BRUNSWICK — 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 Program and the Native American CDFI Assistance Program.
Coastal Enterprises, Inc. in Brunswick will receive $1.75 million. Fund, Inc. in Brunswick will receive $475,000.
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,” the senators said 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 Times Record Sustaining Sponsor
We believe a community must be informed to thrive. bowdoin.edu
Comments are not available on this story. Read more about why we allow commenting on some stories and not on others.
We believe it's important to offer commenting on certain stories as a benefit to our readers. At its best, our comments sections can be a productive platform for readers to engage with our journalism, offer thoughts on coverage and issues, and drive conversation in a respectful, solutions-based way. It's a form of open discourse that can be useful to our community, public officials, journalists and others.
We do not enable comments on everything — exceptions include most crime stories, and coverage involving personal tragedy or sensitive issues that invite personal attacks instead of thoughtful discussion.
You can read more here about our commenting policy and terms of use. More information is also found on our FAQs.
Show less