SENATORS SNOWE, COLLINS ANNOUNCE MORE THAN $1.5 MILLION TREASURY DEPARTMENT GRANT FUNDING FOR THREE MAINE COMMUNITY DEVELOPMENT FINANCIAL INSTITUTIONS

Coastal Enterprises in Wiscasset, Genesis Fund in Damariscotta, and MaineStream Finance in Bangor to receive grant funding

                 Washington, D.C. – U.S. Senators Olympia J. Snowe and Susan Collins today announced that the U.S. Treasury Department’s Community Development Financial Institutions Fund (CDFI Fund) has awarded $1,550,000 in Financial and Technical Assistance to three Maine organizations under the fiscal year 2010 funding round of the CDFI program. 

                 The funding will be distributed as follows:

 ·         $750,000 to Coastal Enterprises, Inc. in Wiscasset, which provides financing and development services to support micro and small businesses in Maine, will use its financial assistance award to provide capital to its target market.

·         $750,000 to Genesis Fund, Inc. in Damariscotta, which provides financing and technical assistance for affordable housing and community facilities throughout Maine, will use its award to increase lending to their target market.

·         $50,000 to MaineStream Finance in Bangor, a subsidiary of Penquis that provides affordable mortgage and development services to low- and moderate-income families in Penobscot, Piscataquis, Waldo, and Knox counties, will use its grant award to conduct a market study.

Through the CDFI Program Financial and Technical Assistance awards invest in and help build the capacity of for-profit and nonprofit community based lending organizations known as Community Development Financial Institutions.  These organizations serve rural and urban low-income people and communities across the nation that lack adequate access to affordable financial products and services. Awards are granted through an annual competitive application process.  Since inception, the CDFI Fund has awarded over $625 million through the CDFI program.