Photo / Courtesy State of Maine
Michael Duguay
July 14, 2025
A year in, Maine portal has connected 600 businesses with funding sources
Since its launch a year ago, a one-stop online portal has connected 600 Maine businesses with over 1,600 matches to public and nonprofit financing options and free business guidance.
So far, connections through the Maine Funding Network have led to $300,000 in funding secured, with more applications in progress, according to a news release.
“This first year is the foundation for what MFN can become — Maine’s alternative funding hub,” said Michael Duguay, commissioner of the Maine Department of Economic and Community Development, which oversees the state platform. “It helps Maine businesses find the help they need when they can’t always figure out where to initially look.”
The platform waslaunched in May 2024 and now has more than 20 public, nonprofit and alternative funding and counseling agencies (see sidebar).
Administered and hosted by the Finance Authority of Maine, the portal designed to help interested borrowers navigate the state's public and nonprofit business funding options. It was created with input and feedback from Maine business owners, lenders and economic development leaders.
“Our team has already made some responsive development to the online platform with user feedback,” said Jonathan Poole, Finance Authority of Maine’s director of strategy.
How it works
The portal is designed to match businesses with public and nonprofit funding agencies that fit the business type and financing needs. Interested businesses can create an account to be connected with provider matches.
After supplying basic information about the business and the nature of the funding request, the business will be automatically presented with matches and will be able to complete a common loan application. If a business is working with multiple financing providers, it will only need to submit one application.
The goal is to strengthen Maine’s economy by expanding access to capital and expert support.
“The Maine Funding Network has helped make connections between Community Concepts Finance Corp. and businesses across Maine, enabling expansion into new regions,” said Natalie Washburn, the organization's president.
Many businesses using the portal to date needed no-cost business consulting support as they were just starting out and didn’t have a business plan, which is needed to obtain financing.
Before the network’s launch, business owners didn’t always know where to turn to find public and nonprofit type funding sources.
“As the platform grows, so will our ability to create more access to funding, expanding Maine’s economy,” said Duguay.
For more information, click here.
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