ncub8 Maine Technology Incubator

Coastal Enterprises Inc. and Bangor Savings Bank recently just announced a joint stimulus package for Maine businesses: $9.5 Million available to Businesses Located in Disadvantaged Locations. Details can be found by going to: http://twurl.nl/tcrm1e 

Here are some key excerpts from the press release: 

CEI and Bangor Savings have been collaborating on this program for two years and are ready to lend tax advantaged capital in amounts ranging between $500,000 - $2,000,000 to businesses. 

This is a real opportunity for small businesses and community facilities to access capital. They must be willing to locate or expand in eligible, disadvantaged metropolitan neighborhoods in downtown Portland, Biddeford, Sanford, Bangor, Lewiston, and Auburn and many other Maine towns and cities, where you’d expect to find them. But the eligible locations also include 
our rural rim counties. 

We are using this first pool as a pilot program and are targeting at least another $30 million in the New Market Tax Credit (NMTC) program for similar small and medium business loans for Maine and beyond. 

A loan might be available to renovate an old mill building which might then attract new business to a downtown area. Other possibilities might include the development of a community health clinic; day care center; a boat yard looking to broaden its services; or any small business looking to purchase a building and the equipment it would need in order to allow for expansion.