WILTON – A fund earmarked for business growth in the town has been collecting interest for more than 15 years, according to Gil Riley, president of the Wilton Development Corp.
The account of more than $52,000 was instrumental in an award of $67,467 to the town from the U.S. Department of Agriculture Rural Business Enterprise Grant program. The grant is an odd amount because limited federal funds were split between Wilton, Presque Isle and the Somerset Economic Development Corp., according to a representative at the Department of Agriculture.
The corporation has been working on the loan project for more than a year. A board member remembered the fund and suggested that it be used, Riley said Wednesday.
The “opportunity fund” in the bank was “just kind of forgotten about,” he said. But having more than $52,000 in the bank helped in securing the grant.
“Oh yes, oh yes, oh yes,” Riley said emphatically about the nest egg instrumental in the grant’s approval.
The combined total of more than $110,000 will become part of a revolving loan fund for small business start-ups or expansions.
“The revolving loan fund is designed to address the financial barriers that inhibit job creation, growth and expansion for small businesses in the town of Wilton,” according to a development corporation news release.
Peter Nielsen, town manager, said he was able to pursue the grant with help from the development corporation and Sarah Doscinski of Androscoggin Valley Council of Governments and the state Department of Economic and Community Development.
“This program will compliment existing programs and support the need for financing partners to structure deals with businesses in Wilton. It is all about helping make things happen at the local level,” said Doscinski in a written statement.
The development corporation’s role is to market the program, Riley said. Selectmen approved contracting with AVCOG to administer the loans at a meeting in March.
AVCOG has worked in a similar fashion with the River Valley Growth Council and other entities in Oxford County, Riley said.
“They’re experts in handling the paperwork and the administrative process,” he added.
Virtually any of the small businesses in town can apply, said Riley. Business owners planning to increase in size or capacity or increase inventory could receive loans ranging from $2,500 to $35,000. A proposed new business could also apply but would need to supply a business plan for the loan application, he said.
“The subliminal goal is to add jobs,” Riley added. “We’re pretty excited about the idea.”
Loan applications are available at the town office and more information is available by calling the town office at 645-4961, or AVCOG at 783-9186.
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