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V O L . X X V I I I N O. X I I I § 2 J U N E 2 7 , 2 0 2 2 26 is desired, and that of course is a completely viable way to grow as well, if a bit slower," he says. Start with a plan Mello says it starts with a plan. He recommends Maine Small Business Development Centers' planning guide, on its website, called "A Guide to Starting a Business in Maine." e guide takes entrepreneurs through the steps to start a business, including considerations regard- ing raising capital. FAME created a Business Roadmap to guide Maine businesses through steps to apply for financing and help connect them to these additional resources for business plan development and counseling, most of which are free. Other resources are available through organizations such as the Maine Center for Entrepreneurs, Maine Small Business Development Centers, SCORE Maine, CEI Women's Business Centers and Roux Institute. S TA R T U P S — F I N D I N G C A P I TA L » C O N T I N U E D F RO M P R E V I O U S PA G E CASE STUDIES Entrepreneurs are diligent in finding money to get started and keep going. Here's a sampling of vehicles used at various stages. BluShift Aerospace: crowd equity Brunswick manufacturer bluShift Aerospace, founded by Sascha Deri in 2014, launched a rocket prototype in January 2021, then opened a crowd equity funding campaign for further development using its proprietary bio-derived rocket fuel and modular hybrid engine. Opting away from conventional venture capital and angel investment, the startup's crowd equity funding campaign allowed investments as small as $100, to raise $1.07 million on Wefunder. Fogtown Brewing: friends and family Jon Stein and Ian Heyse opened Fogtown Brewing Co. in January 2018 as Ellsworth's first brewery, using pri- marily loans from friends and family. As it expanded, Fogtown won audience and judge's awards in the 2020 Downeast Business Bootcamp Pitch Off. Each award provided $7,000 in cash and in-kind services. Cranberry Oysters: personal savings In 2018, Lauren Gray went full-time into her oyster- growing business, using personal savings of about $50,000. Small grants, a pitch-off award and family sweat equity followed. Pumpspotting: seed round In 2021, Kittery entrepreneur Amy VanHaren launched a $1.15 million seed round to grow her lactation support company, Pumpspotting, founded in 2015. The round was led by MooDoos Investments, with participation from Maine Venture Fund, Maine Angels, Launchpad Venture Group, Opus Ventures, Crystal McKellar and Punchbowl Inc. Bumbleroot Organic Farm: Farmland Trust and CEI Abby and Jeff Fisher, Melissa Law and Ben Whalen moved to Maine in 2013 to start Bumbleroot Organic Farm in Buxton, investing personal funds for equip- ment and inputs. In 2016, through Maine Farmland Trust's Buy/Protect/Sell program and with financing from Coastal Enterprises Inc., they invested in acre- age, renovation and production. Agriculture finance programs include the U.S. Department of Agriculture, Maine Department of Agriculture, Conservation and Forestry, CEI, FAME, Farm Credit East, and banks with agriculture loan programs. TGN Detailing: Rural Microentrepreneur Assistance Program In 2018, Caribou native Taylor Nadeau launched TGN Detailing thanks to a $33,000 microloan, facilitated by Caribou's Northern Maine Development Commission, through the U.S. Department of Agriculture's Rural Microentrepreneur Assistance Program, or RMAP. Congress created RMAP in 2008 to provide loan capital and grants to nonprofit organizations, community-based financial institutions, and local economic development councils, which in turn provide technical services and fixed-interest microloans up to $50,000 with a 20-year maximum term and two-year payment deferral to rural microentrepreneurs. James Place Inn Bed & Breakfast: ROBS In 2019, Bill and Mary Ann Hinko used a funding vehicle called "rollover for business startups," or ROBS, to buy the James Place Inn Bed & Breakfast in Freeport. The vehicle provides penalty-free access to retirement income to buy a business and pay startup costs. P H O T O / T I M G R E E N WAY Carlos Mello, acting CEO of the Finance Authority of Maine, says the number of organizations, financing programs, incubator programs and entrepreneurial competitions is at an all-time high in an effort to stimulate successful startups in Maine. F O C U S

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