Other Resources for Maine Small Businesses
Maine is trying its best to drive new businesses into a successful future. As such, the state offers a range of additional resources for small businesses.
One interesting resource, Greenlight Maine, aims to promote entrepreneurship among minority-owned businesses through the power of television. Participants receive a grant of $5,000 from Bangor Savings Bank and visibility to market their business while competing against another business. This Maine small business grant provides entrepreneurs with good visibility and assistance in order to increase their rate of success.
Starting a new business can be overwhelming, but, luckily, Maine Small Business Development Center is ready to provide the much-needed support for local entrepreneurs. Maine SBDC contains a rich library of online resources full of information for aspiring entrepreneurs. For example, it includes a Guide to Starting a Business in Maine, a useful Startup Checklist, business plan guides, financial templates, and much more.
In addition, Maine SBDC regularly hosts live and online seminars on a variety of business-related topics and provides valuable business advice at no cost.
SCORE is a nonprofit organization providing informative educational workshops intended to help businesses to get started, expand, and operate effectively. From tax and business workshops, to free mentorship from industry professionals, SCORE Maines offers a range of services at its five Maine locations: Auburn, Augusta, Bangor, Belfast, and Portland.
Amber Grant is available to female entrepreneurs in the state of Maine and across the country. The Grant was established to honour the memory of Amber Wigdahl, who died at a young age before she was able to pursue her business dreams.
Today, female business owners and entrepreneurs have an opportunity to receive a monthly grant of $10,000 or a yearly grant of $25,000. All you need to do to apply is to share some information about yourself and elaborate on your business dream, - there are no complicated forms to fill out and no complex supporting documentation required.
How to Prepare for a Maine Small Business Loan
If you were wondering about how to get a small business loan in Maine, we have provided some direction below.
Of course, preparing for the process of applying for a small business grant or loan in Maine requires dedication. Here are a few steps you need to take in order to prepare your loan application:
- Have a business plan, including feasibility studies and market research papers.
- Cash flow projections will be required with generally a two-year financial history.
- Research as many funding options as possible. Do your research for the best rates.
- Narrow down your best loan options.
- Take action; be swift to make a decision.
The Bottom Line
Maine has a wealth of business opportunities available with funding providers prepared to assess your small business loan application. You’ll find that the application process can be time-intensive through a credit union or a bank. Online lenders provide speed in processing, coupled with robust online application approval algorithms that can shorten the application time to within days.
Whichever funding route you opt for, planning is vital. Research your options and, when you’ve narrowed down your choices, drive the process to completion. Remember that the faster you apply, the sooner you’ll be able to receive the funds.