SHERMAN — The Upper Valley Economic Corp. awarded a loan in the amount of $12,500 to Jeff Brooks of Brook’s Equipment Services of Island Falls. The loan comes from UVEC’s $44,000 Revolving Loan Program funded in part from a grant from United States Department of Agriculture. The loan was for working capital.
UVEC established the Revolving Loan Program in July of 2011 to provide loans at reasonable rates to the 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 exceptions for special circumstances amounting to no more than 25 percent of available funds to be lent out. Technical assistance will also be available on an as-needed basis.
Contributed photo
RECEIVES GRANT — Jeff Brooks, right, of Brooks Equipment Services receives his Revolving Loan Fund Check from Marguerite Lawler, business banking officer of Machias Savings Bank/Houlton Maine. Brooks received a grant through the Upper Valley Economic Corp.’s Revolving Loan Program.
“UVEC is pleased to have this new resource to offer our community members. We expect these funds to help new or existing business to start up or expand,” said Peter Qualey, UVEC chairman of the board. UVEC has partnered with Machias Savings Bank, a financial and community leader in Maine since 1869, to assist with administering the funds.
For additional information or to apply, visit the Upper Valley Economic Council’s office at the Sherman Municipal Building or call (207) 365-7631.
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