AUGUSTA, Maine — If you recently applied to college or helped someone apply, you're probably familiar with what's called the common application. The single application can be filled out once and then sent out to different schools, saving prospective students time.
The Maine Funding Network uses a similar approach. The goal of the online portal is to easily connect businesses to providers who can help them secure funding to scale up, get off the ground, or simply provide alternative financing.
Businesses fill out basic information and can get "matched" with a lending agency based on their needs. If a business has more than one match, they just fill out one common application, which eliminates the need to submit multiple forms and applications.
This resource was developed by the Finance Authority of Maine (FAME) and the Maine Department of Economic and Community Development. Jonathan Poole is the director of strategic operations for FAME and said his team worked on the network for nearly one year.
“Essentially, what we’re trying to do is create the front door and do some of the very early routing and matchmaking to try and make sure that businesses are using their spare time as efficiently as possible to try to find these funding resources and try to match them with providers that are likely to be a good fit," Poole said.
That common loan application and other documents have been translated into five languages (Arabic, French, Portuguese, Spanish, and Somali) to best serve all business owners in Maine.
The idea for the network came after Poole and other state officials heard from business owners about the challenges they face when it comes to applying for grants, loans, or just knowing what assistance they qualify for.
As of now, there are more than a dozen providers and partners within the network that are the sources of public and nonprofit funding.
Poole said he encourages businesses to check out the website and start applying for assistance so FAME can identify where funding and financing gaps exist in the state and work to close them.
Types of funding include a small business loan, equity financing, innovation grants, and collaborative capital, according to the website.
There are support services right on the website, as well as a Frequently Asked Questions tool. FAME will also hold a webinar about the network on May 29 at 3 p.m. You can find that link here.