Northern Maine commission gets $500K to assist small businesses
Courtesy / Northern Maine Development Commission
Northern Maine Development Commission in Caribou was awarded $500,000 in federal financial assistance to support small businesses and economic development in Aroostook and Washington counties.
The Northern Maine Development Commission, headquartered in Caribou, announced it has been awarded $500,000 in financial assistance from the U.S. Department of the Treasury’s Community Development Financial Institutions Fund.
“We are grateful to receive this award which will give us greater ability to provide financial assistance to small businesses, an element in NMDC’s mission to expand and support economic development,” NMDC Executive Director Robert Clark said in a news release.
The award will allow the commission to increase lending and investment activity in low-income and economically distressed communities of Aroostook, Washington and northern Penobscot and Piscataquis counties.
NMDC is a nonprofit organization focused on business, community economic development and regional planning programs throughout Aroostook and Washington counties. It became certified as a CDFI in April 2018.
The commission has worked to market the region to expand tourism, provided loans to new and existing businesses, engaged federal and state agencies to help fund new business in the region, provided planning services to member communities, and advised businesses on contract procurement, according to its 2018-2019 annual report.
In fiscal year 2018-19, the commission awarded $1.12 million in loans to small businesses. Lending helped create 45 jobs and retained 34.
Loans supported a variety of businesses in industries including child care, retail, construction, entertainment and service fields.
Earlier this month, the commission held a workshop in Caribou for companies, economic development officials and businesspeople to learn the basics of exporting and how the Maine International Trade Center can help.
The commission was one of three Maine organizations awarded CDFI financial assistance.
Coastal Enterprises
Coastal Enterprises Inc. in Brunswick was awarded $714,000.
It was the 16th CDFI award that Coastal Enterprises has received since 1997, according to a news release.
Coastal Enterprises will use its award in two ways:
• To provide capital to Maine-based food system businesses that have the potential for high growth and for creating jobs for people with low incomes, as well as other positive environmental and social impacts;
• Outside of Maine, CEI will lend in “persistent poverty” counties, which have had poverty rates of 20% or more for the past 30 years.
Genesis Fund
The Genesis Community Loan Fund, in Brunswick, received $950,000. Founded in 1991, the fund has lent over $45.7 million to more than 240 projects to create affordable housing and community facilities throughout Maine.
In February, Genesis was awarded $1.165 million through the U.S. Department of the Treasury’s Community Development Financial Institutions Fund.
In total this month, the CDFI program awarded $188.7 million in financial assistance awards to 284 CDFIs nationwide.
Most Recent
Most Recent
0 Comments