Processing Your Payment

Please do not leave this page until complete. This can take a few moments.

October 25, 2016

$1.75M to CEI among $3.6M awarded to community dev. institutions

Five Maine organizations will be on the receiving end of $3,649,544 through the Community Development Financial Institutions Program and the Native American CDFI Assistance Program.

Community Development Financial Institutions offer affordable loans to low-income individuals and communities to help finance businesses including small businesses, microenterprises, nonprofit organizations, commercial real estate and affordable housing.

Four Directions Development Corp. in Orono will receive $800,000 through the Native American CDFI Assistance Program.

The four Maine Community Development Financial Institutions that received grant funding are:

Coastal Enterprises Inc. in Brunswick, $1,750,000

Genesis Fund Inc. in Brunswick, $475,000

MaineStream Finance in Bangor, $500,000

Northern Maine Development Commission in Caribou, $124,544.

“CDFIs play an important role in spurring economic development in communities across Maine,” said U.S. Sens. Susan Collins and Angus King in a joint statement. “With this funding, these five CDFIs will be able to build on their support for local entrepreneurs, creating greater economic opportunities for residents of low-income areas.”

Read more

Rural development boosted with $80M in New Markets Tax Credits to CEI

Sign up for Enews

Related Content

Comments

Order a PDF