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W W W. M A I N E B I Z . B I Z 31 FA C T BO O K / D O I N G B U S I N E S S I N M A I N E B U S I N E S S R E S O U R C E S aquaculture and marine technology, composite materials technology, en- vironmental technology, advanced technologies for forestry and agri- culture, manufacturing and precision manufacturing, information technology and nancial services — the chance to greatly reduce or virtually eliminate state taxes for up to years by creating new, quality jobs or moving jobs to Maine. Reimbursements range from thousands to hundreds of thousands of dollars for taxes paid on new employees. Other tax reimbursements include the Tax Increment Financing program, the Business Equipment Tax Relief pro- gram and technology tax credits. Community-based incentives Businesses bene t from two pro- grams available to communities. e Community Development Block Grant Program works with municipalities, regional partnerships and nonpro t groups to meet development needs such as enhancing deteriorated busi- ness districts and promoting quality housing, with an eye toward job cre- ation or retention for Maine residents with low to moderate incomes. Tax Increment Financing programs allow municipalities to use property tax money to help nance new business activity in a de ned geographical district. A business may approach a mu- nicipality with a proposal for investment for which a TIF district would provide nancing. Projects have ranged from road upgrades to facility expansions. e Finance Authority of Maine sup- ports business start-up, expansion and growth, working with lenders to im- prove access to capital and helping to ll gaps in the state's capital delivery sys- tem. FAME o ers business assistance programs ranging from traditional loan insurance programs for small and larger businesses, to tax credits for investments that individuals make in manufacturing or export-related rms. FAME also es- tablished taxable and tax-exempt bond nancing programs that allow credit- worthy rms in Maine to access capital at favorable rates and terms. Maine & Co. works to attract new businesses and investment through real estate site searches, data collection and analysis, incentives identi cation and val- uation, site visit coordination, workforce analysis, and nancing coordination. Employee education programs include the community college system with customized training; Maine Worker Training ; TechMaine ; the Lifelong Learning Account Program's employee/employer shares; Maine Quality Centers education and training for new employees ; Pre- Apprenticeship and Apprenticeship pro- grams; and the Governor's Job Initiative reimbursements. e Main Venture Fund provides in- vestments typically from , to ,, as wekk as advice, technical assistance and networking for indus- tries that demonstrate potential for high growth and public bene t. Small businesses programs include MaineBusinessWorks, Eastern Maine Development Corp., Small Business Credit Initiative, Small Business Development Centers, the rapid- response Business Answers, Business Start-Up Kit, Small Business Advocate, Business Resource Guide and Maine Products Marketing Program. L S , a w r i t e r b a s e d i n B a s s H a r b o r, c a n b e r e a c h e d a t @ . P H O T O / T I M G R E E N WAY Denis Landry, left, and Kevin French partners of Landry/French Construction Co. at the site of the future Seaport Lofts in Portland. Smarter business relies on Androscoggin Smarter Banking. Move forward with Maine's #1 SBA/504 Lender in dollar volume for two years running. For smarter lending and business solutions, contact Dave Eldridge, SVP and Commercial lending Manager 376-3626 • deldridge@androscogginbank.com androscogginbank.com Smarter Banking ™