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SBA outlines free advising, lending and contracting help for Maine small businesses
Summary
Bill Card of the Small Business Administration told attendees at the Main Agricultural Trades Show that SBA resource partners offer free, confidential advising and that SBA-backed loans (microlenders $1,000–$50,000; guarantees up to $5 million) and government contracting support can help small firms expand.
Bill Card, an economic development specialist with the Small Business Administration, told attendees at the Main Agricultural Trades Show that the SBA and its four Resource Partners provide free, confidential advising, lending support and contracting assistance to help small businesses start and grow.
Card opened by stressing planning: “what most folks really need in the beginning of their business is they need a plan,” and said that advisors can meet entrepreneurs “where they are” whether they need one-on-one help or cohort training.
Why it matters: the SBA’s Resource Partner network connects entrepreneurs with volunteers and advisors who can help build business plans, seek capital and pursue contracting opportunities with federal and local governments. Card said early engagement with these partners can reduce the risk of business failure and speed the route to revenue.
Card outlined the four Resource Partners available in Maine: SCORE (mentoring and business volunteers), the Maine Small Business Development Centers (SBDCs) for advising and training, the Women’s Business Center in Brunswick (cohort and women-focused services), and the Veterans Business Outreach Center (advising for veterans and family members). “SCORE is a volunteer organization…we have probably over a 100–125 members,” said Ed Ross, a chapter member of Central Maine SCORE, describing the mentoring capacity available through SCORE volunteers.
On financing, Card described options that range from microlenders—small, locally decisioned loans from about $1,000 up to $50,000—to larger SBA-participating lender products. He said the SBA can guarantee loans up to $5 million and that proceeds can be used for working capital, real estate, inventory and other business needs. Card recommended that entrepreneurs who already have a satisfactory relationship with a local lender consider working with that bank and ask if it is an SBA lender.
Card also urged businesses to consider federal contracting as a revenue source, noting that not all contracts require large-scale manufacturing: federal buildings need janitorial, landscaping and specialty trade services. He identified a Bangor-based SBA specialist (Jim Pino) and a procurement center representative who help small companies pursue set-asides or subcontractor roles, and pointed to Apex Accelerators at Eastern Maine Development Corporation as a local technical-assistance partner for contracting work.
Other SBA offerings Card covered included the disaster assistance loan program (Economic Injury Disaster Assistance) that activates after a disaster declaration to help businesses remain solvent, and export assistance programs to help firms enter foreign markets.
Card closed by encouraging attendees to reach out for help and provided contact pathways: the SBA Maine district office online at www.sba.gov/maine and by phone at 207-622-8551. He and Ross noted SCORE’s booth at the tradeshow as an in-person contact point.
The presentation concluded with brief audience interaction and an invitation to follow up with SBA staff and Resource Partners for tailored advising.
