PURPOSE
Entrepreneurship is a key component of economic empowerment. We leverage local and regional experts and economic development initiatives to facilitate technical support, mentoring, access to capital and know-how for immigrant-led businesses. The Business Hub was created to help immigrants understand, navigate and thrive as an integral part of the Maine business community. We are building programs to support the development and success of new and established immigrant-owned businesses and offer seminars with experts from different business professions, and the opportunity to connect with the others in the business community.
2024 MICROGRANTS FOR IMMIGRANT OWNED BUSINESSES
The Business Hub, through the support of the City of Portland’s Community Development Block Grant Program, accepted applications for the 2024 Immigrant Entrepreneur Microgrants through November 8th. The goal of these grants is to provide a funding ‘spark’ for start-up or existing low to moderate income, immigrant-owned businesses that will increase opportunities for revenue growth or to help build credit for access to capital for future business growth. Recipients will be notified by mid-December, 2024.
CONTACT US
bizhub@welcomeimmigrant.org or 207-517-3401 x822
The Indus Fund
The Greater Portland Immigrant Welcome Center is proud to partner with the Indus Fund, a micro-loan fund dedicated to New Mainers looking to create a life for themselves and their families, catalyze their businesses, build credit and banking history, and help grow the Maine economy. The Indus Fund is the brainchild of founder and managing partner Kerem Durdag. cPort Credit Union administers the micro-loans, with applications available in both English and French. Additionally, cPort has teamed up with the translation phone service Certified Languages, Inc. to help guide applicants through cPort-related process.
Loans can be made to individuals or businesses for amounts between $500-$10,000. The maximum loan term can be up to 5 years and the interest rate is fixed at 3.5%. Applicants will be offered mentorship during the loan process; research has proven that entrepreneurs and small businesses that engage with a mentor are much more likely to succeed and to demonstrate profitability sooner. For information on becoming a mentor please reach out to indus.mentorship@gmail.com.
