The Maine Small Business Development Centers (Maine SBDC) at Northern Maine Development Commission (NMDC) will be recognized by the U.S. Small Business Administration for its outstanding performance and commitment to the small business community. Read More
Blog
David Jacobson Glass – Montville, Maine
David Jacobson has worked with Maine SBDC Business Advisor David Hill since 2004. Jacobson, a successful cartoonist and glass blower, had just moved to Maine from New York City and wanted to establish his own studio in Montville.Read More
Demystifying Estimated Taxes
By: Business Advisor Peter Harriman
One of the hardest and least understood topics I find small businesses face, especially new start-up businesses, is the issue of Estimated Taxes. Part of the problem is that a taxpayer needs to understand their adjusted gross income for the year, in addition to deductions and credits, in order to properly plan the four quarterly payments throughout the year. With a business in its first or second year, this can be problematic to say the least. Paying late or paying too little will incur penalties with the IRS.Read More
News Release: Maine SBDC Releases 2017 Small Business Client Results
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.
Acknowledging the achievements of Business Advisor Jane Mickeriz, retiring February 22nd
Please join us in celebrating the career of Jane Mickeriz, who is retiring from the Maine SBDC on February 22, 2018.
Village Market – Carmel, Maine
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 – Millinocket, Maine
Kata
hdin 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
The IRS’s Best Kept Secret: First Time Penalty Abatement (FTA)
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
The Francis – Portland, Maine
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
Cityside by E&S Auto Repair – Scarborough, Maine
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.