Scratchpad Accelerator, an entrepreneurial training and accelerator program based in Bangor, has received a $150,000 grant from Bangor Savings Bank.

The grant will be provided to the accelerator program over the course of three years and will be used to fund operational expenses, according to a news release.

The program has been inconsistent over the last several years. It launched in 2015 with its first cohort of four startups before taking a two-year hiatus. In August 2017, it announced it would shift its focus to female founders. It welcomed its first cohort of four female founders in November 2017. Going forward, the bank’s grant will provide the program with a consistent funding source. 

“Scratchpad is thrilled to partner with Bangor Savings to be able to support entrepreneurs as they work to get to scale quickly,” said Jason Harkins, a professor at the University of Maine Business School who runs the program. “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, which Harkins runs with local entrepreneur Lisa Liberatore, will welcome its third cohort of entrepreneurs this fall. In addition to financial support, Bangor Savings Bank 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 its founding, 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 startup companies have the support to succeed, it creates a positive ripple effect for other businesses and the economy,” Bob Montgomery-Rice, CEO and president of Bangor Savings Bank, said in a statement. “Scratchpad Accelerator is dedicated to startup success, and we look forward to seeing their next round of companies achieve great things.”

Scratchpad is a member of UpStart Maine, a nonprofit supporting entrepreneurship in the Bangor region.