Bangor organization that provides loans to underserved populations awarded SBA grant
The U.S. Small Business Administration awarded $73,000 in grant funding to a Bangor community finance institution that provides credit and services to low-income Mainers, U.S. Sens. Susan Collins and Angus King announced Thursday.
MaineStream Finance is a nonprofit community development financial institution that provide loans, including business and home mortgage loans, and financial education to low- and moderate-income Maine residents. The licensed statewide lender, which primarily serves Penobscot, Piscataquis, Knox, and Waldo counties, provides services to people typically underserved by traditional banks as a community development financial institution
It was established in 2000 as a subsidiary of Penquis CAP Inc., according to the press release.
“Small businesses help form the foundation of our economy and provide good jobs across Maine,” Collins and King said in a joint statement. “This grant funding will support MaineStream in its mission to provide financial stability to Maine’s small businesses and ensure those businesses have the necessary resources to flourish in today’s competitive market.”
The SBA grant was awarded through the federal agency’s Program for Investment in Micro-Entrepreneurs.
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