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Maine Economic Development Directory


ME Statewide Economic Development Agencies

Department of Economic and Community Development
John Richardson
Commissioner
59 State House Station
Augusta, ME USA 04333
207-624-9800
john.richardson@maine.gov
www.econdevmaine.com
Economic Development Council of Maine
Richard L. Kelso, CEcD, FM, HLM
Administrator of Economic Management Services
P.O. Box 287
Augusta, ME USA 04332-0287
207-582-5147
edcmaine@roadrunner.com
www.edcm.org
Maine & Company Peter DelGreco
Director of Client Services
120 Exchange Street, Suite 205
Portland, ME USA 04101
207-871-0234
pjdelgreco@maineco.org
www.maineco.org
Would you like to advertise here? call 732-559-1265 or email Jim Semple at jsemple@groupc.com

ME Utilities

Central Maine Power Company
Beth Nowack-Cowan
Director of Marketing
83 Edison Drive
Augusta, ME USA 04336
207-623-3521
beth.nowackcowan@cmpco.com
www.cmpco.com
Maine Public Service Company
Virginia Joles
Economic Development Manager
P.O. Box 1209
Presque Isle, ME USA 04769-1209
207-760-2418
vjoles@mainepublicservice.com
www.mainepublicservice.com

ME Regional Economic Development Agencies

Central Maine Growth Council
John Butera
Executive Director
One Common Street
Waterville, ME USA 04901
207-680-7300
jbutera@centralmaine.org
www.centralmaine.org
Aroostook Partnership for Progress
Walt Elish
President & CEO
P.O. Box 779
Caribou, ME USA 04736
207-498-8731 287
welish@appme.org
www.appme.org
Greater Franklin Development Corp.
Alison Hagerstrom
Executive Director
P.O. Box 107
Farmington, ME USA 04938
207-778-5887
info@greaterfranklin.com
www.greaterfranklin.com
Greater Portland Council of Governments
Caroline Paras
Economic Development Planner
68 Marginal Way, 4th Floor
Portland, ME USA 04101
207-774-9891
cparas@gpcog.org
www.gpcog.org
KRDA-FirstPark
Leonard A. Dow
Executive Director
P. O. Box 246, 46C FirstPark Drive
Oakland, ME USA 04963-0246
800-966-1002
ldow@firstpark.com
www.firstpark.com
Maine Center for Enterprise Development
Don Gooding
Executive Director
c/o Univ. of South Maine, 178 Science Building, P.O. Box 9300
Portland, ME USA 04104-9300
207-228-8524
dgooding@mced.biz
www.mced.biz
Portland Regional Chamber
W. Godfrey Wood

CEO
60 Pearl Street
Portland, ME USA 04101
207-772-2811 224
gwood@portlandregion.com
www.portlandregion.com
Southern Maine Regional Planning Commission
Chuck Morgan
Economic Development Director
21 Bradeen Street, Suite 304
Springvale, ME USA 04083
207-324-2952 17
cmorgan@smrpc.org
www.smrpc.org
Team New England
David C. Driver
Managing Director, Regional Development
107 Selden Street
Berlin, CT USA 06037
860-665-6312
drivedc@nu.com
www.teamnewengland.com
Western Maine Economic Development Council
Linda Walbridge
Director
17-19 Market Square, P.O. Box 278
South Paris, ME USA 04281
207-739-6545
lwalbridge@community-concepts.org
www.wmedc.org
Would you like to advertise here? call 732-559-1265 or email Jim Semple at jsemple@groupc.com

ME County Economic Development Agencies

Piscataquis County Economic Development Council
Janet Sawyer
Community Development Specialist
50 Mayo Street
Dover-Foxcroft, ME USA 04426
207-564-3638
jsawyer@pcedc.org
www.pcedc.org
Somerset Economic Development Corporation
Jim Batey
Director
41 Court Street
Skowhegan, ME USA 04976
207-474-0166
jvbatey@myfairpoint.net
www.somersetcountymaine.org
Sunrise County Economic Council
Harold Clossey
Executive Director
1 Stackpole Road, P.O. Box 679
Machias, ME USA 04654
207-255-0983
hclossey@sunrisecounty.org
www.sunrisecounty.org
Would you like to advertise here? call 732-559-1265 or email Jim Semple at jsemple@groupc.com

ME City Economic Development Agencies

Bangor Economic Development Corporation
Angelo Distefano
Chairperson
257 West Monroe Street
Bangor, ME USA 04401
269-427-5831
bangormi@btc-bci.com
www.ci.bangor.mi.us
Caribou Maine Chamber of Commerce & Industry
24 Sweden Street, Suite 101
Caribou, ME USA 04736
207-498-6156
info@cariboumaine.net
www.cariboumaine.net
City of Auburn
Roland Miller
Economic Development Director
Auburn City Hall, 60 Court Street
Auburn, ME USA 04210
207-333-6601 1218
rmiller@ci.auburn.me.us
www.auburnmaine.org
City of Bangor
Stephen A. Bolduc
Economic Development Officer
73 Harlow Street
Bangor, ME USA 04401
207-992-4240
steve.bolduc@bangormaine.gov
www.choosebangor.com
City of Lewiston Department of Economic & Community Development
Jim Andrews
Director
City Building, 27 Pine Street, 3rd Floor
Lewiston, ME USA 04240
207-513-3000
jandrews@ci.lewiston.me.us
www.ci.lewiston.me.us/
City of Portland Economic Development Division
Nelle Hanig
Business Development Representative
389 Congress Street
Portland, ME USA 04101
207-874-8683 or 800-874-8144
nrh@portlandmaine.gov
www.portlandmaine.gov
Lewiston-Auburn Economic Growth Council
George M. Dycio
Economic Development Specialist
415 Lisbon Street, Suite 400, P.O. Box 1188
Lewiston, ME USA 04243-1188
207-784-0161
gmdycio@economicgrowth.org
www.economicgrowth.org
Scarborough Economic Development Corporation
Harvey Rosenfeld
President & Executive Director
29 Black Point Road, P.O. Box 550
Scarborough, ME USA 04070-0550
207-883-4893
sedco@maine.rr.com
scarborougheconomicdevelopment.com
Town of Richmond
Victoria Boundy
Director of Community & Business Development
P.O. Box 159, 26 Gardiner Street
Richmond, ME USA 04357
207-737-4305, ext. 331
fax: 207-737-4306
director@richmondmaine.com
www.richmondmaine.com
Would you like to advertise here? call 732-559-1265 or email Jim Semple at jsemple@groupc.com

Maine State Incentives

COMMERCIAL LOAN INSURANCE PROGRAM: Insures a portion of a loan to a business made by a participating financial institution. Insurance Types:

  • Pro-rata: covers a certain percentage of lenders loss after a default and liquidation, up to 100 percent.
  • Leveraged: Covers 100 percent of lenders loss up to 25 percent of the loan amount.

PINE TREE DEVELOPMENT ZONE PROGRAM: Offers eligible businesses the chance to greatly reduce or virtually eliminate state taxes for up to ten years. Eligible Sectors include Biotechnology, Aquaculture and Marine Technology, Composite Materials Technology, Environmental Technology, Advanced Technologies for Forestry and Agriculture, Manufacturing (including Precision Manufacturing) IT and Financial Services.

SMALL ENTERPRISE GROWTH FUND (SEGF): Provides Maine companies and entrepreneurs access to patient sources of venture capital. The fund is a $9 million dollar revolving, “evergreen” fund. The SEGF is a professionally managed venture capital fund that invests exclusively in Maine companies that demonstrate a potential for high growth and public benefit.

STATE SMALL BUSINESS CREDIT INITIATIVES (SSBCI): $13.2 million in funds will help create new private sector jobs and spur more than $132 million in additional small-businesses lending in the state. The funding will take place in three stages, with the first allocation of $4.3 million now taking place. The SSBCI funds will be used to recapitalize three existing, successful programs:

  1. $7 million will be available to a group of 15 regional economic development agencies to make loans to businesses in their area. See FAME’s Regional Economic Development Revolving Loan Program.
  2. $3.2 million will be allocated to FAME for the Economic Recovery Loan Program – loans of up to $1 million that meet the program’s underwriting requirements, which can be used statewide;
  3. $3 million will be allocated to the Small Enterprise Growth Fund–Maine’s state-run venture capital fund.

ECONOMIC RECOVERY LOAN PROGRAM: Provides subordinate (gap) financing to assist businesses in their efforts to remain viable and/or improve productivity. From time to time, funds are used to address specific business community needs. Maine-based businesses that exhibit a reasonable ability to repay the loan and demonstrate that other sources of capital have been exhausted are eligible for the $750,000 maximum loan amount. Interest rate is fixed at Wall Street Journal Prime plus 2 percent, set at commitment. Loan term is a maximum of five years. Amortization may be based on the useful life of the assets being financed or additional collateral pledged. Balloon payments typically required.

SEED CAPITAL TAX CREDIT: Designed to encourage equity and near-equity investments in eligible Maine businesses, directly and through private venture capital funds. State income tax credits may be authorized to investors for up to 60 percent of the cash equity they provide to eligible Maine businesses. Investments may be used for fixed assets, research or working capital.

MAINE ECONOMIC DEVELOPMENT VENTURE CAPITAL REVOLVING INVESTMENT PROGRAM: Designed to allow the State to invest as an equal partner with others in eligible private venture capital funds to support emerging and early-growth businesses in Maine. There is a maximum investment of $1,000,000 per fund. It is intended to utilize experienced professional fund managers to increase the probability of successful investments in recipient companies and is available only to established venture capital funds that have a strategy for the creation and retention of jobs in Maine through:

  • Investments in Maine high-growth businesses.
  • A marketing and technical assistance plan.
  • Appropriate monitoring of its investments.
  • A technical assistance program to assist the businesses in which it invests.
  • A process for complying with proposed measurement and goals.

MAINE NEW MARKETS CAPITAL INVESTMENT PROGRAM: Provides refundable state tax credits of up to 39 percent to investors in qualified community development entities (CDEs) that reinvest in certain businesses in eligible low-income communities in Maine. The program is modeled after the federal New Markets Tax Credit Program, and is administered by the Finance Authority of Maine, in cooperation with Maine Revenue Services and the Maine Department of Economic and Community Development.

In order to be eligible to participate in the program, a CDE must be certified as a qualified community development by the Secretary of the United States Treasury, and be a party to an existing allocation agreement with the Department of Treasury’s CDFI Fund that is in effect and not subject to revocation or cancellation. The allocation agreement must have Maine in its service area.

AGRICULTURAL MARKETING LOAN FUND: Provides low interest financing to help eligible businesses employ new and innovative technologies and processes in order to improve, expand and enhance the manufacturing, marketability and production of Maine-made agricultural products. Funds may be used for the design, construction or improvement of facilities such as commodity storage buildings and packing and marketing facilities. Funds may also be used to purchase or retrofit machinery and equipment. Depending on the type of project, the loan amount is up to 90 percent of total project cost, if project cost is $100,000 or less; up to 75 percent of total project cost, if project cost is more than $100,000; and up to 45 percent of total project cost, if project is related to the production of potatoes. Maximum loan amount is $250,000, and acquisition costs for start-up enterprises is limited to $100,000.

ENERGY CONSERVATION LOAN PROGRAM: Funded through the Maine Public Utilities Commission (PUC), it provides low-interest loans to improve energy efficiency in Maine workplaces. Loan amount is 90 percent of project cost, up to a maximum loan amount of $35,000 and the interest rate is 1 percent, fixed for the term of the loan. Loan term is usually 5 years. Longer terms may be negotiated depending on the useful life of the assets being financed or additional collateral pledged.

COMMUNITY DEVELOPMENT BLOCK GRANT PROGRAM (CDBG): Provides funding and technical support for community projects that meet economic development objectives and lead to job creation or retention for Maine residents with low to moderate incomes.

TAX INCREMENT FINANCING (TIF): Provides municipalities with a local tool to finance the cost of private development. Maine municipalities may redirect some or all of the new property taxes from an investment project within a designated district to assist in that project’s financing. Municipalities have three disbursement options for the tax increment:

  • Give directly to the investing business to pay project costs.
  • Use to retire bonds issued as part of the project.
  • Retain for allowable economic development.

TIF districts may be designated for up to 30 years. Bonds may be issued for up to 20 years. Financing terms are determined by the municipality. Community designation of a TIF district requires proper public notice, a public hearing, and a majority vote of the municipal legislative body.

SMALL ENTERPRISE GROWTH FUND (SEGF): Provides initial investments, typically between $150,000 and $350,000, in patient capital to small businesses that demonstrate a potential for high growth and public benefit. Funds must be matched in cash. Investments from the fund may be structured as convertible debentures or direct purchases of preferred stock.

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