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Investing In Local Businesses - The Readfield Enterprise Fund

Posted on: July 26, 2019 - 9:51am
Business Growth

The Readfield Enterprise Fund (REF) exists to create a pool of capital to assist in innovative solutions to problems faced by small or micro-businesses in Readfield, to increase the profitability of local small businesses, and to improve the local economy.  Through the support and leadership of the Readfield Select Board and Readfield Enterprise Committee the program was recently reviewed and revised and we are looking for local businesses to support.  If you own or are pursuing the creation of a small business - The Readfield Enterprise Fund Wants You! 

Readfield is a wonderful place to live, work, raise a family, and run a business.  There are always challenges to business ownership but we can boast dozens of thriving small businesses in Town.  The Enterprise Fund is one way we work to support those businesses and encourage new ones!  The REF can provide 0% interest loans for projects up to $10,000 for a term of up to 60 months.  Loans may be combined with or used to leverage other sources of financing.  Loan applications are evaluated on a first come, first served basis. 

Applicants eligible to apply are business owners and entrepreneurs:

  1. who actively work in the business,
  2. who have 4 or fewer employees, including the owner, and
  3. who are Readfield residents OR non-residents whose business is located in Readfield

Eligible uses of loan funds include (but may not be limited to):

  1. Purchasing/upgrading capital equipment,
  2. Inventories,
  3. Improving facilities (construction/renovation),
  4. Developing skills, education, and training,
  5. Marketing of product,
  6. Working capital,
  7. Job creation / retention of employees, and
  8. Computer hardware, software, and IT support services

The REF isn’t just about lending however, and we can offer a variety of resources to help support entrepreneurs along the road to running a successful business.  Depending on the needs of individual applicants these may include business development reference materials, research support, contact with other business development agencies and programs, mentoring, support in business plan development, assistance with permitting, and more. 

If you want to learn more about this program:

  1. Visit the webpage https://www.readfieldmaine.org/readfield-enterprise-committee,
  2. Contact Town Manager Eric Dyer at manager@readfieldmaine.org or 207-685-4939, or
  3. Stop by the Town Office at 8 Old Kents Hill Rd.