Did You Know? Maine’s Small Business Scene is Booming!
Maine isn’t just about lighthouses and lobster rolls—it’s a powerhouse of entrepreneurial spirit. Here’s what’s fueling the momentum
📈 Record-Breaking Business Births
- According to an article in the Bangor Daily, in 2023, Maine saw over 14,000 new business applications, marking an 8% increase from the previous year and the highest on record since 2005.
👥 Small Businesses, Big Impact
- Small businesses make up 99.3% of all Maine businesses, employing over 275,000 people, which is 54.6% of the state’s workforce. Source: Office of Advocacy
💼 Diverse and Dynamic Industries
- Top sectors include construction, professional services, retail trade, and real estate, showcasing the state’s economic diversity.
🌍 Global Reach from Local Roots
- In 2022, 1,803 Maine firms exported goods worth $3.1 billion, with small businesses accounting for 84.2% of these exporters. Sources: Mainebiz and Office of Advocacy
💸 Access to Capital
- According to the Federal Reserve’s 2024 Small Business Credit Survey, 76% of firms that sought financing at credit unions were approved for at least some capital—topping every other funding source. Source: Americas Credit Unions
Credit unions’ member-focused, not-for-profit structure allows them to prioritize community needs over profits, making them invaluable partners for small businesses seeking accessible and affordable financing options.
At New Dimensions FCU, we’re committed to empowering local entrepreneurs with:
- Business Checking Accounts: Keep your finances organized and protected.
- Flexible Loan Options: Access funding tailored to your business needs.
- Cash Flow Management Tools: Optimize your operations and scale effectively.
Ready to take your business to the next level? Let’s grow together. If you’re interested in how New Dimensions FCU supports Maine businesses, feel free to explore our business services.