Microloan Business Grant Funding Going to Five Maine Organizations
Five organizations in Maine, from Caribou to Brunswick will receive more than $3.6 million to provide affordable loans to low-income residents and communities to help pay for the growth of enterprises such as small businesses and affordable housing.
It's going to private financial institutions to finance microenterprises, nonprofit organizations, commercial real estate and related undertakings.
The money is going to Coastal Enterprises Inc. of Brunswick, Genesis Fund Inc. of Brunswick, MaineStream Finance of Bangor, Northern Maine Development Commission of Caribou and Four Directions Development Corporation of Orono.
Four Directions is receiving the Native American Assistance money. The organization serves members of the four Native American Tribes in Maine: the Passamaquoddy Tribe, the Penobscot Indian Nation, the Houlton Band of Maliseets, and the Aroostook Band of Micmacs. The mission of Four Directions is to improve the social and economic conditions of the Maliseet, Micmac, Passamaquoddy, and Penobscot through education and investment in affordable housing, tribal business ventures, and Native entrepreneurship.