team genuinely cares about the success of their clients. Each advisor brings a diverse and impressive background that enables them to guide clients through the ins and outs of business ownership.
Accessing Capital
Helping entrepreneurs access the money they need to start, operate, and grow their small businesses: In 2023, Maine SBDC helped 220 clients access nearly $36.4 million in capital. On average, Maine SBDC clients accessed approximately $165,000 each in loans, grants, and private and equity investments. Almost 60% of these 220 clients belong to groups that have historically faced significant barriers when accessing capital for their businesses. These include non-White, Hispanic, Disabled, Veteran, and/or Women.
Business Sustainability
Securing the future of Maine’s small businesses: Maine SBDC guides and supports entrepreneurs who seek to buy or sell an existing small business. This work ensures a future for these businesses and allows them to continue to contribute to their local economies.
Over the last five years, Maine SBDC assisted over 60 businesses to transition to new ownership, including those transitioning to employee ownership. In addition, guidance on the process of buying and selling a business was provided to over 800 entrepreneurs.
I would like to take a moment to thank you for your help in this difficult process to help me purchase the business of my dreams and become an entrepreneur.
– Dan Daigle, Mountain Side Powersports in Wilton | Maine SBDC 2020 Client
Learning & Empowering
Providing access to free educational opportunities on subjects that matter to entrepreneurs and business owners: Maine SBDC is dedicated to empowering and educating business owners to start and operate sustainable businesses. In addition to on-demand eCourses, Maine SBDC offered live webinars and an expansive YouTube library to provide accessible information to business owners across Maine.
By The Numbers
Return On Investment
Return on investment for the Maine SBDC is evaluated, analyzed, and reviewed annually through an independent study conducted by Dr. James Chrisman at Mississippi State University. His findings are based on information provided by a survey of clients meeting with a Maine SBDC business advisor for at least five hours. Dr. Chrisman’s most recent report indicates that for every dollar invested in the Maine SBDC, $3.29 was returned in incremental tax revenue.
For every dollar invested in the Maine SBDC, $3.29 was returned in incremental tax revenue.
– Maine SBDC Economic Impact Study: 2021-2022
5-Year Trends
Over 2,200 entrepreneurs turned to the Maine SBDC in 2023 to help navigate the process of starting, managing, or growing their businesses. With the guidance and expertise of business advisors, these entrepreneurs develop the skills necessary to meet their goals, create successful businesses, and improve the local economies in which they reside.
Client Composition
“You can get as little or as much help as you need. They are an invaluable resource for any business needing assistance, with no agenda other than to help you succeed.”
–Edward & Meredith Bolton, Business Owners
Bolton Electric, Windham
Results by County
Results By County
“Being a business owner, you must wear many hats, and SBDC has helped me figure out a lot of the “how do I do that” piece of things. I am so thankful for Alison and SBDC. I wouldn’t be here today without her help.”
– Chelsea Crane, Business Owner
Crosswind Investments, Bangor
Financial Overview
Excludes USM cost share and in-kind contributions of $526,713
*Various project years normalized to calendar year format
The SBDC is a cooperative effort that leverages federal, state, and higher education resources to help entrepreneurs and small businesses to start, grow and succeed.
The U.S. Small Business Administration funds and administers the nationwide SBDC program to assist current and prospective business owners. Working with local SBA district offices, SBDC offers services tailored to local communities and individual clients to help promote entrepreneurship and small business growth.
The State of Maine provides funding through DECD support to the Maine SBDC program. Maine SBDC and DECD work together to support business development and economic growth throughout Maine by ensuring entrepreneurs and small business owners can confidently navigate the process of starting and growing their businesses.
Over 45 years ago, the University of Southern Maine (USM) piloted the Maine SBDC to provide essential management assistance and education to Maine’s small businesses and entrepreneurs. Since those initial days, USM has continued to provide critical support and guidance on the operation of the SBDC program across the State.
The Maine Technology Institute (MTI) provides funding to the Maine SBDC program. Maine SBDC and MTI share common goals, including the development of individual entrepreneurs within the State of Maine towards sustainable economic growth.
Critical to the Maine SBDC’s success are the partner organizations that staff our business advisors across Maine. These long term partners include:
Androscoggin Valley Council of Governments (AVCOG) has two SBDC business advisors. AVCOG is a regional planning agency serving Western Maine communities including Androscoggin, Franklin, and Oxford Counties.
Coastal Enterprises, Inc. (CEI) has six SBDC business advisors located throughout Central Maine. CEI is a Community Development Corporation that helps grow good jobs, environmentally sustainable enterprises, and shared prosperity in Maine and other rural regions.
Northern Maine Development Commission staff has one SBDC business advisor. NMDC is a regional planning and economic development organization serving Aroostook and Washington Counties.
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