When squeezed by a too-tight family budget, Monica and Elmer Sprague went into action. Last winter they secured a loan from Northern Maine Development Commission (NMDC) to start their business, Git ‘er Done Snow Removal. The business serves north Caribou businesses and residents, offering superior service-thanks to a snow blower and bucket. Recently the business acquired a large backhoe and can now provide a broad range of ground work services for customers throughout the year.
It was NMDC who introduced the Spragues to the Family Development Account program at Women, Work, and Community, where Monica and Elmer have started saving for their small business and improving their money management.
How has Women, Work, and Community helped Monica and Elmer put their plans into action? Monica completed WWC’s five-week My Money Works class, where she focused on budgeting and tracking expenses, managing credit and debt, planning for investment and retirement, and setting goals and action steps: “a big help!” Also through WWC, they have opened a Family Development Account which matches Monica and Elmer’s savings 4:1. They plan to use these savings for advertising and buying supplies as well as for equipment maintenance. Additional plans include Monica’s venture Creativity Around the Corner, which opened earlier this spring.
What advice would Monica give other entrepreneurs and families working on building their income and assets? “I would definitely recommend My Money Works to get a feel for what is coming in and out … to see where they can invest in their own business.”