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March 13, 2019

Scratchpad Accelerator gets $150K boost from Bangor Savings

Courtesy / Bangor Savings Bank
Courtesy / Bangor Savings Bank
Bangor Savings Bank CEO and President Bob Montgomery-Rice announced this week that the bank will invest $150,000 over three years in the Bangor-based Scratchpad Accelerator run by University of Maine Business School professor Jason Harkins and serial entrepreneur Lisa Liberatore.

About Bangor Savings Bank

Bangor Savings Bank, with more than $4 billion in assets, offers retail banking to consumers as well as comprehensive commercial, corporate, payroll administration, merchant services and small business banking services to businesses. The bank, founded in 1852, is in its 167th year with 58 branches in Maine and New Hampshire. The Bangor Savings Bank Foundation was created in 1997. Together, the bank and foundation invested more than $2 million into the community in the form of nonprofit sponsorships, grants and partnership initiatives last year.

Bangor Savings Bank will invest $150,000 over three years in the Bangor-based Scratchpad Accelerator run by University of Maine Business School professor Jason Harkins and serial entrepreneur Lisa Liberatore.

The bank was a founding corporate partner of Scratchpad at its launch in 2015. Since then, Scratchpad has worked with eight companies from across the state that were seeking to grow to a national or international scale and in need of outside equity to finance their expansion. With Scratchpad's full-time support, opportunities to learn from experts, and access to more than 150 mentors, the companies have raised more than $3 million, added hundreds of new customers and created more than a dozen jobs.

"Scratchpad is thrilled to partner with Bangor Savings to be able to support entrepreneurs as they work to get to scale quickly," said Harkins. "Accelerators act as a force multiplier for entrepreneurs helping them grow revenue, customers, and ultimately jobs. Scratchpad could not exist without crucial financial support like what Bangor Savings has committed."

Scratchpad Accelerator stated in a news release that it plans to use the funding for operational expenses for its third cohort of entrepreneurs this fall. Bangor Savings will also provide meeting and networking space for Scratchpad teams, access to senior executives for learning and leadership, and graphic design and digital marketing support.

"We know that when entrepreneurs and startup companies have the support to succeed, it creates a positive ripple effect for other businesses and the economy," said Bangor Savings Bank CEO and President Bob Montgomery-Rice. "Scratchpad Accelerator is dedicated to startup success, and we look forward to seeing their next round of companies achieve great things."

Scratchpad is a member of UpStart Maine, a nonprofit supporting entrepreneurship in the Bangor region from the earliest networking and idea formation stage through incubation and acceleration.

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