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Sponsored by: The Genesis Fund
Updated: September 28, 2020 2020 Giving Guide

The Genesis Fund

2021 Goals

  • Support frontline organizations that are responding to the COVID-19 pandemic, including food pantries, homeless shelters, health clinics, childcare centers, eldercare and affordable housing providers, and others
  • Lend up to $7M in loan capital to high-impact affordable housing and community facility projects in Maine and New Hampshire
  • Raise $1.25M in contributed revenue and $4M in invested capital to meet the demand for lending in Maine and New Hampshire
  • Provide at least 1,500 hours of technical assistance to local nonprofits working on housing and facility projects, including rural multifamily housing properties, mobile home park communities, and tribal communities
  • Provide leadership to the Board of the Maine Affordable Housing Coalition in order to increase the development of affordable housing across Maine

Who We Are

The Genesis Fund is a mission-driven nonprofit lending institution, known as a Community Development Financial Institution (CDFI), founded in 1992 in mid-coast Maine, and now serving the entire state of Maine and beyond. The Genesis Fund’s driving principle is to “go where others won’t,” filling gaps in financing that can’t be met elsewhere. In 28 years, we have loaned over $55 million to more than 265 projects, and leveraged nearly $300 million in additional community investment. Our loan portfolio includes over 80 loans for projects throughout Maine and parts of New Hampshire. These projects include affordable housing, care and living facilities for frail elders and people with disabilities, transitional housing for the homeless and those in recovery, child and health care centers, and other community facilities.

The Genesis Fund also provides technical assistance to help nonprofit organizations develop and advance plans to build, expand and preserve affordable housing and community facilities. Our services include helping to develop project plans, conduct feasibility studies, create financial projections, find additional sources of funding, and write grants.

Photo / Whitney J. Fox Photography
Genesis financed upgrades to the affordable apartments for seniors at 75 State Street in Portland.

Giving Opportunities

Contributions — Donations to the Genesis Fund help make our work possible in a number of very important ways. They add to our pool of loan capital and also support our ability to offer low- and no-cost technical assistance to local nonprofit organizations working to create and preserve affordable housing, add childcare slots, provide more shelter beds, expand food bank capacity, and more. Every donation to the Genesis Fund can also be used to leverage additional funding through grant awards and investments, increasing our pool of revolving funds – which get re-invested in our communities over and over again.

Investments — The Genesis Fund accepts investment loans from institutions and individuals in order to capitalize our loan pool. A Genesis Fund investment is a fixed-income product that blends financial and social returns, making it easy for an investor to align their investment strategy with their values. Every dollar invested in the Genesis Fund builds our portfolio of loans to create and preserve affordable housing, expand community facilities, and help our local communities thrive. As the loans we make are repaid, the funds become available for new projects – and are “revolved” to meet critical community needs again and again. As a result, an investment in the Genesis Fund can support numerous projects over its term. Genesis Fund investments offer the following benefits:

  • Low minimum investment
  • Fixed rate of return (simple interest is paid annually)
  • Meaningful social impact in local communities
  • 100% repayment of principal since 1992

Leadership

Bill Shanahan, Board President: Co-President, Evernorth

Board officers

Kyra Walker, Board Vice President: Chief Operating Officer, Community Housing of Maine

Brenda Peluso, Board Treasurer: Nonprofit Consultant

Laurie Miller, Board Secretary: Executive Director, Old Town Housing Authority


Board Members

Diane Donaldson: Team Leader & Senior Vice President Commercial Banking, Bangor Savings Bank

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

Greg Dalton: Executive Vice President, Commercial Lending, Bar Harbor Bank & Trust

Rebecca Emmons: Executive Director, Mobius, Inc.

Rebecca Hatfield: Vice President, Real Estate Development & Management, Avesta Housing

Tom Whelan: President, Bath Savings Trust Company

At A Glance

Established: 1992
Employees: 8
Annual revenue: $3,866,032

Top funding sources

68% Contributed Income
31% Financing Income
1% Other Earned Income

Contact

22 Lincoln St
Brunswick, ME 04011
(207) 844-2035

genesisfund.org
facebook.com/GenesisFund

Mission Statement

The Genesis Fund provides innovative financing by soliciting investment loans from individuals, churches, corporations, and foundations, and then re-lending the money at favorable terms to nonprofit organizations developing affordable housing and community facilities for underserved people and communities throughout Maine and beyond.

Service locations

Maine, New Hampshire and Vermont