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V O L . X X V N O. V I I A P R I L 1 , 2 0 1 9 16 Now in its seventh year, LaunchPad is "a unique thing for a bank to do," says Mark Girr, Gorham Savings' senior vice president of marketing and communica- tions. "Banks typically lend money. ey don't typically just give it away." Gorham Savings recognized there's a lack of funding for early-stage busi- nesses that need an extra boost to become bankable. "is is an opportunity go out- side of the box of normal lending," adds Kim Donnelly, Gorham Savings' senior vice president and director of business banking. Life happens Pitch competitions and boot-camp edu- cation programs, often linked to ongo- ing support and mentorship networks, expose early stage entrepreneurs to facets of running a business. In turn, that miti- gates risk both for bankers and investors. "All of those entrepreneurs are absolutely driven and committed to the success of their business," says Walsh. "But the challenge is that sometimes things happen outside of their business. e economy tanks or a customer has a challenge with cash flow and can't pay on time. If a bank doesn't move forward with a loan opportunity, it doesn't mean they don't believe in the entrepre- neur. It's just that the entrepreneur doesn't have the fall-back in case life happens." e risks are similar for other investors, says John Burns, manag- ing director of Maine Venture Fund. He cites the perils of investing in companies that have no cash flow or have expenses that outweigh revenues, sometimes by a lot. "en it's too risky for traditional, so they won't make a loan, unless it's per- sonally guaranteed or fully collateralized with marketable assets," says Burns. Bridge Loans Acquisition New Construction Operating Capital Renovation Loans Capital Improvement www.mainecapitalgroup.com 4 City Center, 3rd Floor, Portland, ME 04101 MCG is your solution. We see lending differently. Mike Lyden: 207.329.2177 / mlyden@mainecapitalgroup.com Russ Oakes: 207.352.5609 / roakes@mainecapitalgroup.com • Short term flexible loan structure • In-house underwriting and draw process • Exit strategy assistance Maine Capital Group has been providing short-term commercial loans since 2010. We understand that every real estate loan represents a unique opportunity for the borrower and the lender. • Asset based lending decisions Real Estate Lending with a SOLUTIONS APPROACH » C O N T I N U E D F RO M P R E V I O U S PA G E B A N K I N G / F I N A N C E F O C U S At Gorham Savings Bank, Kim Donnelly, senior vice president and director of business banking, and Mark Girr, senior vice president of marketing and communications, are instrumental in the annual LaunchPad pitch competition, which has a $50,000 prize. STATEWIDE