BANGOR, Maine — Businesses across Maine are expanding—and many are adding jobs–thanks to funding secured through Eastern Maine Development Corporation.
In recent weeks, the 46-year-old organization has played a part in the creation or retention of nearly 50 jobs in a variety of industries and businesses.
EMDC’s designation as a certified, statewide SBA Community Advantage 7a lender adds to the list of financing options available through the organization for Maine businesses. The Community Advantage 7a program was created to expand “access to capital for small businesses and entrepreneurs in underserved communities [to] help drive economic growth and job creation,” according to the SBA’s website, www.sba.gov. The 7a lending program provides an expedited application process for loans up to $250,000. EMDC was among the first lenders in the nation to be certified for this program.
The number of different financing programs available through EMDC, including Rural Microentrepreneur Assistance Program (RMAP) and SBA 504 means that clients have more options when looking to fund the things that will lead to expansion for their business. Capital can be available for things like new equipment, inventory, land and other essentials.
While EMDC often works in partnership with other lending institutions, including banks, one of the advantages of working with EMDC is the opportunities available to businesses who might not qualify for a loan with a traditional lender. “EMDC is the whole reason we opened and are here. I could never have made a down payment if I took out a loan through a bank,” CrossFit Bangor owner, and EMDC client, Melinda Metten said.
Eastern Maine Development Corporation (EMDC) is a private, non-profit organization established in 1967. The organization thrives on supporting the region’s businesses and communities.
EMDC has locations throughout the state to support a variety of programs that contribute to Maine’s economic prosperity. EMDC can be reached by calling 207.942.6389 and on the web at www.emdc.org