Maine organizations receive funds from Biden-Harris administration to expand rural businesses
(WABI) - Good news for businesses in rural areas here in Maine.
The USDA has announced they are investing nearly a billion dollars to expand essential services for rural people, businesses, and entrepreneurs.
The $981 million investment will help communities in 47 states, Guam, and the Virgin Islands.
Maine will get around $30,000 in grants and $500,000 in loans.
Funding will help sustain small businesses and help others start them.
Charles Rudelitch of Sunrise County Economic Council in Machias says this will be a great help. USDA has announced they are investing nearly a billion dollars to expand essential services for rural people, businesses, and entrepreneurs.
“It’s a relatively small loan amount per business, but it really provides critical capital for business when businesses were on that growth trajectory where they may not be bankable yet for commercial loan. And this fills in a gap as they’re kind of in their early stages of growth,” Rudelitch said.
Androscoggin Valley Council of Governments and Eastern Maine Development Corporation will also get funds.
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