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V I E W P O I N T S W W W. M A I N E B I Z . B I Z 3 M AY 1 5 , 2 0 2 3 From the Editor Featured @ Mainebiz.biz S mall businesses are the lifeline of Maine's economy. According to the Small Business Administration's annual Small Business Profiles for the States, 99% of companies in Maine are considered small businesses (though the SBA's definition of "small" is fewer than 500 employees). More from the SBA's 2022 report on Maine: 151,212 small businesses 293,748 employees (56% of all Maine employees) Between March 2020 and March 2021, 5,876 small business-establishments opened and 3,895 closed — for a net gain of 1,981 e three largest small business categories by payroll: construction ($1.388 billion), retail trade ($1.2 billion) and accommodation and food services ($1.12 billion). Perhaps the most telling SBA stat is the busi- ness growth — Maine's net increase of nearly 2,000 new businesses — which occurred during the earlier days of the pandemic. Mainebiz awards I'm happy to report that Mainebiz took home first place in the 2022 Better Newspaper Competition for racial, ethnic or gender issue coverage, for a cover story by Senior Writer Renee Cordes. e winning story, "Fighting for Equity," explores how female entrepreneurs in Maine are beating the odds to raise capital. e article was published in the Nov. 29, 2021, print edition of Mainebiz, with a focus on banking and finance. e contest was sponsored by the New England Newspaper and Press Association, the profes- sional trade association for newspapers in Maine, Massachusetts, New Hampshire, Connecticut, Rhode Island and Vermont. Mainebiz also received two awards for design work by Art Director Matt Selva. He took home second place for overall design of a niche product for the 2022 Mainebiz Fact Book. He also received third place for front-page design for the Nov. 1, 2021, of Mainebiz, featuring the headline "Electric Avenue" (a headline penned by Renee for her feature story about electric vehicles) in a typeface evoking illuminated neon lights. Peter Van Allen pvanallen@mainebiz.biz Perhaps the most telling SBA stat is the business growth — Maine's net increase of nearly 2,000 new businesses — which occurred during the earlier days of the pandemic. For a daily digest of Maine's top business news, sign up for the Mainebiz Daily Report at mainebiz.biz/enews 1. Massachusetts hotelier buys Ogunquit inn — its 24th property in Maine 2. Old Orchard Beach motel sells outside the family for first time 3. Aroma Joe's to break ground at $50M Edge at Berwick development 4. L.L.Bean unveils highlights of flagship store revamp 5. Maine Community Bank outlines key promotions and a new VP of commercial banking 6. Dan Thornton, M&T Bank's regional president, steps down 7. Hotel development remains strong: Newcomers include boutique hotels and inns 8. Calais border facility to get $3.8M revamp 9. Port Property unveils townhouse plans for Levee development in Biddeford 10. KeyBank will close four Maine branches in June P H O T O / C O U R T E S Y O F WA S O N A S S O C I AT E S 1 Get Maine's top business news daily at mainebiz.biz or by signing up for the Daily Report and Real Estate Insider newsletters. Here is our top content from April 25 to May 9. Wherever you are on your small business journey, we'll keep you on track. bernsteinshur.com Be successful. BE SHUR. Our interdisciplinary business team is ready to help with the future of your company. We regularly provide strategic counsel to companies at all stages of the business lifecycle – giving you the tools and guidance you need as you form, fund, go to market, scale and exit. Small businesses are vital to Maine's economy

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