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The Lewiston-Auburn Economic Growth Council is the central economic development agency for Lewiston-Auburn. The Growth Council works closely with clients on a fully confidential basis offering services including technical assistance, commercial financing, site searches, and marketing.
Business Retention and Attraction
The Growth Council is committed to your company's success. This may mean
acting as a local liaison with local, regional, and state development
agencies, or creating a financing package that suits your needs. The Growth
Council also serves as a clearinghouse of information on a wide variety
of business resources, such as technical assistance, education and training
programs, incentive programs, financing assistance, local statistical
data, and networking opportunities. LAEGC works with clients to tap various incentives and training programs offered by the state and local municipalities.
Site
Search Assistance
The Growth Council can help you locate buildings and/or land that
meet your exact specifications. In conjunction with the cities of Auburn
and Lewiston, local real estate brokers, and private developers, the Council
provides confidential site searches utilizing an extensive electronic
database of available properties.
Since its establishment in 1981, the Growth Council has leveraged nearly $45 million in new local investments through its comprehensive financing programs. Our experienced staff will creatively explore traditional and nontraditional resources to meet your financing needs for equipment purchases, real estate acquisitions, other fixed assets, and working capital. Some of our programs offer 100% financing, while others require various leverage thresholds. The Growth Council has a proven record of utilizing lending and packaging skills to leverage bank financing for businesses that were initially unable to access conventional credit.
Loan Programs
Finance Authority of Maine (FAME): Eligible local, regional, or statewide nonprofit or governmental economic development organizations administer loans to eligible borrowers for site purchase and development, construction and rehabilitation, machinery and equipment, working capital, export/trade, and research and development. The purpose of the loan is to create or retain jobs. The maximum loan amount is $200,000, and the number of jobs created will be determined by the LAEGC.
Intermediary Relending Program (IRP): (Auburn companies only): Funds must be used for site purchase & developers' costs, construction and rehabilitation, machinery and equipment, and working capital for the expansion of current or attraction of new businesses. The jobs created or retained will target low to moderate income persons or displaced farmers. A Class II assessment is required for all loans. Maximum loan amount: $150,000.
Economic Stimulus Loan Pool: Eligible activities include: site purchase & development, construction and rehabilitation, machinery and equipment, as well as working capital for the expansion or attraction of new industries or commercial ventures. At least one job must be created or retained per $25,000 loaned, and 51 percent of the total jobs created must be filled by employee(s) of low to moderate income. Maximum loan amount: $150,000.
Micro-Enterprise Loan Program: For businesses with five or fewer employees, the micro-loan program may be used for site purchase and developers' costs, construction and rehabilitation, machinery and equipment, and working capital when urgent needs are demonstrated. The program is used to prevent impending layoffs, and to create at least one job. Maximum loan amount: $25,000.
Marketing
The Growth Council promotes the Lewiston-Auburn community and its businesses
through media contacts, news articles, press releases, professional referrals,
and special marketing projects such as the annual Androscoggin Business-to-Business
Trade Show. The Growth Council also assists with providing data helpful
in conducting market research. The Growth Council is also active in attending
industry trade shows, and partners with the local business community in
attending major shows each year. We'll even help plan clients' open house
or ribbon-cutting ceremonies and provide public relations support.
The Lewiston-Auburn Economic Growth Council is your on-call business partner, assuming a variety of roles to help you get down to business affordably, efficiently, and successfully.
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