The Star-Herald

NMDC expands finance division

CARIBOU, Maine — Northern Maine Development Commission is expanding its Business Finance Division to better serve the needs of COVID-19 effected companies and others who want to start or grow their businesses.

Josh Nadeau, formerly the Small Business Development Center director (SBDC) at NMDC, has moved into a recently created commercial loan officer position. 

Brandon McDonald, who was the entrepreneurial program manager at the commission, is now a business adviser for the SBDC at NMDC.

NMDC Executive Director Robert Clark said the moves are in anticipation of additional federal loan funding becoming available soon to help businesses grappling with the economic downturn related to COVID-19. In addition, NMDC will hire another business adviser in the next few weeks to assist more clients.

“Josh and Brandon have excelled in their prior positions and this restructuring will put their skills to the best use in this unusual time,” said Clark.

Since late March, NMDC staff supported 140 businesses with information about the federal Payroll Protection Program and Economic Injury Disaster Loan initiatives, moratoriums on NMDC loans and business planning.

The goal of the Business Finance Division is to create new jobs, retain existing jobs and promote economic development for northern and eastern Maine. Staff members work with businesses, local banks, credit unions, state and federal agencies and other public and private funding sources to assist businesses with their financial needs, whether they are a small corner store or a large manufacturing plant.

NMDC has assisted more than 600 businesses with procuring some $160 million in public and private financing since 1977.

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