The Northern Maine Development Commission has received a $1.2 million federal loan to help businesses grow in Washington and Aroostook counties. NMDC officials said yesterday they received the funding from the U.S. Small Business Administration's Microloan Program.
Duane Walton, director of business finance for the economic development group, said the money will be given as loans of up to $50,000 to new or expanding businesses, according to the Bangor Daily News. Half the money will be used in Washington County and half in Aroostook County.
Over its history, NMDC has made 224 microloans totaling $4 million, money that created 281 jobs and retained 639 jobs, it said.
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