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August 27, 2018

Lisbon expands its small-business base with strategic business loans

Lisbon, a town of more than 9,000 in eastern Androscoggin County, has given out nearly $400,000 in economic development loans in the past five years to grow its small-business base.

"As far as the investment (attracted by the loans), you're talking hundreds of thousands of dollars, whether it be in job creation, whether it be in the tax base," Tracey Steuber, Lisbon's economic and community development director, told the Lewiston Sun Journal. The program this year attracted Lewiston's Black Bear Ladder, which broke ground this year on a larger property in Lisbon for a larger building, made possible with gap funding from a $131,000 town loan.

According to the town of Lisbon's website, its Department of Economic and Community Development can connect potential business applicants to various local, regional and statewide financial and technical assistance programs.

Lisbon's Revolving Loan Program is designed to support start-up, retention, expansion and attraction projects to Lisbon. The maximum revolving loan for fixed assets and working capital is $100,000.

Lisbon has other programs to attract and retain business, such as the tax increment financing agreement between the town and Dingley Press, which last year completed a $20.7 million expansion at its plant in Lisbon. Dingley Press, the fifth largest catalog printer in the United States, added a new printing press, co-mailer and manufacturing improvements as part of its investment.

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