NMDC receives $500,000 to assist entrepreneurs
CARIBOU, Maine — Northern Maine Development Commission recently announced it has been awarded $500,000 in financial assistance from the U.S. Department of the Treasury’s Community Development Financial Institutions Fund.
Altogether, the CDFI fund awarded $188.7 million in financial assistance awards to 284 institutions. In Maine, funds went to only three organizations, with nearly a quarter of the total award to NMDC. The awards will enable organizations 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.”
The 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 became CDFI certified in April of 2018.
NMDC is a nonprofit organization focused on business, community economic development and regional planning programs throughout Aroostook and Washington counties.
For more information, visit www.nmdc.org or call 207-493-5851.