Two grants boost support for business ownership transitions in rural Maine

The Cooperative Development Institute has received two grants totaling more than $400,000 in public and private funds to support business ownership transitions in rural Maine.

National studies show the largest single source of avoidable job loss is from business closings due to owner retirement, and the annual rate of retirement is projected to double over the next 20 years. The problem is much more acute here in Maine because the state has the oldest population in the country — and Washington County has the oldest population in Maine.

CDI said in a news release that a $200,000 grant from the John T. Gorman Foundation will help support the Ownership Transition Initiative, which assists Washington County business owners in developing exit plans that will sustain their businesses after retirement and thereby improve the quantity and quality of jobs in the region.

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Two grants boost support for business ownership transitions in rural Maine

The Cooperative Development Institute has received two grants totaling more than $400,000 in public and private funds to support business ownership transitions in rural Maine.

National studies show the largest single source of avoidable job loss is from business closings due to owner retirement, and the annual rate of retirement is projected to double over the next 20 years. The problem is much more acute here in Maine because the state has the oldest population in the country — and Washington County has the oldest population in Maine.

CDI said in a news release that a $200,000 grant from the John T. Gorman Foundation will help support the Ownership Transition Initiative, which assists Washington County business owners in developing exit plans that will sustain their businesses after retirement and thereby improve the quantity and quality of jobs in the region.

Read more from Mainebiz

Leave a Reply