Immigrant owned small businesses tend to close at a faster rate in the first three years than firms founded by their U.S.-born counterparts. Often, the most common reason these micro-enterprises fail is because they lack the assets to invest further, or because their owners fail to anticipate problems. However, those businesses that do survive beyond the first three years grow at a faster rate than those of their U.S.-born counterparts. In Maine, we have lots of resources to support small businesses beyond their initial start-up phase. Here are some great state-wide resources:
Maine Center for Entrepreneurs:
The center seeks to provide Maine entrepreneurs with the tools and resources needed to directly impact their rate of success by bringing a broad array of relevant programing, quality mentorship, world-class training and expertise to encourage sustainable, Maine-based entrepreneurship. They currently offer two programs, along with several workshop series events, which address the unique needs and challenges facing entrepreneurs and companies today. From startup founders looking to participate in the Top Gun Program to established food, beverage, or agriculture companies looking to participate in the Cultivator or Market Share Program, resources are at www.mced.biz/programs.
Maine Technology Institute (MTI)
MTI offers grants, loans, equity investments, and services to businesses, organizations, and individuals to support Maine’s innovation economy. MTI defines innovators as individuals or groups who introduce ideas that create something new or improve an existing product, service, or process. They support projects in all phases of the innovation process – idea, research, development, commercialization, and sustainability. MTI requires a matching investment equal to or greater than the amount of requested MTI funding. www.mainetechnology.org/mti-funding/are-you-a-fit-for-mti/
Maine Department of Economic and Community Development (DECD)
DECD and its partners teach companies how to benefit from millions of dollars in tax credits, reimbursements, research and development credits, capital loans, and even direct investment.
To learn more about their variety of grants and similar resources, visit