Bangor – Eastern Maine Development Corporation’s(EMDC) Business Services division provided 35 loans to Maine businesses during the 2013 calendar year. EMDC’s $4, 079,650, combined with more than $6 million from public and private institutions and organizations, resulted in more than $10 million in capital infused into Maine’s economy.
Those partnerships, with organizations like the U.S. Small Business Administration (SBA), enabled EMDC to assist new and existing businesses with funding for things like real estate, inventory, equipment and other elements necessary for expansion.
“We’re happy to be able to provide financial support for Maine businesses that may not have been able to take the next step otherwise,” EMDC President Michael Aube said. “But the real win is what this means for the business, for our region and for our state’s economy. Expansion usually means jobs are added or, at the very least, retained. Something that is vitally important to making our region sustainable.”
The 35 loans were provided to a cross section of industries, including agriculture/fishing, hospitality, manufacturing, retail and others. The bulk of the loans (24) were made to businesses in EMDC’s three county region. However, as a statewide administrator of the SBA 7(a) Community Advantage Lending Program, EMDC was also able to provide financing options for businesses in four other counties.
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.