Like our colleagues, friends and neighbors, GrowSmart Maine is committed to growing Maine in a way that makes sense. This means building a strong economy anchored in the communities where we choose to live; communities with vibrant Main streets surrounded by productive natural areas.
With this in mind, we support the six bond issues on the Nov. 4 ballot and have focused particular attention on two ballot questions that will be presented to voters: Question 3, known as the Small Business Bond, and Question 6, known as the Clean Water/Clean Water Jobs Bond. Maine needs strategic investment in small business growth, research facilities, water infrastructure and more. With strong demand for investments and historically low interest rates, the timing is right for these proposals.
Voting yes on Question 3 will create jobs, revitalize downtowns and strengthen Maine’s rural economy by providing loans to small businesses that are administered by existing regional economic development agencies. It provides $12 million toward investment and innovation by both insuring loans to and directly providing financing to small businesses. This funding will make capital available as Maine’s small businesses prepare to grow.
Question 3 will provide access to capital to Maine’s small businesses by continuing an existing program managed by the Finance Authority of Maine. The Regional Economic Development Revolving Loan Program is typically combined with conventional bank financing and private equity, and it is a key asset in attracting and retaining capital, investors and businesses in Maine.
It works. Since the Regional Economic Development Revolving Loan Program was created in 1993, it has seeded 772 loans to Maine businesses, helping to create and retain 10,500 jobs. The state’s allocation of $16.2 million in that time has leveraged nearly $259 million in additional private and public financing. Demand for the program has increased, and most of the funds are already tied up in loans, leaving little capital to assist additional business growth.
Success stories as diverse as Tiltons’ Market in Buckfield, MoInIycke Health Care in Wiscasset and Brunswick, and Seafax in Cumberland will continue with a strong vote of support for Question 3. Voters can learn more about how it works at www.mainersforsmallbusinesses.org.
A yes vote on Question 6 will provide $10 million for badly needed infrastructure improvements in communities across Maine. Funds will be split between built and natural infrastructure, upgrading stream crossings to reconnect habitat for fish and wildlife while preventing major road washouts, restoration of wetlands to mitigate flood damage to our communities, and funding a revolving loan fund to upgrade the state’s drinking water systems and waste water treatment facilities. The loan fund will secure $21 million in matching federal funds.
Question 6 is not just good for Maine’s natural resources and infrastructure, it also is good for Maine’s economy. Some 1,000 jobs will be created or sustained, increasing Maine’s Gross Domestic Product by $119 million and adding $38.5 million in personal earnings.
Because of its value for Maine’s economy, environment and the state’s bottom line, this bond proposal is supported by an impressive coalition that includes The Nature Conservancy, Maine State Chamber of Commerce, Sportsman’s Alliance of Maine, Associated General Contractors of Maine, Maine Municipal Association and Maine Audubon. For more information, visit www.cleanwaterformaine.com.
All the ballot questions required two-thirds approval in both the House and Senate. They are available at the Secretary of State’s website, www.maine.gov/sos/cec/elec/upcoming.html.
Investing in our economy, our environment and communities is good business. It is smart growth.
GrowSmart Maine will be taking up issues of community, environment and the economy — issues impacted by Question 3 and Question 6 — at our Summit 2014, “The Dollars and $ense of Smart Growth,” on Oct. 21 in Augusta. Learn more about the impact smart growth policies and projects can have on your community at http://GrowSmartMaine.org/summit.
Nancy Smith is executive director of GrowSmart Maine.