Venture capital is typically difficult for Maine small businesses and entrepreneurs to access.
The main objective of this innovative program is to encourage economic growth in Maine by supporting creative and viable companies which can achieve a high rate of growth and job creation. The investment structure could either be convertible debenture or direct purchase of preferred stock. The preferred stock investment is designed to take an equity stake with no set repayment terms on the investment. The Small Enterprise Growth Fund is overseen by an eleven member board appointed by the Governor. Members are appointed for a term of two years.