Maine’s abundant natural resources, business-friendly communities, and uncompromising work ethic make us an incubator for growth. Whether you’re an entrepreneur with an idea or an established business looking to expand, there’s never been a better time to take advantage of the services, funding opportunities, and incentives Eastern Maine has to offer.
We are number one in the U.S. for percent of startups that remain active after one-year, and were voted the best state in New England to start a business. Our competitive labor costs of less than 6% the national per capita rate make us the lowest in New England, and we have the lowest tax burden on new investment in the United States.
Opportunity Zones spur economic development and job creation in distressed areas. In Maine, there are 32 areas designated as Opportunity Zones.
by Brien C. Walton, J.D., LL.M., A.L.M., MS.Ed., Ed.D.
Bangor Daily News
The closure of pulp and paper mills across Eastern Maine required a complete reset for community and economic development. EMDC created a plan that explores new opportunities within the forest economy, and identifies 7 growing sectors of opportunity.
The US Economic Development Administration designated EMDC to be responsible for the CEDS, a plan that engages community leaders and representatives of the private sector to create a holistic plan. It takes stock of our assets across Penobscot, Piscataquis, Hancock, and Waldo Counties and lays out a roadmap for the future of our region.
As a Certified Development Financial Institution, EMDC works with Acadia Capital Management to provide access to the New Markets Tax Credit Program. This program encourages investment in low-income communities by giving corporate investors a credit against their federal income tax.
The Pine Tree Development Zone Program is a business incentive to greatly reduce, or virtually eliminate, state taxes for up to ten years. Eligible businesses will create new, quality jobs in growing sectors, or move existing jobs in those sectors to Maine. EMDC helps businesses work with the Maine Department of Economic & Community Development to gain the certification.
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