Collins, King Announce More Than $3.6 Million in Grants for Community Development
Washington, D.C. — U.S. Senators Susan Collins and Angus King today announced that five Maine organizations have been awarded a total of $3,649,544 through the Community Development Financial Institutions (CDFI) Program and the Native American CDFI Assistance (NACA) Program.
CDFIs are private financial institutions that provide affordable loans to low-income individuals and communities to help finance community businesses—including small businesses, microenterprises, nonprofit organizations, commercial real estate, and affordable housing. The grants will enable local financial and development institutions, as well as institutions devoted to supporting Maine’s Native American population, increase their lending and investment activity in economically distressed communities.
“CDFIs play an important role in spurring economic development in communities across Maine,” said Senators Collins and 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.”
The five Maine CDFIs receiving funding through these grants are below:
CDFI
- Coastal Enterprises, Inc. in Brunswick will receive $1,750,000.
- Genesis Fund, Inc. in Brunswick will receive $475,000.
- MaineStream Finance in Bangor will receive $500,000.
- Northern Maine Development Commission in Caribou will receive $124,544.
Native American CDFI
- Four Directions Development Corporation in Orono will receive $800,000.
The CDFI Fund is part of the U.S. Department of the Treasury. Click HERE to learn more about the Fund.
