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August 7, 2017

New financing secured for western Maine small businesses

Community Concepts Inc. has secured financing for a new small business loan program for its Community Concepts Finance Corp.

The South Paris-based organization said the financing, from Lewiston-based Androscoggin Bank, will be used to grow CCFC's business lending program, which provides financial resources, including education and loans to new and existing businesses across Maine. "Working with local funders allows CCFC to be more adaptable," said Glen Holmes director of CCFC in a news release. "Through partnerships like this we can move at the speed of business, and as a result better serve our community and clients in real time."

CCFC has been recognized as a Top Performing Microlender in Maine by the U.S. Small Business Administration, and last year provided 24 loans to Maine businesses through the SBA microloan program totaling more than $899,000 in fiscal year 2016, the SBA said in December. In total, finance corporation invested more than $3.1 million with 54 Maine businesses in fiscal year 2016, creating 158 jobs and provided technical assistance to 133 clients, officials said at the time of the award.

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