The importance of small businesses in the economy of maine

Another small map Throughout the nineteenth century, China's emperors had watched as foreigners encroached further and further upon their land.

The importance of small businesses in the economy of maine

The State of Small Business: Maine By Adam C. Maine is a state where local, small businesses are as much a part of the culture as they are a part of the economy. Small business owners reported reasonable regulations, fair access to working capital and strong community support as some of the most enticing aspects the Pine Tree State has to offer.

Anemic economic growth places Maine near the bottom of the barrel nationwide, as the state trails only Virginia, Alaska and Mississippi in state GDP growth foraccording to the Bureau of Economic Analysis.

Opportunities Readily available capital Sometimes it can be difficult for a new business to access the capital it needs through traditional loan options.

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But in Maine, most entrepreneurs said they had no issues finding the startup money they required, attributing the ease of financing to small, community-based banks and a robust network of investors and grant opportunities.

One such source is the Maine Technology Institutewhich offers loans and grants for startups and expanding businesses.

Strojny also pointed to the organization known as Maine Angelswhich connects investors and mentors with business owners, as well as a bevy of private investors throughout the state.

Access to capital is very robust here," Strojny said. Maine has got that in spades, said the entrepreneurs we spoke with. With a desire for local goods and services, as well as a personal interest in who the person behind the counter is, Maine is like a statewide throwback to the days of small town Americana.

Marshall said that makes it easier to network with people and make contacts. The local people here really do have that commitment," Constance Bodine, the co-owner of Sweetgrass Farm Winery and Distillerysaid. The sense of community, she said, is palpable. We can work with them.

The "buy local" trend is rooted in Maine culture, many said. As a result, tight-knit, community-centric businesses have developed. On the other hand, there is a dearth of large corporations and big-name franchises. Inthe most recent year for which U.

Census Bureau data is available, Maine ranked fourth in the nation in the self-employment rate, at That was actually a decrease fromwhen the self-employed rate was a staggering Now, the unemployment rate is hovering just above a healthy 4 percent, according to the U. Bureau of Labor Statistics. That would be good news, except that the decrease is due in part to a reduction in the overall labor force, which shed more than 20, workers since August as people retired or gave up searching for employment.

The importance of small businesses in the economy of maine

This leaves small business owners heavily reliant on their local communities, which might lack the necessary skilled labor some entrepreneurs require. Remote location Another big challenge for Maine is its geographical remoteness.

Not only are large markets distant, but also, communications technology is not so reliable in the more rural areas. For small business owners, both of these realities present a problem. We have to go outside of our area in order to maintain and grow our sales. In certain areas, access to communications networks is extremely limited.

While Internet connectivity and cell service is not quite up to snuff across the entire state, she said there is a big push to change that. Unfortunately, in a tourism-driven economy, many entrepreneurs have only a few months out of the year to make the majority of their profits.

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During that time, Maine sees a larger increase in income and business, and so we have to prepare for that at a city and state level. Restaurateurs and retailers can take quite a hit when the out-of-state visitors return home. Inmore than 32, people visited Maine throughout the year, up more than 10 percent fromaccording to a study performed on behalf of the state.

The services are entirely free and volunteer-driven. Here are some of the chapters in Maine.Maine has a small trapping industry which, with 3, resident trappers, is nevertheless larger than that of most Eastern states.

The principal pelt taken by value is beaver. Historically, however, beaver trapping was much more significant in the North Woods and Canadian Maritimes than the small industry of today and was the cause of much early . Jun 13,  · A powerful congressional committee voted on Wednesday to reject a measure to protect banks that open accounts for marijuana businesses from being punished by federal financial regulators.

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Founded in , Small Business Trends is an award-winning online publication for small business owners, entrepreneurs and the people who interact with them. However, Maine's sparse population presents a challenge for brick-and-mortar stores and helps explain the importance of tourism to Maine's highly seasonal economy.

Anemic economic growth places Maine near the bottom of the barrel nationwide, as the state trails only Virginia, Alaska and Mississippi in state GDP growth for , according to the .

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