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September 21, 2023 2023 Giving Guide

Genesis Community Loan Fund

Who we are

The Genesis Community Loan Fund connects communities creating affordable housing and other essential community resources with the capital and expertise they need to overcome barriers to opportunity and prosperity. A nonprofit Community Development Financial Institution (CDFI), Genesis works throughout Maine and other sites in northern New England to make flexible loans, deliver expert project guidance, advance policy solutions, and promote systemic change. We offer impact investing for individuals and institutions to move resources toward community needs.

What we do

Genesis is a catalyst for change. As simply as possible, Genesis works with partners to make projects happen that otherwise wouldn’t. For three decades, we’ve seen how our timely, effective funding and expert planning guidance fuels the community collaboration that makes projects successful.

With our partners, we strive to:

  • Increase the supply of affordable and high-quality homes, childcare centers, health care facilities and other infrastructure that supports healthy and just communities;
  • Ensure a safety net for people experiencing homelessness, substance use disorder, domestic violence, food insecurity and poor access to health care;
  • Provide supportive housing for people with persistent mental illness or intellectual, developmental or physical disabilities that require ongoing supportive services;
  • Create opportunities to build wealth, power and control for people facing systemic barriers to opportunity and prosperity, including very rural and BIPOC (Black, Indigenous, and People of Color) communities; and
  • Build vibrant, resilient, equitable urban and rural communities where people thrive.

2024 Goals

1. Originate $16 million in new lending, expanding our loan portfolio to $50 million.

2. Expand work with new borrowers by emphasizing relationship-building with nonprofit and private developers in rural communities, BIPOC-led organizations and BIPOC entrepreneurs, and providers offering supportive services to those experiencing homelessness.

3. Expand our successful work to aid smaller-scale developers who can create affordable housing.

4. Collaborate with state leaders to enhance funding opportunities and remove barriers to rural housing preservation.

5. Amplify our partners’ stories to expand social impact investing, shape housing and other community development projects, and foster outreach in our field to multilingual and BIPOC stakeholders.

 

Genesis board and staff, from left. Top row: John Gallagher, Elyse Tipton, Tom Whelan, Eileen Harkins and John Egan. Middle row: Gigi Guyton-Thompson, Steven McDermott, Jennifer Rottmann and Erica Quin-Easter. Bottom row: Jeff Mosley, Robyn Wardell, Rebecca Hatfield, Betty Robinson, Liza Fleming-Ives, Julie Wagoner and Beth Hayward. Missing from the photo: Jennifer Ritch-Smith, Shima Kabirigi and Janice de Lima.

Giving Opportunities

Investments: Genesis investors are the backbone of our success, participating in a simple, accessible impact investment opportunity that delivers financial and social returns. As well as earning a fixed-rate return, Genesis investors become partners in community development, helping to build vibrant, resilient, equitable communities.

Contributions: Making a gift helps Genesis keep our loans affordable for our community partners and offer them low and no-cost expert project guidance. In turn, they create and preserve affordable housing, add childcare slots, provide more shelter beds, expand food bank capacity and more. Donors see the impact of their support through our regular updates. Because Genesis is a 501(c)(3) nonprofit, donations are tax-deductible to the fullest extent of the law.

Leadership

Photo / Courtesy, Genesis
Liza Fleming-Ives, Genesis

 

Avesta Housing
Rebecca Hatfield, Avesta Housing

 

Board officers

Julie Wagoner, Vice President, Senior Vice President, Commercial Lending & Community Development, Bath Savings Institution

Laurie Miller, Treasurer, Executive Director, Old Town Housing Authority

Janice de Lima, Secretary, Vice President, Community Reinvestment Act Officer & Community Development Banking, Norway Savings Bank

Board Members

Beth Hayward, Vice President, Business Banking, Machias Savings Bank

Shima Kabirigi, Director, Immigrant-Led Organizations Fund, Maine Initiatives

Jeff Mosley, Program Lead, National Equitable Development Initiative, Capital Impact Partners

Betty Robinson, Emeritus Professor, University of Southern Maine

Robyn Wardell, Development Officer, Community Housing of Maine

Tom Whelan, President, Bath Savings Trust Co.

At a Glance

Established: 1992

Employees: 11

Annual revenue: $4,604,143

Top funding sources

77% Contributed income

22% Net financing

1% Other earned income

Contact

22 Lincoln St., Brunswick, ME 04011

(207) 844-2035

www.genesisfund.org

Instagram: @GenesisFund

Facebook: genesis-community-loan-fund

Mission Statement

Over 30 years, Genesis has made $96 million in loans to more than 400 projects and contributed nearly 30,000 hours of expert guidance at low and no cost to communities. We envision communities with sufficient resources for affordable housing, childcare, health care and other social services, to create a safety net as well as opportunities to build generational wealth and stability.

Service locations

Maine, New Hampshire and Vermont

The Genesis Fund is a certified nonprofit Community Development Financial Institution (CDFI). Since 1992, we have made $96 million in loans to more than 400 projects, and contributed 30,000 hours of expert project guidance.