Funding Supports Technical Assistance for Microbusiness

Bangor, ME - January 31, 2011 - Penquis announces MaineStream Finance's expanded capacity to offer Technical Assistance and Small Business Loans for individuals interested in starting a microbusiness, or to support the expansion and growth of an existing small business.

MaineStream Finance, a subsidiary of Penquis, is a non-profit Community Development Financial Institution (CDFI), providing credit and financial education programs to reduce poverty and address economic and social needs for Maine residents with low or moderate income. MaineStream Finance offers a wide range of services including home buyer education, mortgage lending and technical assistance for small and microbusiness owners.

MaineStream Finance recently hired Lisa McLaughlin as a Microenterprise Consultant. Her position was created to serve the residents and small businesses in Penobscot County. "With a recent grant from the US Small Business Administration, we were able to hire two additional Consultants so each county we serve has someone on the ground providing microbusiness technical assistance," said Jayne Crosby Giles, CEO of MaineStream Finance.

While MaineStream Finance offers a wide range of services, from Home Buyer Education, reverse mortgages to home loans, McLaughlin's primary role will be assisting with the Microbusiness Technical Assistance and Lending branch of MaineStream Finance.

McLaughlin has 17 years of experience in the private sector working for architect, engineering, and construction firms. She also has five years in economic development with her most recent positions at Eastern Maine Development Corporation with the Maine Procurement Technical Assistant Center and at the Millinocket Area Growth and Investment Council. "Lisa's background in both the private and public sector will bring a wide range of experience and insight to her clients," said Giles.  

"My first goal is to make sure folks know that MaineStream Finance offers one-on-one business technical assistance," said McLaughlin. "I want people to know that someone is available to explore their ideas and possibly take those ideas a step further into the development stage." There is no charge for the services MaineStream Finance offers. Anyone interested in starting or growing their small business has the opportunity to explore and develop those ideas. "I enjoy working directly with people. It excites me to see people succeed and reach for their dreams," said McLaughlin. 

MaineStream Finance recently received funding from the USDA Rural Development, Rural Microentrepreneur Assistance Program to offer microbusiness loans up to $50,000 for qualifying individuals.  

In addition to the technical assistance, the U. S. Small Business Administration provides funding for two trainings offered through MaineStream Finance. Incubator Without Walls is a 12-session training that teaches individuals how to start or expand a business with 5 or fewer employees. Business 101 provides an overview of the pros and cons of operating a microenterprise, developing a business plan and resources for business development.  

Individuals interested in learning more about the services offered by MaineStream Finance can call MaineStream Finance at 973-3665 or 1-800-215-4942 or by email at lmclaughlin@penquis.org 

About MaineStream Finance

Sidiary of Penquis, MaineStream Finance provides Maine residents with training, counseling loans to help start or grow a business. We provide homebuyer education, home loans, and down payment assistance loans.