Senators Collins, King Announce More Than $1 Million to Support Entrepreneurs Across Rural Maine

Statement

U.S. Senators Susan Collins and Angus King announced that six organizations in the State of Maine have received a total of $1,089,479 to support rural microborrowers and potential microborrowers. These grants and loans were awarded through the U.S. Department of Agriculture's (USDA) Rural Microentrepreneur Assistance Program.

"These investments will provide Maine entrepreneurs with the seed capital they need to start or grow their businesses and create opportunity across our state, particularly in our rural communities," said Senators Collins and King in a joint statement. "We welcome this funding that will help support local businesses, create and sustain quality jobs, and help grow our state's economy."

The funding will be allocated as follows:

· Northern Maine Development Commission received a $500,000 loan and a $200,608 grant to support microentrepreneurs and microenterprises in Aroostook and Washington counties.

· Sunrise County Economic Council received a $250,000 loan and a $10,525 grant to support microentrepreneurs and microenterprises in Washington County.

· Androscoggin Valley Council of Governments received a $34,540 grant to support microentrepreneurs and microenterprises in Androscoggin, Franklin, and Oxford counties.

· Eastern Maine Development Corporation received a $80,544 grant to support microentrepreneurs and microenterprises in Hancock, Penobscot, and Piscataquis counties, as well as portions of Waldo County.

· Community Concepts Finance Corporation received a $13,262 grant to support microentrepreneurs and microenterprises in Androscoggin, Cumberland, Franklin, Kennebec, Oxford, and York counties, as well as the Town of Thomaston.

The USDA Rural Microentrepreneur Assistance Program provides business-based training and technical assistance to rural microborrowers and potential microborrowers. Technical assistance is an essential part of the microlending process. It often makes the difference between the success or failure of a new business, affecting the ability of the microborrowers to repay its debt in a timely fashion.

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