From Raegan

I’m pleased to be working with Monmouth as the town’s part-time economic development consultant. I have worked with municipalities and private businesses in the field of economic development for several years.  Strategic improvements can help any business community, and Monmouth has a rich foundation upon which to continue its growth.

 

The town has some tools to assist local businesses, and we're looking to develop more! There are also resources for individual homeowners through MaineHousing that residents can apply for. If you have any questions, please reach out to me directly at 207-624-2668.

 

I look forward to meeting you and learning more about your business!

 

2023_Monmouth_Facade_Guidelines_and_Application(1).pdf
Events Application

Monmouth Tax Increment Financing (TIF)

Tax increment financing (TIF) is a local economic development tool that encourages business development. It provides distinct tax advantages for the town, and can assist developers and businesses to fill gaps in financing when they are adding taxable value to the town. A basic TIF district can last up to 30 years, includes a public hearing and must be approved by town vote. 

Monmouth has three TIF districts - two business-focused districts and one affordable housing district.

  • Main Street Omnibus Municipal TIF District, captures 50% of increased taxable value in the district boundaries
  • Route 202 Omnibus Municipal TIF District, captures 100% of increased taxable value in the district boundaries
  • Hillcrest Estates Affordable Housing TIF District, captures 100% of increased taxable value in the district boundaries. 

For more information on tax increment financing or these specific TIF districts, please contact Raegan at 207-624-2668 or monmouthecdev@gmail.com.

 

 

 

Resources for Homeowners

MaineHousing offers many programs to help with your home improvement needs by providing grants or low cost loans for health and safety related repairs and improvements ― repair or replace failed wells, make heating, electrical, or structural repairs and improve accessibility. MaineHousing also offers programs to make your home lead safe, or fund repairs if your home has been damaged in a declared natural disaster.

For more information, visit MaineHousing's website here. If you have further questions, please contact Raegan at 207-624-2668 or monmouthecdev@gmail.com.

 

Ever thought about starting a business in Monmouth?

If you're planning to start a small business in Monmouth, Maine, here's a clear, step-by-step roadmap—tailored to your town and the Maine regulatory environment:

 

1. Develop Your Business Idea & Plan 📘

  • Begin with writing a business plan: describe your product or service, target market, competitors, startup costs, projected financials and growth strategy.

  • The Maine SBDC guide offers financial templates, feasibility checklists, and real-world examples to help structure your plan. Check it out at https://www.mainesbdc.org/.

2. Choose a Legal Structure

  • Decide whether to operate as a sole proprietorship, partnership, LLC, or corporation. Talk to an accountant about what option is best for your business.

  • Sole proprietorships require minimal paperwork, but an LLC can help protect your personal assets.

  • Filing fees in Maine: Certificate of Formation for an LLC is $175, plus an optional $20 name reservation, and an $85 annual report due each year.
    Check out the Secretary of State's website at https://www.maine.gov/sos/corporations-commissions/i-need-a-business-form.

3. Register Your Business

  • For an LLC or corporation: file with the Maine Secretary of State, Bureau of Corporations.

  • For a sole proprietor using a trade name (DBA), register that name at the Monmouth town office / clerk (local level), not the state. Registration is simple and usually low-cost.
    Check out the Secretary of State's website at https://www.maine.gov/sos/corporations-commissions/i-need-a-business-form.

4. Get Tax IDs & Licenses

  • Apply for a Federal EIN (required if hiring employees or opening a business bank account).

  • Register with Maine Revenue Services to collect sales tax and/or income tax withholding, and unemployment insurance if hiring.

  • Check local requirements in Monmouth: zoning, occupancy, or local business licenses may be needed. Contact the Monmouth economic development office at 207‑624-2668.

5. Compliance & Insurance

  • If hiring employees:

    • Ensure you have workers' compensation insurance, post required labor law notices, and submit new hire reports.

    • Use services like Gusto or payroll providers to simplify withholding and compliance.

  • Consider general liability insurance for protection even if you're a solo proprietor.

6. Open a Business Bank Account

  • Use your EIN or DBA paperwork to open a business checking account.

7. Set Up Financial & Operations Systems

  • Use simple bookkeeping systems or software to track revenue, expenses, invoices, and cash flow.

  • Accounting advice from a CPA can help separate personal and business finances to maximize tax deductions.

8. Build Your Marketing & Sales Strategy

  • Establish a web presence, Google Business Profile, and secure reviews to help customers discover you online.

  • Leverage low-cost advertising: Facebook, Google Ads, Nextdoor, or Facebook groups for Monmouth and surrounding towns.

9. Tap into local Support

10. Engage Locally

  • Reach out to Monmouth’s Economic Development Consultant to explore facade grants, town assistance, and networking opportunities at monmouthecdev@gmail.com.

  • Join local chambers, women’s business centers (if applicable), and peer groups in Kennebec County to build community presence and support.