A Maine nonprofit is offering consumers a chance to grow financially

Published: Nov. 20, 2023 at 6:32 PM EST
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MAINE (WABI) - For many people, finances can be scary and overwhelming. Whether you are looking to purchase a new home, start a business, or are not sure how to move forward with your existing organization, sometimes it is difficult to know what the next step should be. Thankfully, MaineStream Finance is here to help.

MaineStream Finance is a 20-year-old, nonprofit community development financial institution (CDFI) certified by the US Treasury, helping ALL Maine home-buyers, business owners, and consumers secure advice and financing to grow and thrive. MaineStream Finance offers a variety of services including Business and Entrepreneur support, support for Homebuying and Retention, and help with Financial Coaching and Savings.

Are you aware that Mainstream Finance (MSF) does business loans? MaineStream Finance offers a variety of loan products throughout Maine to small businesses that may have trouble finding credit. The available loan amount ranges from a minimum of $500 up to $200,000, with terms lasting up to 20 years.

Whether you are a startup and/or an existing business MaineStream Finance can do financing to help you move your project forward. MSF also provides what’s called “Gap financing” which is the difference between the amount of the down payment you have and what another lender has and can lend. Sometimes the Gap amount can bring your project to a halt. MaineStream Finance may be able to help finance that Gap so you can complete your project goal.

MaineStream Finance can also assist startup businesses in need of financing to purchase equipment, inventory, training, a building or assist an existing business.

Currently MaineStream Finance is offering a Family Development Account (FDA) also known as matched savings plan for startups and existing businesses. We have a limited number of these FDAs. Contact James Macomber at jmacomber@penquis.org or 974-2476.

The team at Mainstream Finance will help a business develop a business plan as well as business financials, and they can help you prepare the loan documents that you will need to apply for a loan. They provide all these services at no cost to you as there is no charge. The mission of MaineStream Finance is to help small businesses grow in Maine.

Join Business Advisor and Financial Coach Jim Macomber for the FREE Business and Financial Empowerment class where you will learn tips and tricks about how to financially grow your small business. You must pre-register for the class at www.mainestreamfinance.org/business/business-classes/business-class-signup/

To learn more about what MaineStream Finance has to offer go to their webpage at mainestreamfinance.org, or call 207-973-3500 or email the team at MSFInfo@penquis.org for more information.