PORTLAND — Aid to local small businesses will be bolstered by a federal Small Business Administration grant worth as much as $1.6 million over the next five years.
SBA Administrator Maria Contreras-Sweet announced Portland is one of eight communities awarded funding through the inaugural ScaleUp America program.
The funding will “help scalable small firms grow and create jobs,” she said in a Sept. 30 news release.
The funding is geared to help small businesses with annual revenues ranging from $150,000 to $500,000, according to the release. The program will be administered locally by Supply Chain Visions LLC.
Supply Chain Visions LLC is overseen by a committee of members from the University of Southern Maine, Gorham Savings Bank, Maine Center for Entrepreneurial Development, Blackstone Accelerates Growth.
The grant will provide small businesses “a proven entrepreneurship education curriculum … one-on-one support, mentoring and technical assistance … and assistance and connections to growth capital,” the release said.
The grant carries a one-year-term and can be renewed for four more years. More than 60 communities applied for the program.