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MaineStream Finance receives $250,000 economic development grant

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BANGOR - MaineStream Finance was recently awarded a $250,000 grant from the U.S. Department of the Treasury's Community Development Financial Institutions (CDFI) Fund, which is used to stimulate economic development and housing in low-income areas across the country.

The grant will be used by MaineStream Finance to provide loans to people who have limited access to affordable credit. The financing programs offered by MaineStream include: home repair loans, debt consolidation loans and business loans under $50,000. MaineStream's financing terms are generally more flexible than traditional bank financing. A subsidiary of Penquis, MaineStream Finance has offices located in Bangor, Dover-Foxcroft and Rockland. In addition to lending, MaineStream provides homebuyer education classes for first-time home buyers, mortgage counseling for existing home owners and business classes for individuals who want to start and grow their own business.

Jayne Crosby Giles, the CEO of MaineStream Finance, noted that the $250,000 US Treasury CDFI grant will sustain and strengthen MaineStream's lending programs. "As the economy improves, we have more clients interested in buying homes and starting businesses," said Giles. "This is the fourth consecutive year that MaineStream Finance has received a US Treasury CDFI award to continue to support Maine businesses and home owners. We are pleased and proud that our work is beneficial to so many," concluded Giles.

For more information on MaineStream Finance, call (207) 973-3663 or visit www.mainestreamfinance.org.

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