NMCD receives funds to boost small businesses

CARIBOU, Maine — More than $85,000 is coming to northern and eastern Maine to assist businesses with accessing loans from Northern Maine Development Commission’s recently awarded $500,000 loan from the U.S. Department of Agriculture. NMDC was awarded funding from the USDA Rural Microenterprise Assistance Program to aid loan clients to strengthen their small businesses.Under the program, USDA provides loans to microenterprise development organizations that, in turn, make microloans for business startup or development to eligible microentrepreneurs, defined as very small businesses with 10 or fewer employees. Grants are available for technical assistance and training, particularly in rural areas experiencing persistent poverty or significant outmigration.