Mainebiz

W W W. M A I N E B I Z . B I Z 21 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 e property — a historic home dating to 1772 and other buildings — needed significant work, including installation of sprinkler and smoke alarm systems. e couple looked at bank loans. "We were in a unique position in that this business had not been fully oper- ational for three years," says David McLellan. "So while we were able to pur- chase the property turnkey, with existing infrastructure, banks were not willing to look at it as an existing business." Finding AVCOG through an internet search, they secured a $50,000 microloan — with a six-year payback, 6% interest and $966 per month payments. e McLellans say microenterprises are more about community than about individual businesses. "When we came in, it wasn't just a conversation about getting up to code," says McLellan. "It was a cultural conversation. AVCOG was willing to support us not just from the financial standpoint but for the community." Josh Nadeau notes, "Microenterprises form the backbone of small busi- nesses in our community. ey provide employment opportunities for entrepre- neurs and local workers, as well as foster our local economy, most times keeping money circulating in our local neigh- borhoods and communities, rather than out of our region." One phone call In 2013, Dana Cook decided to open his own automotive shop in Poland. e niche business, Dana's Heavy Duty Roadside Service, would mainly serve tractor-trailers, diesel trucks and specialty vehicles such as motorcycles and snowmobiles. e garage would include road service. His wife, Jessica Hamm, approached AVCOG. "ey helped us through the appli- cation process and the business plan," she says. "e interest rates were great, comparable and maybe even better than a lot of the banks." e initial loan of between $40,000 and $60,000 went to start-ups costs, including a service truck. "It was nice to have that all in one phone call," she says. e small business thrived, attracting national and local trucking companies. Additional loans came through AVCOG for a new waste oil furnace. en the garage they were renting was suddenly put up for sale. "We were planning on moving, but not at that point, so we would either have had to close the business or pur- chase it," says Hamm. "At that point, we didn't have money set aside for closing costs or a down payment." AVCOG worked with them on a loan for closing costs and the down pay- ment, in partnership with a local bank that provided a mortgage loan. When Cook passed away in 2020, AVCOG continued to be supportive, says Hamm. "ey delayed payments about six months so I could decide whether to keep the business going. ey knew him and they knew what happened," she says. Hamm decided to continue the business. AVCOG reached out again to help with pandemic-related assis- tance programs. "ey know who I am when I go in there," she says. "I go in there personally to drop off my payment and I say hi." Taylor Nadeau also attests to that neighborly touch. "I went to NMDC's website to see what they could offer and emailed Josh, just asking basic questions," he recalls. "We ended up talking. He basically wanted to know everything — what I was going to do, where I saw myself in so many years. e big- gest thing I take from them is, it's a business, but it's very personal." Laurie Schreiber, Mainebiz senior writer, can be reached at lschreiber @ mainebiz.biz WANT TO BUILD A BUSINESS YOU LOVE? From Wicked Fast working capital loans to business advice and policy advocacy, CEI is here to help Maine's small businesses. 207.504.5900 www.ceimaine.org We are here for you. STATEWIDE 2021 P H O T O / C O U R T E S Y O F D A N A' S H E A V Y D U T Y R O A D S I D E S E R V I C E It was a cultural conversation. AVCOG was willing to support us not just from the financial standpoint but for the community. — David McLellan Bliss Farm Inn Jessica Hamm, owner of Dana's Heavy Duty Roadside Service, says working through Androscoggin Valley Council of Governments combined financial and technical assistance in one source.

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