Caribou Entrepreneur Pilot Program is unveiled
CARIBOU - An exciting opportunity is now available to someone with a good idea for a business and wants to set up shop in Caribou.
The Northern Maine Development Commission has secured grant funding to offer an 11 session training program for selected entrepreneurs. After the sessions, private investors in Caribou may select the most promising plan or plans and provide backing for the ventures.
"In the selection process we will pick those that show the greatest interest in being an entrepreneur,
with entrepreneurial spirit, and wanting to come to Caribou," said Duane Walton, director of business finance at NMDC. "At the end they [the participants selected] will have a business model for a business type they have researched and then present that to the investors."
This program is a result of a request of local investors that would like to find acceptable entrepreneurs to make investment into businesses to be run by them that the business community and the public leaders feel would be good for their community. Each entrepreneur will negotiate a buy out of the investor over or at an agreed time so that the entrepreneurs will own their own business.
Caribou City Manager Steven Buck said this initiative provides a new and unique approach toward business investment for persons with ideas to create and grow businesses within the community.
"Caribou is known for its regional partnerships that allows for its exceptional service level provisions," said Buck. "We approach business development in the same manner seeking to partner with persons seeking to start a business or grow an existing business."
"There are numerous business opportunities within our region," added Buck. "There are opportunities in information technology using our existing and recently enhanced infrastructure, light industrial and commercial enterprises to utilize our existing capacities, and any number of niche markets that are yet to be tapped. The best business opportunities are those that the entrepreneur has invested the time to fully develop the business model for success."
Walton said manufacturing makes money and that would be very nice if someone was to come in with an idea like that, but retail services are also not out of the question.
"The key to the whole thing is to find out what's needed in Caribou and that's part of the process," Walton said.
Walton is hopeful this program may convince some, who long to return home, to do so.
"In addition to being open to anyone, I really hope this will also entice some people to take a second look at their hometown and invest their time and come back and have a good life which we offer here," said Walton.
This program serves as a pilot program from which best practices will be documented and used in other areas of Aroostook and Washington counties to improve local communities and promote economic development.
NMDC applied to USDA Rural Development for $50,000 and the money was granted. The funds used to match the USDA program come from Northern Maine Finance Corporation in the form of a $50,000 cash donation obtained from the Northern Border Regional Commission.
Applications and a brochure, which outlines the program, are available on the Northern Maine Development Commission website www.nmdc.org. The application deadline is July 31. Selection of the eligible participants will be completed by Aug. 15 and the entrepreneur/business plan training sessions will begin the week after Labor Day. The plan is to complete all phases of the program by Dec. 1.
For more information, contact Walton at the NMDC Business Finance Department at (207) 498-8736.