In Focus: Some resources for women entrepreneurship like schemes, initiatives and grants in Maine
#WomenInBusiness #MaineEntrepreneurs #EmpoweringWomen
For women entrepreneurs, Maine isn’t just the “Pine Tree State”, but it’s an exciting land of opportunity! Incidentally, it’s also known as “Vacationland” because of its booming tourism.
With a unique, curious blend of natural beauty, vibrant small business culture & ample resources, Maine is fostering a supportive environment for female-led ventures. Women own an impressive 40.2% of small businesses here, revealing that female entrepreneurship isn’t just growing – it’s thriving. Beyond that, Maine proudly leads the nation with 89% of its female-owned businesses operating in STEM fields – showcasing the state’s progressive spirit in promoting women in technology, science & engineering.
Maine recognizes the importance of diversity in their business community. Immigrants, people of color, LGBTQ individuals & diverse perspectives of all kinds strengthen the state’s economy and society., Besides, that they are a key part of their future too.
Building Success in the “Pine Tree State”
Maine offers a wealth of resources specifically tailored to women entrepreneurs. Organizations like the Maine Women’s Business Center and the Maine Small Business Development Centers provide mentorship, training, and funding support. These programs, alongside accessible working capital and community-driven networks, help break down barriers and empower women to launch and grow successful businesses across the state.
With its low business regulations, available funding, and a deeply ingrained culture of community support, Maine is a fantastic home for women-led businesses of all kinds – from tech startups to tourism ventures. As women continue to make waves in Maine’s economy, they’re not just building businesses; they are indeed, shaping the future of the state’s entrepreneurial landscape.
Let us look at some resources for women entrepreneurship like schemes, initiatives and grants in Maine.
Maine Government Agencies
> Maine Small Business Advocate
The Maine Small Business Advocate’s top priority is – to represent small businesses that face the challenging task of understanding and complying with Maine’s extensive and often complex regulatory requirements. As an appointee of Maine’s Secretary of State, the Advocate serves as an independent, accountable & appropriate check on the state’s efforts to regulate Maine businesses.
This position is the first of its kind in the state and the nation that puts the spotlight on the state’s commitment – to ensuring that small businesses are set up and prosper too.
> State of Maine – Maine.gov – Business Services
All your questions can find an answer here – about starting or growing your business in Maine including Starting a Business, Business Licensing, Corporate Resources, Business Taxes & Employer Resources.
Besides, you can also learn more about – Maine’s location, workforce & training programs in Industry, Economic Development, Laws and Regulations, Resources by Profession, and Procurement and Vendor Information.
> Maine Small Business Administration – SBA
The Maine SBA is supported by – a district office in Augusta and two additional locations in Bangor and Portland. They provide services including – funding programs, counseling, federal contracting, certifications, and disaster recovery. Apart from that, they can also connect you to – partner organizations, lenders & other community groups that help small businesses succeed.
Examples of educational programs and events include – Unlock Your Brand Brilliance, Business Growth Through Short Form Video, Hiring Best Practices, and the Tax Practitioner Institute.
https://www.lisamasiello.com/maine-women-entrepreneurs-start-a-new-business
Maine Agencies & Non-profit Organizations
> SCORE Maine
SCORE Maine’s mentors provide free services in any form – virtually, on phone, or person-to-person. They offer free and low-cost business education workshops on a wide range of topics – from planning and financing to website and social media marketing.
SCORE Maine is the official presenter of two annual educational programs that provide tax preparers, enrolled agents, CPAs and legal professionals with updated information – about annual changes in Maine and Federal tax laws. The Tax Practitioner Institute (TPI) and the Maine Tax Forum (MTF) both provide continuing education credits.
> Maine Small Business Development Center – MSBDC
The Maine SBDC program helps build and strengthen small businesses – through business advising, training & educational resources. Certified business advisors provide guidance on topics such as – business feasibility, business plan development, capital acquisition, financial management, marketing and sales, e-commerce, customer service, personnel management, small business strategic planning and more.
For 40+ years, the Maine SBDC has provided individualized business assistance to hundreds of clients. Plus, many individuals have received management training through Maine SBDC-conducted seminars, workshops, and courses.
> New Ventures Maine
New Ventures Maine helps people all over the state – to venture into new directions by offering tuition-free programs for career, business, and financial education. Its mission is – to help Maine people succeed in the changing economy and achieve economic security for themselves and their families.
Classes and workshops, offered at no cost – are open to all Maine adults, with in-person and online options as well as one-to-one coaching. They offer programs that encourage and empower those thinking – about making a change to take the next step towards financial security, a new career, or a new business.
Additional locations are available in Central Maine in Augusta, Midcoast Maine in Brunswick, North Central/Downeast Maine in Bangor, Northern Maine in Presque Isle, Southern Maine in South Portland, and Western Maine in Lewiston.
> Coastal Enterprises, Inc. – CEI – Women’s Business Center
The CEI Women’s Business Center is a destination – for women who want to start or grow their own business in Maine. They work to understand the challenges that disproportionately affect women entrepreneurs and provide resources to help address those challenges.
What is encouraging is that their team will help you build and hone your business skills and confidence – from developing your business idea, to accessing capital, making strong management decisions based on a deep understanding of your financials and much more
They also offer courses, cohorts, workshops, and events which encourage peer-to-peer learning and community building, as well as 1:1 business advising support. No-cost interpretation services are available upon request.
https://www.ceimaine.org/advising/business/womens-business-center/
> Maine Center for Entrepreneurs (MCE)
The Maine Center for Entrepreneurs empowers and enables Maine’s most promising entrepreneurs. Their offerings are varied & highly promising for aspiring entrepreneurs.
Top Gun: Top Gun is the organization’s most widely known program aimed at helping Maine entrepreneurs accelerate their business growth.
Food Accelerators: MCE offers two unique Food Accelerator Programs that support Maine food and beverage companies.
BioStartup: BioStartup provides Maine biotech, digital health, life sciences and medical device entrepreneurs with the resources they need to accelerate their business.
Visionary Leadership: The Visionary Leadership Program is focused on assisting emerging Maine business leaders to overcome the challenges they face as they grow.
Compass: Compass provides Maine’s outdoor industry entrepreneurs with the programming they need to advance their business.
FoodTech Maine: FoodTech Maine focuses on the growth and innovation of food technology solutions.
https://www.lisamasiello.com/maine-women-entrepreneurs-start-a-new-business
Funding – State and Federal Sources
> U.S. Small Business Administration – Funding Sources
The U.S. Small Business Administration helps small businesses get the funding they need. Funding resources include:
Loans: Start or expand your business with loans guaranteed by the SBA.
Investment capital: Find an investor for your business. Investors make both debt and equity investments.
Disaster assistance: Get help after a disaster with low-interest disaster loans.
Surety bonds: Protect your work and your client with an SBA-guaranteed surety bond.
Grants: Look for government grants that help businesses do scientific research and development.
> Maine Angels
Maine Angels assists entrepreneurs – by investing in and mentoring companies in the early stage. They are always looking for promising ideas with a good team behind them.
The investment criteria is built around these points:
Scalable business with plans to address growing markets
An intent to exit with an achievable exit strategy
Provide the potential for high returns to compensate for investment risk and illiquidity
Emerging or established market for the product
The potential addressable market should be of sufficient size to make a profitable exit possible
Differentiated product or service
Preference for East Coast/New England deals within range of a site visit
Attractive deal terms
Management capable of executing the plan
> MaineStream Finance
MaineStream Finance is a non-profit organization that is totally dedicated to – economic development by providing credit, capital, and financial services that are often unavailable from traditional financial institutions.
These services are delivered through lending, savings products, classes, and advisory support. MaineStream Finance offers a variety of loan products to small businesses who may have trouble finding credit. Amount minimum $500 – Up to $200,000 / Term: Up to 20 years.
The purpose includes:
Purchase/upgrade of inventory, equipment, computers, real estate
Building renovations and improvements
Business acquisitions
> Finance Authority of Maine – FAME
To meet the financing needs of Maine’s business community, FAME offers a wide array of business assistance programs – ranging from traditional loan insurance programs for both small and larger businesses, to investment tax credits.
FAME has also established taxable and tax-exempt bond financing programs that allow strong, creditworthy firms in Maine to access capital at favorable rates and terms.
Financing programs include – Direct Loan Programs, Bond Programs, Equity Capital, and Tax Credits.
FAME’s Business Roadmap outlines – key steps in the business planning and financing process, along with the tools, resources, and trusted partners that can help you along your journey.
https://www.lisamasiello.com/maine-women-entrepreneurs-start-a-new-business
> Amber Grant
You can actually find startup business grants for women online. In the case of WomensNet, you can apply for Amber Grant. They give away three $10,000 Women’s Business Grants each month.
So, this is a great, simple way to start on your journey as woman entrepreneurs. So, you can apply for Amber Grants for Women. Businesswomen from Maine (and all across America) can easily apply for these grants. Their judges pick three different $10,000 Amber Grant recipients each month – and if you win, you’re automatically eligible for one of the $25,000 year-end Amber Grants.
That actually means you could be awarded $35,000 total this year if you take the step ahead – by filling up your application today!!
https://ambergrantsforwomen.com/business-grants-women-maine/
Avtar Madan
Himanshu
Shree Lahiri
