However, since over 80% of small business loan applications to banks are rejected, business owners often have to turn to financial products or investors with less favorable terms and interest rates for help. They may be required to use personal assets as collateral, find a co-signer, or come up with a large down payment. Financial assistance may take the form of a conditional grant or a loan.

Center For Small Business Finance

Our newsletter is your weekly dose of news, information, training, and inspiration to help you start or grow your small business. As part of the application process for your private loan, you will need to complete a brief private loan counseling course on iGrad, a financial literacy resource provided by the Finance Authority of Maine . The course will take approximately 10 minutes, after which you will be directed to the loan application. The state’s website has an extensive list of resources for Maine businesses, including information on starting a business, business licensing, business taxes, corporate resources, employer resources, and laws and regulations. Gorham Savings Bank’s LaunchPad small business competition celebrates and supports Maine ingenuity, creativity, and entrepreneurial spirit. Five finalists are selected to pitch live and compete for a $50,000 grant from Gorham Savings to buy equipment, expand or acquire space, hire employees, fund product development, or meet any other business need.

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Getting your new business up and running will likely involve some level of financial investment. The SBA’s Economic Injury Disaster Loans program assists small businesses affected by the pandemic, offering low fixed interest rates, long maturities, and no prepayment penalties or fees. Credit unions are another importance source of small business credit for their members.

  • She believes in the transformative opportunities that higher education provides to all students but also the impact students leave on the professionals they meet during their college career.
  • Rachael is a digital content creator that has a passion for telling the story of small business through unique imagery.
  • Our network gives you access to resources to enhance your business plan.
  • It is owned by the South African government under the supervision of the Economic Development ministry.
  • Encourages investments in small businesses by providing credits to outside passive investors.
  • They have connected me with SBA resources and answered many questions.