The Portland Economic Development Center serves as a one-stop shop for starting, expanding, or relocating a business, offering all the resources businesses need in one centralized location. Since 1991, EDC's loan programs have leveraged more than $121 million in new investment as a result of public and private partnerships facilitated by the City, the EDC and its financing arm the Downtown Portland Corporation. The City's Downtown Portland Corporation (DPC) offers a full compliment of commercial loan programs to assist business ventures of any size. In offering low-interest financing, their goal is to help ensure the total success of all businesses.
Programs to Support Business Growth
Other programs offered in Portland include the Portland Business Fund, the Downtown Micro and the Portland Micro. Portland Business fund offers assistance with building renovation, equipment purchase, leasehold improvements, facade renovation and building acquisition. Loans are available up to $150,000 with 20-year terms although the loans must be leveraged with equal or greater private investment and are focused on businesses located in Portland's Downtown.
The Downtown Micro is for renovation, working capital, building facades, inventory, equipment leasehold improvements and renovations. Loan amounts are up to $20,000 with 7-year terms and the loan must be leveraged with equal or greater private investment. It is available to first floor retail/service establishments located in Portland's Downtown. Interest rates for this program start at the cost-of-loan funds plus 1% and there are application fees of 1% of loan amount. The Portland Micro focuses on similar needs and offers loan amounts of up to $15,000 with 4 -year terms. The loan must be leveraged with a minimum of 25% private investment and application fees are 1% of loan amount. Portland Micro loans are granted to businesses outside the Downtown Micro area.
Due to the prevailing pro-business attitude of the Portland Metro Region, more than 5,300 jobs have been created or retained in the past year alone. No matter what your goals, you’re sure to find a climate that’s business friendly and local governments that make the success of businesses both large and small, a top priority.
Committed to Economic Development State Wide
While preserving yet moving its traditional industries into the 21st century, Maine has quietly become the country’s eleventh fastest growing state in exports. It has also had greater personal income gains than the rest of the country and a 30 fold increase in research and development investment in the past ten. Maine is reorganizing and rethinking its approach to business state-wide with the goal of being a global, knowledge-based, highly competitive economy. That translates into a plan that will create a fair and stable business environment to attract investment to Maine, invest in education, focus on key technology sectors of the state’s economy and build the supporting infrastructure.