Small Business Administration can help businesses grow

Seth Goodall, a former state legislator, entrepreneur, and practicing lawyer, was appointed by President Obama to serve as the Small Business Administration’s New England Regional Administrator on July 10, 2013. Seth oversees SBA’s six New England district offices and is responsible for the delivery of the agency’s financial and technical assistance and governmental contracting activities throughout New England.

 

Small dollar loans are the engine of the economy. The average SBA loan size in Maine is just over $150K. In 2015, the SBA distributed 580 loans worth $110 million in the State of Maine alone, and overall, small businesses create 2 out of every 3 jobs in America.

 

Many businesses in Westbrook and other communities have used SBA loans to grow their business.  For example, Lee Auto Malls received an SBA loan many years ago and has grown into a large successful auto dealer.  More recently, Pika Energy and Black Dinah Chocolates have used SBA lines and counseling services. Pika is now attracting venture capital.

 

The SBA also has SBA Development Centers and Women’s Business Centers that offer business and financial counseling services.  SCORE in our area has a strong track record and reputation nationwide. All of these centers have provided over 8000 hours or counseling across Maine.  In addition, the SBA was instrumental in bringing $81M worth of government contract work to Maine small businesses in 2015.

 

Seth was delighted to speak to us as he considers Rotary clubs as means of spreading the word in local communities about services available from the SBA to help small businesses grow.