Madawaska officials plan to kick off a business acceleration program later this year that will support northern Maine entrepreneurs with educational assistance.
The plan comes during renewed economic development in the town, which is renovating its mid-town plaza and also raised a quarter million dollars in a telethon for the initial phase of renovations to its bicentennial park.
The program, dubbed the St. John Valley Business Acceleration Program, is part of a broader, multiyear effort by the town to boost business development across the greater St. John Valley area, Madawaska Economic Development Director Kristen Henry said.
“More broadly, it aligns with our goal of positioning Madawaska and the greater St. John Valley as a hub for cross-border economic activity, and ensuring our local businesses are equipped to take advantage of those opportunities,” Henry said.
The town has been planning a business incubator and makerspace since 2018 with the creation of its “Grand Plan.” Now, with congressionally directed spending funding approved to help build the plaza space, the effort focuses on programming at that site, Henry said.
The International Business Development Center will be built at the town’s mid-town plaza on Main Street at a now vacant Subway building.
The project will serve businesses throughout the St. John Valley. Henry said the project has already seen strong support from towns and organizations including Fort Fairfield, Frenchville, Edmundston’s Economic Development Office, the Maine International Trade Center, and both the chambers of commerce in the St. John Valley.
Officials applied for a $377,385 grant through the Northern Border Regional Commission last Friday, and Henry told Select Board members earlier this week that the grant will help create programming at the business development center.
“The feedback from the NBRC state liaison was very positive on the program, and we feel very positive about that moving forward,” Henry said.
The total three-year project will cost $487,485. The remaining $110,100 would be in-kind only, and Henry said no taxpayer dollars will be used to fill the gap.
The business acceleration curriculum touches on management of finances, regulatory and code compliance readiness, capital planning and workforce development.
The business acceleration curriculum touches on management of finances, regulatory and code compliance readiness, capital planning and workforce development.
The training will also focus on Madawaska’s unique location along the Canadian border and include sessions about exports, customs, supply chain navigation and international commerce.
In the town’s project proposal, it cites that it is an economically distressed community in Aroostook County – a region that has also been designated as economically distressed. In making this statement, the town cites American Community Survey data which indicates that Madawaska’s median household income is $42,700. This is well below the state’s median household income, which according to the U.S. Census Bureau is $74,733.
Because of this, town officials cited the need to increase job opportunities and stimulate the local economy through this project.
Some additional anticipated outcomes of the project include permanent upgrades to roughly a dozen commercial properties and creating between 20 and 30 jobs.
“At its core, this program is about helping businesses move from idea to action, whether that’s starting up, stabilizing, or scaling,” Henry said. “In a rural region like ours, having access to coordinated support and expertise can make a significant difference in whether a business is able to move forward.”
Correction: An earlier version of the story misstated the amount of the grant, project cost and the nature of local contributions.
