Revitalizing Maine’s Downtowns through Innovative Business Development and the Creative Economy

Over the course of the campaign season, I had the opportunity to talk with many business leaders and individuals around the communities I represent. Based on these conversations, it was clear that the top priority was on jobs and our economy. This legislative session, I have submitted a bill that would create a revolving loan fund to encourage business development in Maine’s downtown regions.

The bill, An Act to Authorize a Bond Issue to Revitalize Maine’s Downtowns through Innovative Business Development and the Creative Economy, would provide seed money through matching funds and/or grants to target the creation of innovative business, light manufacturing, arts and cultural space, and small businesses. Maine takes pride in its quality of place and our downtowns are one area that provides each community with its unique identity. However, they can also be some of the more difficult locations to start up a business. This bill would help ease that burden.

Even the Maine Chamber of Commerce identified the need to invest in our downtowns and Main Streets in its “Making Maine Work” report. It calls for “encouraging businesses and residents to live in existing built-up areas” and “work to identify, protect, invest in, and market our most important assets, both natural and built.”

Additionally, the “Making Maine Work” report found that Maine has 19% more entrepreneurs per thousand people than the national average. This figure tells me that we have plenty of Maine people committed to doing their part to strengthen our economy. I believe that my legislation will help more of Maine’s entrepreneurs succeed in the start-up and growth of business.

To ensure that the business community is a part of the program, the bill would include a board to oversee the funds and how they are used. Its membership would include legislators and representatives from the Chamber of Commerce, the higher educational system, the Finance Authority of Maine (FAME), and Maine’s Small Business Development Center.

I believe this legislation is a critical investment for strengthening Maine’s economy and I welcome any feedback or suggestions. Please feel free to contact me at SenNancy.Sullivan@legislature.maine.gov or (207) 287-1515.