Growth fund a boost for Maine ideas – Capital is available for businesses with ‘high potential’

In this time of economic uncertainty, the person who has a fabulous idea to build a better mouse trap and build it successfully may find it difficult to procure the necessary funds to get a business off the ground. But if that person lives in Maine, there’s one venture capital source that might well be of help and is not available to someone living outside the Pine Tree State.

The Small Enterprise Growth Fund http://www.segfmaine.com/ was formed by an act of the Maine Legislature in 1995 and seeded by a $5 million bond approved in statewide voting two years later. A venture capital fund, its goal is to invest exclusively in promising growth companies based in Maine. As of now, there is roughly $9 million in the fund.

By Deborah Mcdermott

Full Story: http://www.seacoastonline.com/articles/20100315-BIZ-3150306