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BANGOR, Maine – One of Maine’s top accelerator organizations for start-up companies is getting a boost from a longtime supporter.
Bangor Savings Bank recently announced an investment of $150,000 over three years for Bangor-based Scratchpad Accelerator run by University of Maine Business School professor Dr. Jason Harkins and serial entrepreneur Lisa Liberatore.
"Scratchpad is thrilled to partner with Bangor Savings to be able to support entrepreneurs as they work to get to scale quickly,” said Jason. “Accelerators act as a force multiplier for entrepreneurs; helping them grow revenue, customers, and ultimately jobs. Scratchpad could not exist without crucial financial support like what Bangor Savings has committed."
Scratchpad Accelerator will use the funding for operational expenses for its third cohort of entrepreneurs this fall. Bangor Savings will also provide meeting and networking space for Scratchpad teams, access to senior executives for learning and leadership, and graphic design and digital marketing support. The bank was a founding corporate partner of Scratchpad at its launch in 2015.
Since then, Scratchpad has worked with eight companies from across the state seeking to grow to a national or international scale and in need of outside equity to finance their expansion. With Scratchpad’s full-time support, opportunities to learn from experts, and access to over 150 mentors, the companies have raised more than $3 million, added hundreds of new customers and created more than a dozen jobs.
"We know that when entrepreneurs and start-up companies have the support to succeed, it creates a positive ripple effect for other businesses and the economy,” said Bangor Savings Bank CEO and President Bob Montgomery-Rice. “Scratchpad Accelerator is dedicated to start-up success, and we look forward to seeing their next round of companies achieve great things."
Scratchpad is a member of UpStart Maine, a non-profit supporting entrepreneurship in the Bangor region from the earliest networking and idea formation stage through incubation and acceleration.
Bangor Savings Bank, with more than $4 billion in assets, offers retail banking to consumers as well as comprehensive commercial, corporate, payroll administration, merchant services, and small business banking services to businesses. The Bank, founded in 1852, is in its 167th year with 58 branches in Maine and New Hampshire and on the Web at www.bangor.com. The Bangor Savings Bank Foundation was created in 1997. Together the Bank and its Foundation invested more than $2 million into the community in the form of nonprofit sponsorships, grants and partnership initiatives last year. Bangor Savings Bank is an equal opportunity employer.