Over 600 Maine businesses connected with financial resources

Maine businesses have secured $300,000 in alternative funding, with more applications in process through a new state platform. The Maine Funding Network (MFN) is celebrating one year of providing funding and resource matches, connecting over 600 companies with 1,600 matches to alternative funding sources and business counseling services. With the goal of helping Maine businesses by connecting them with vital funding sources, MFN has made significant strides in its mission to strengthen the state’s economy

Prior to the launch of MFN, business owners didn’t always know where to turn to find these public and non-profit type funding sources. MFN hosts more than 20 public, non-profit, and alternative funding and counseling agencies. Each business taking advantage of the platform receives potential funding options and/or business counseling resources, after which the funding organization reaches out to help. The impressive match-to-business ratio shows that the system is working as designed, creating multiple pathways for Maine business success.

One new Maine entrepreneur, Tyler Menifield, owner of Hoot Pickleball, a Pickleball accessory company, found just the right match on MFN, one he may not have easily found on his own. “It’s been quite a journey getting my business off the ground. I’ve done extensive research to make Hoot Pickleball a success. Thanks to the ease and resources of Maine Funding Network, I was matched with Community Concepts Finance Corporation and was able to secure a loan to help me get Hoot Pickleball up and running.”

Every business that seeks matches and every partner that joins the network represents a potential success story in the making. While many businesses are unaware of the many alternative funding and business counseling services available to them, funders are also able to connect with businesses they may never have encountered, creating new jobs and helping grow the Maine economy.

“The Maine Funding Network has helped make connections between Community Concepts Finance Corporation (CCFC) and businesses across Maine, enabling expansion into new regions. MFN’s user-friendly platform has made it easier for all Maine businesses to access CCFC and other partners’ lending and advising services. This collaboration benefits businesses statewide and strengthens Maine’s economy,” says Natalie Washburn, President, CCFC.

Though just getting started, partner organizations have already facilitated hundreds of thousands of dollars in vital funding for Maine businesses. Many of the businesses really needed no-cost business consulting support as they were just starting out and didn’t have a business plan, which is needed to obtain financing.

“Our team has already made some responsive development to the online platform with user feedback,” said Jonathan Poole, Chief Operating Officer at Finance Authority of Maine (FAME). “We’ve been able to partner with over 20 of the state’s public, non-profit, and alternative funding organizations and they are all working with the businesses to increase their chances of success.” FAME administers and hosts the MFN platform.

Michael Duguay, Commissioner of the Maine Department of Economic and Community Development, sees great things on MFN’s horizon. “This first year is the foundation for what MFN can become – Maine’s alternative funding hub. It helps Maine businesses find the help they need when they can’t always figure out where to initially look. As the platform grows, so will our ability to create more access to funding, expanding Maine’s economy.”

For businesses that have not yet found their funding matches, visit MaineFundingNetwork.com.

Other public, non-profit, and alternative funding organizations that provide financial solutions and business counseling are invited to join this growing network. Current partner organizations include: Androscoggin Valley Council of Governments, Black Owned Maine, Coastal Enterprises, CEI Women’s Enterprises, Community Concepts Finance Corporation, The Cooperative Fund of the Northeast, Eastern Maine Development Corporation, FAME, Four Directions Development Corporation, Greater Portland Council of Governments, Immigrant Welcome Center Greater Portland, Maine Angels, Maine Office of Business Development, Midcoast Council of Governments, Small Business Development Center of Maine, Maine Technology Institute, Maine Venture Fund, Northern Maine Development Commission, City of Portland, SCORE, Southern Maine Finance Agency, Southern Maine Planning & Development Commission, and Sunrise County Economic Council.

The Finance Authority of Maine (FAME) is a quasi-independent state agency whose mission is to enrich business and educational outcomes through relevant, timely financial support to Maine’s people. FAME’s vision is a Maine where all people have access to improved economic outcomes through business growth and education attainment. To learn more about FAME, please visit www.famemaine.com