Funding can be tough to get for startup food and beverage companies, but a new loan fund totaling $500,000 combining local, regional and state monies aims to ease that challenge.
“The City of Portland’s Portland Development Corp., the Finance Authority of Maine and the Greater Portland Council of Governments have set aside a portion of their funds to this [food manufacturing] sector,” Chris Hall, director of regional initiatives for GPCOG and the former head of the Portland Regional Chamber of Commerce, told Mainebiz. “Entrepreneurs in this sector don’t always know what money is available.”
He added that the new monies can be given by one, two or all three of the organizations depending on the application.
Of the three organizations, Hall said GPCOG is forking over the most: $300,000, or 10% of its total operating budget. The loan applications will be reviewed by a committee composed of members of the three groups.