Mainebiz

W W W. M A I N E B I Z . B I Z 19 A P R I L 4 , 2 0 2 2 F O C U S B A N K I N G / F I N A N C E / I N S U R A N C E On top of RMAP, multiple federal stimulus packages helped many micro- enterprises survive the pandemic, and even provided some with extra capital for repairs or equipment they might have postponed. Grit and resolve Lee Umphrey, president and CEO of the Eastern Maine Development Corp. in Augusta, says, in some ways, the pandemic rebuilt and refocused microenterprise efforts. "Businesses were rewarded for grit and resolve," Umphrey says. "Small construction, carpentry and other trades thrived along with food trucks and emerging areas of the fishing industry like oysters and seaweed." EMDC works with microenter- prise from the start to ensure they are ready to roll. "We provide technical assistance, lending, workforce, and government contracting services," he says. "Because we are a community based organiza- tion providing these services, we help tailor business plans that mirror the needs and demands of their commu- nity with an eye on how to grow that business beyond." e Androscoggin Valley Council of Governments in Auburn has seen new interest in RMAP, says Executive Director Amy Landry. A recent client was looking to buy a bed-and-breakfast. "ey came to Maine recently and purchased an inn and wanted to make some improvements," she says. "We provided technical assistance and financing to them." RMAP lenders have more flexibil- ity than banks in deciding whether to make a loan, she says. "We provide subordinated debt to small businesses, who might not have been able to get bank financing." Maine's credit unions are here for you. mainecreditunions.org Banking without the bank. Maine credit unions offer personal and business financial relationships that focus on your unique needs. • Checking and savings accounts • Better loan rates • Lower fees • Digital banking • Remote deposit Open an account at a credit union today. C O N T I N U E D O N F O L L OW I N G PA G E » We're not here to compete with banks. We're here to support microenterprises. — Amy Landry Androscoggin Valley Council of Governments PHOTO / COURTESY OF ANDROSCOGGIN VALLEY COUNCIL OF GOVERNMENTS P H O T O / C O U R T E S Y O F E A S T E R N M A I N E D E V E L O P M E N T C O R P. P H O T O / C O U R T E S Y O F K M H M U S I C Lee Umphrey, president and CEO of the Eastern Maine Development Corp., says his organization helps tailor business plans. Amy Landry is executive director of the Androscoggin Valley Council of Governments. Chris Morton, co-owner with his wife Jordyn of KMH Music in Presque Isle, says Northern Maine Development Commission help was key to staying in business through the pandemic.

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