Governor Janet Mills announced the launch of the Maine Funding Network, a new online portal designed to be a one-stop shop to connect Maine businesses to financing options to help them grow and succeed.
The new resource, an initiative of the Maine Department of Economic and Community Development (DECD) and the Finance Authority of Maine (FAME), is a centralized, easy-to-use platform designed to help interested borrowers easily navigate Maine’s menu of public and nonprofit business funding options. The portal was designed with input and feedback from Maine business owners, lenders, and economic development leaders.
“The Maine Funding Network will serve as a one-stop shop for Maine businesses as they explore funding options available from Maine’s public and nonprofit funding agencies,” said Governor Mills. “I thank the Finance Authority of Maine for working with my Administration to create this new resource, which will help keep Maine the best place to live, work, and start and grow a business.”
“Maine entrepreneurs, business owners, lenders, and local economic development entities told us they wanted an easy-to-find online resource that identifies funding resources and assistance – and we are delivering,” said Heather Johnson, Commissioner of the Department of Economic and Community Development. “Now the best business ideas in Maine can more easily access multiple funding resources in one location, making it that much easier to start or grow a business in Maine.”
The network initially will be comprised of fifteen partner organizations ranging from Maine business advisors to lenders to venture capital and is expected to grow.
“FAME is pleased to host this business funding network and to amplify the collective impact of our fellow economic development partners,” said Carlos Mello, CEO of the Finance Authority of Maine. “Whether it be a state-sponsored financing program or a local lending product, Maine businesses and entrepreneurs will now have far more solutions available to them in one location.”
How it Works
The Maine Funding Network’s portal is designed to match Maine businesses with public and nonprofit funding agencies that fit the business type and financing needs. Interested businesses will be invited to create an account to be connected with provider matches.
Upon logging into the portal, the business will be asked to supply basic information about the business and the nature of their funding request. The business will be automatically presented with matches based on information submitted. If matched with a lending agency, the business will be able to complete a common loan application. If a business is working with multiple financing providers, they will only need to submit one application.
Key documents – such as a sample common loan application – have been translated into five of Maine’s most spoken languages – Arabic, French, Portuguese, Spanish, and Somali– for applicants prior to inputting information on the portal.
The concept of a business financing portal draws heavily on recommendations from the State’s 10-Year Economic Development Strategy and the 2024 Reset, including the need to support new Maine companies; better coordinate state business assistance; and enhance technical assistance and improve resource awareness.
FAME will be hosting a live webinar about the tool on May 29th from 3:00PM to 4:00PM at famemaine.zoom.us/webinar/register/WN_C-TVHVWmTp-ZZjgHagEKvg.
For more about the State’s 10-Year Economic Strategy and the 2024 Reset, please visit Maine Economic Development Strategy 2020–2029 (PDF) and Maine Economic Development Strategy 2024 Reset (PDF).
The Finance Authority of Maine (FAME) is currently celebrating its fortieth anniversary and provides innovative financial solutions to help Maine residents pursue business and educational opportunities. FAME helps to lead the creation of good paying jobs by working at the nexus between economic and workforce development.