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| Aroostook Republican photo/Natalie Bazinet Duane Walton, director of business finance at NMDC, spoke about the Caribou Entrepreneur Program during the launch event on June 15. |
CARIBOU — Potential entrepreneurs aspiring to open a business in Caribou now have access to an abundance of financial and educational support through the Caribou Entrepreneur Program — a program born of the enthusiasm of current Caribou entrepreneurs to help others start their own thriving businesses.
Officials with the Northern Maine Development Commission secured grant funding that will be used to offer an 11-session training program for entrepreneurs selected to participate in the program and after the classes conclude, private investors in Caribou may select the most promising plan or plans that may be provided backing for the new entrepreneurial ventures.
“In the selection process we will pick those that show the greatest interest in being an entrepreneur, with entrepreneurial spirit, and wanting to come to Caribou,” said Duane Walton, director of business finance at NMDC. “At the end [the participants selected] will have a business model for a business type they have researched, and [will] then present that to the investors.”
Officials with NMDC explained during the June 15 kick-off event that this program is a result of the request from local investors; some of Caribou’s already successful entrepreneur had expressed their willingness to invest in entrepreneurs and their prospective businesses that both the investors and public leaders felt would be a good fit for Caribou.
The fact that Caribou entrepreneurs are so willing to support other entrepreneurs taking root in the city speaks volumes for the investment group.
“I think it’s a tremendous statement about the business owners that are part of the investment group, in that Caribou’s been a great place for them to grow a business and they want to see others succeed as they have,” said Caribou City Manager Steve Buck. “The more success [the potential entrepreneurs have] — success breeds success and I think that’s the key factor in this whole program.”
While the selected entrepreneurs will potentially start their businesses with help from local investors, each entrepreneur will negotiate a buy out of the investor over an agreed time so that the entrepreneurs will own their business outright in time.
Buck said this initiative provides a new and unique approach toward business investment for persons with ideas to create and grow businesses within the community.
“Caribou is known for its regional partnerships that allows for its exceptional service level provisions,” said Buck. “We approach business development in the same manner seeking to partner with persons seeking to start a business or grow an existing business.”
“There are numerous business opportunities within our region,” added Buck. “There are opportunities in information technology using our existing and recently enhanced infrastructure, light industrial and commercial enterprises to utilize our existing capacities, and any number of niche markets that are yet to be tapped. The best business opportunities are those that the entrepreneur has invested the time to fully develop the business model for success.”
Walton said manufacturing makes money and that would be very nice if someone was to come in with an idea like that, but retail services are also not out of the question.
“The key to the whole thing is to find out what’s needed in Caribou and that’s part of the process,” Walton said.
Walton is hopeful this program may convince some, who long to return home, to do so.
“In addition to being open to anyone, I really hope this will also entice some people to take a second look at their hometown and invest their time and come back and have a good life which we offer here,” said Walton.
This project serves as a pilot program from which best practices will be documented and used in other areas of Aroostook and Washington counties to improve local communities and promote economic development.
NMDC applied to USDA Rural Development for $50,000 and the money was granted. The funds used to match the USDA program come from Northern Maine Finance Corporation in the form of a $50,000 cash donation obtained from the Northern Border Regional Commission.
Applications and a brochure, which outlines the program, are available on the NMDC website www.nmdc.org. The application deadline is July 31. Selection of the eligible participants will be completed by Aug. 15 and the entrepreneur/business plan training sessions will begin the week after Labor Day. The plan is to complete all phases of the program by Dec. 1.
For more information, contact Walton at the NMDC Business Finance Department at (207) 498-8736.
