September 24, 2015
WASHINGTON, D.C. – U.S. Senators Susan Collins and Angus King today announced that the Small Business Administration (SBA) has awarded $73,000 in grant funding to MaineStream Finance in Bangor to help low-income entrepreneurs gain access to capital and expand their small businesses.
“Small businesses help form the foundation of our economy and provide good jobs across Maine,” Senators Collins and King said in a joint statement. “This grant funding will support MaineStream in its mission to provide financial stability to Maine’s small businesses and ensure those businesses have the necessary resources to flourish in today’s competitive market.”
MaineStream Finance is a non-profit Community Development Financial Institution (CDFI) and was established in 2000 as a subsidiary of Penquis CAP, Inc., a community action program based in Bangor. They provide loans and credit-based education to low and moderate income Maine residents typically underserved by traditional banks. It is a licensed statewide lender that primarily serves Penobscot, Piscataquis, Knox, and Waldo counties.
This grant funding was awarded through SBA’s Program for Investment in Micro-Entrepreneurs (PRIME). The SBA is an independent agency of the federal government that helps administer loans, loan guarantees, contracts, counseling sessions and other forms of assistance to small businesses.