Upper Valley Economic Council partners with Machias Savings Bank

    Upper Valley Economic Council announced the creation of a $44,000 revolving loan fund, funded in part by a grant from the United States Department of Agriculture.
    This grant will support a revolving loan fund that will assist in business development, and job creation in the Upper Valley Economic Council area. The grant will also allow UVEC to provide loans at reasonable rates to small and emerging businesses that are unable to obtain credit through conventional sources. Loans will typically range from a minimum of $2,000 to a maximum of $5,000, with technical assistance available on an as-needed basis.
 “UVEC is pleased to have this new resource to offer our community members. We expect these funds to help new or existing businesses to start up or expand”, said Peter Qualey, UVEC Chairman of the Board.
Contributed photo
PARTNERSHIP — Machias Savings Bank and the Upper Valley Economic Council have formed a partnership to create a revolving loan fund. Announcing the partnership are, from left, Peter Qualey, UVEC board chair, Chris Fitzpatrick, senior regional vice president of Machias Savings Bank; and Jeff Packard, office manager for UVEC.
    UVEC has partnered with Machias Savings Bank, a financial and community leader in Maine since 1869, to assist with administering the funds.
    “Machias Savings Bank is proud to be a supporter of the Council’s efforts to assist our area.  Many residents have been hit hard by the economy and we want to provide sustainable resources that will help rebuild and revitalize our state. This program is a great example of Machias Savings Bank’s creative efforts in partnering with USDA and UVEC to make funds available to small businesses in our local market area”, said Larry Barker, President of Machias Savings Bank.
    For more information or to apply, visit the Upper Valley Economic Council’s office at the Sherman Municipal Building or call (207) 365-7631.