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V O L . X X V I I I N O. V I I A P R I L 4 , 2 0 2 2 20 B A N K I N G / F I N A N C E / I N S U R A N C E F O C U S She continues, "We're not here to compete with banks. We're here to support microenterprises that aren't ready for bank financing, and eventu- ally can become bankable. We also have instances where a bank is willing to do some financing but aren't willing to take on all the risk and partner with AVCOG to provide gap financing." Strange niche Chris Morton opened KMH Music in Presque Isle in 2012 to offer instrument rentals, sales, repairs and accessories. Eventually he turned two stock rooms into studios and began offering private lessons. Today, there are three employ- ees and two contract teachers. Revenue for 2021 was its highest since opening. "I initially approached NMDC in the spring of 2020 when the governor ordered the closures of nonessential businesses such as ours," says Morton. "As a sole proprietor, I fell into a strange niche where I didn't qualify for unemployment but also wasn't able to run my business." David Spooner, a loan officer at Northern Maine Development Commission, helped him apply for and receive a $5,000 grant to pay businesses expenses and stay afloat until the U.S. Department of Labor set up an unemployment program for sole proprietors. Spooner helped him apply for two tranches of the latter grant program. e various grants totaled about $33,000. "ose monies saved our store at a time when circumstances had put a stop to our normal revenue streams," Morton says. Additionally, NMDC facilitated a loan for a new furnace to replace a 40-year-old fuel guzzler, resulting in sav- ings of hundreds of dollars per month. NMDC also offered technical assis- tance with things such as website design. "Were it not for the outstand- ing efforts of David Spooner and NMDC, I'm not sure our store would still function," Morton says. "Our shelves would be empty, we would have an incredibly depressing amount of debt racked up, and our fuel oil bills would be prohibitive to the point that I'm not sure we could justify remain- ing in business." Banking alternative At Bliss Farm Inn in Durham, David and Mary McLellan tapped into Androscoggin Valley Council of Governments for assistance. e couple moved to Maine in 2021 after various career endeavors. David was a museum director in Alabama when the pandemic hit. ey decided the time was right to accelerate plans to go into inn keeping and found Bliss Farm. sbsavings.bank | (207) 284-4591 Member FDIC ALL YOUR BANKING NEEDS WITH THE CARE AND COMMITMENT YOU DESERVE. C M Y CM MY CY CMY K ai16480425265_MaineBiz - Banking (April).pdf 1 3/23/2022 9:35:26 AM » C O N T I N U E D F RO M P R E V I O U S PA G E P H O T O / C O U R T E S Y O F B L I S S FA R M I N N David and Mary McLellan tapped into Androscoggin Valley Council of Governments to secure a microloan to buy Bliss Farm Inn in Durham. Microlending programs: Northern Maine Development Commission www.nmdc.org Androscoggin Valley Council of Governments www.avcog.org Eastern Maine Development Corp. www.emdc.org Sunrise County Economic Council www.sunrisecounty.org Community Concepts Finance Corp. www.ccimaine.org/ccfc U.S. Department of Agriculture's Rural Microentrepreneur Assistance Program www.rd.usda.gov

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