Issue link: https://nebusinessmedia.uberflip.com/i/1470718
W W W. M A I N E B I Z . B I Z 27 J U N E 2 7 , 2 0 2 2 F O C U S Innovation and startup capital is available through organizations such as Maine Technology Institute, Maine Venture Fund, CEI Ventures and Maine Angels. e Maine Seed Capital Tax Credit Program, administered by FAME, is designed to encourage equity investments in Maine busi- nesses, directly and through private venture capital funds, through state income tax credits to investors for 40% of the cash equity provided to eligible Maine businesses. is summer, says Mello, the Maine economic development finance community will begin deploying $62 million in federal debt and equity capital under the State Small Business Credit Initiate to support the growth of small businesses, including startups. e funding will be used to cata- lyze or generate over $600 million in private sector investment over the next decade. No one-size-fits-all As the U.S. Small Business Admin- istration notes, every business has different needs, and no financial solution is one-size-fits-all. Key to the process is calculating startup costs before launching. at in itself depends on what category the startup is in: brick-and-mortar, online or service provider. e SBA offers an online calculator allowing startups to analyze the break-even point at which total cost and total revenue are equal. Additionally, entrepreneurial pitch competitions like "Greenlight Maine" and Gorham Savings Bank's LaunchPad, are designed to provide new companies with seed capital they wouldn't otherwise be able to access through traditional financing. L aur i e S c h r e i b e r , M a i n e b i z s e n i o r w r i te r, c a n b e r e a c h e d a t l s c h r e i b e r @ m a i n e b i z . b i z S TA R T U P S — F I N D I N G C A P I TA L FAME was instrumental in the growth of our business. We needed someone to close our financing gap, and they were there for us. Will Fisher, Co-Founder AU S T I N S T R E E T B R E W E R Y Learn how our unique financing programs can work for your business. Helping Maine Businesses Succeed Since 1983 FAMEmaine.com • 1-800-228-3734 • TTY: 207-626-2717 OUTSOURCED BUSINESS ACCOUNTING, BOOKKEEPING, AND BACK-OFFICE SERVICES. DAWN RESHEN-DOTY CHIEF EXECUTIVE OFFICER MERRILEE WARHOLAK DIR. OF BUS. DEVELOPMENT 533 Congress St. #2 Portland, ME 04101 207-370-4661 info@benay.com benay.com Celebrating Over 35 Years of Business Management Benay works closely with startups across various industries who seek support for their organizations to grow successfully in our wonderful Maine community. nay GOVERNMENT SOURCES Federal, state and local governments offer financing programs to help small businesses start and grow their operations, including low-interest loans, venture capital and economic development grants. The city of Portland's economic development department has creative economy and micro business loan programs. SOURCES: Maine Small Business Development Centers, Creative Portland Corp. CROWDFUNDING Crowdfunding raises small amounts of money from a large number of people and is typically done on the internet. S O U R C E : Maine Small Business Development Centers VENTURE CAPITAL Venture capital is provided to high-potential, early-stage startup com- panies. Maine Venture Fund invests exclusively in Maine companies that demonstrate a potential for high growth and public benefit. CEI Ventures Inc. manages socially responsible capital funds. S O U R C E : Maine Small Business Development Centers, Maine Venture Fund This is a great time for Maine entrepreneurs and startups. — Carlos Mello Finance Authority of Maine