The small business administration (SBA) microloan program provides direct loans and grants to eligible non-profit microlenders so that they may provide micro-level loans, and business based training…

The Small Business Administration (SBA) awarded a $378,393 Formula Grant under the Microloan Program (CFDA 59.046) to Community Concepts Finance Corporation, a non-profit community development organization in Western Maine. The grant period is from July 1, 2023 to June 30, 2024.

Through this funding, Community Concepts Finance Corporation will provide direct micro-level loans of $50,000 or less, as well as business training and technical assistance, to start-up, newly established, and growing small businesses, with a focus on women, low-income, and minority entrepreneurs. As a microlending intermediary, Community Concepts will use the SBA Microloan Program funds to issue microloans and deliver capacity-building services to small business borrowers in the region. This grant builds on over $1.6 million in previous SBA Microloan Program funding and $130,000 in USDA Rural Microentrepreneur Assistance Program grants awarded to Community Concepts Finance Corporation in recent years to support small business development and economic growth in underserved communities.

The small business administration (SBA) microloan program provides direct loans and grants to eligible non-profit microlenders so that they may provide micro-level loans, and business based training and technical assistance to start- up, newly established and growing small business concerns.