Washington DC. -US Senators Angus King and Cherry Pingley today announced that Maine will receive $ 62.2 million from US bailouts to help small businesses grow and support. New funding from the State Small Business Credit Initiative (SSBCI) will create four different programs. It includes two venture capital programs that boost main startups with less than 10 employees and create opportunities for local and community-owned SMEs. The fund will also create a loan sharing program to support long-term growth in some of the state’s most important sectors, including forestry, agriculture, marine economy and tourism. SSBCI grants generate up to $ 10 private investment per $ 1 of SSBCI capital, amplify the impact of this financing and provide small business owners with the resources they need to sustainably grow and prosper. Expected to do.
“From convenience stores to aquaculture innovators, Maine SMEs have always been critical to community and state success.” Senator King and Rep. Pingley said. “These new US bailout funds will make a difference to companies in Maine, including promising start-ups, local employers, and people in key industries such as fishing and logging. Expected to be profitable, this investment will be a profitable employer that provides valuable financial opportunities to the state-wide community. We look forward to seeing the impact of this funding. We are excited that US bailouts will continue to support people in Maine.
“Federal funding approved by Maine through the State Small Business Credit Initiative is a type of public investment in the private sector that not only supports Maine’s business growth in the short term, but also in return for significant long-term investment. Investment. ” Dana Connors, chairman of the Maine Chamber of Commerce, said. “Main State is a small business state, improving access to capital in major sectors within the small business community, including main state entrepreneurs, start-ups, and those that are traditionally underserved. So, these companies provide the boost they need to grow, create jobs and prosper. This in turn enhances the overall economy of Maine and the success of the people of Maine. Useful for. “
“FAME is pleased to be able to partner with various economic development organizations and business lending partners in Maine to support SMEs in Maine.” Carlos Mello, Deputy Executive Director of FAME, said:.. “Senator King and Rep. Pingree are grateful for their efforts to reapprove the State Small Business Credit Initiative (SSBCI) and support the enactment of expanded US bailouts.”
The Statewide Small Business Credit Initiative (SSBCI), re-approved and extended by the American Rescue Plan, was originally founded in 2010 and has been very successful in increasing access to capital for traditionally underserved SMEs and entrepreneurs. doing. Based on this successful model, the new SSBCI will provide the state with nearly $ 10 billion, increase access to capital and promote entrepreneurship. The provincial government has submitted a plan to the Ministry of Finance on how to use SSBCI allocations to fund SMEs through venture capital programs, loan participation programs, loans, mortgage support programs, access to capital programs, etc. ..
Senator King and Rep. Pingree helped and assisted in the negotiations for US bailouts, which were voted in March 2020. The historic relief package fought the COVID-19 pandemic, expanded broadband and helped working families.