NMDC awarded $500,000 to assist small businesses and entrepreneurs
CARIBOU, ME — Northern Maine Development Commission (NMDC) announced it has been awarded $500,000 in financial assistance from the U.S. Department of the Treasury’s Community Development Financial Institutions Fund (CDFI Fund).
Altogether, the CDFI fund awarded $188.7 million in Financial Assistance awards to 284 CDFIs this month. In Maine only three organizations were awarded CDFI Financial Assistance, with nearly a quarter of the total award to NMDC. The awards will enable CDFIs to increase lending and investment activity in low-income and economically distressed communities across the nation.
“The CDFI program creates opportunities by providing access to affordable financial products and services for small businesses,” said NMDC Executive Director Robert Clark. “We are grateful to receive this award which will give us greater ability to provide financial assistance to small businesses, an element in NMDC’s mission to expand and support economic development.”
CDFI Fund awards, based on a competitive application process, have enabled community development financial institutions such as NMDC to increase lending and investment activity in low-income and economically distressed communities of Aroostook, Washington and northern Penobscot and Piscataquis counties.
NMDC received CDFI certification in April of 2018.
NMDC is a nonprofit organization focused on business, community economic development and regional planning programs throughout Aroostook and Washington counties. To learn more about how NMDC can assist your business, visit www.nmdc.org or call 207-493-5851.