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) Microloan Program awarded a $295,942 Formula Grant to the Northern Me Dev Commission, a non-profit community development corporation and Community Development Financial Institution (CDFI) serving Aroostook and Washington counties in Northern Maine. This grant, awarded on July 1, 2023, with a completion date of June 30, 2024, provides direct loans and grants to the Commission so that it may offer micro-level loans, business-based training, and technical assistance to start-up, newly established, and growing small business concerns, with a focus on supporting women, low-income, and minority entrepreneurs. The Commission has received over $2 million in previous SBA Microloan Program funding and $1.5 million in CDFI awards from the U.S. Treasury to operate its microlending and technical assistance programs. The Commission also conducts regional economic planning activities supported by U.S. Economic Development Administration grants exceeding $6 million.

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.