$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.”
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