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Business and Economy

2016 a Record Year for Maine Small Businesses Getting Capital

PORTLAND, Maine - The Maine Small Business Development Centers program say 2016 was a record year for small businesses in the state that sought money to start up and expand companies.

Officials say 14 advisers around the state helped clients secure a little more than $47 million in capital. That is the most in the program's 39-year history.

Officials with the program say it helped clients create or save more than 1,000 jobs and start 120 new businesses.

The Maine Small Business Development Centers program is a collaboration between the federal Small Business Administration, the Maine Department of Economic and Community Development and the University of Southern Maine. It's part of a nationwide network of hundreds of centers funded in part by the SBA.