Mainestream Finance
Mainestream Finance
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About this organization
Mission
To promote community development and perform all functions permitted as community development financial institution, primarily through financing activities, servicing the low income targeted population of the state of Maine.
About
ECONOMIC DEVELOPMENT: The economic development program of MaineStream Finance provides loans, education, and services to assist individuals to start small businesses and assist existing small businesses to grow. The Incubator Without Walls program is a comprehensive training program that helps entrepreneurs advance their business through increased knowledge and skills in a multitude of business areas. The program centers around group networking among participants rather than 1 on 1 business plan preparation or classroom work. The program includes pre-loan technical assistance, such as writing a business plan, cash flow analysis preparation, and, after the loan has been processed, ongoing support for running a small business. Business 101 classes are offered to prospective self-employed individuals and covers the basics of what it takes to start up a new micro-business. Classes include financial review, assistance with a business plan, foreclosure, debt management, budget and business cash flow counseling. Those businesses that are currently in operation are encouraged to attend the Incubator Without Walls program for classroom and networking support. MaineStream Finance loans funds to day care providers that are used to establish/expand child care businesses in order to create job opportunities for low-income individuals.
Interesting data from their 2020 990 filing
From their filing, the objective of the non-profit is stated as “To promote community development and perform all functions permitted as community development financial institution, primarily through financing activities servicing the low income targeted population of the state of maine.”.
When talking about its functions, they were outlined as: “To promote community development and perform all functions permitted as community development financial institution, primarily through financing activities, servicing the low income targeted population of the state of maine.”.
- The legally reported state of operation for the non-profit is ME.
- According to the filing, the non-profit's address in 2020 is PO Box 1162, Bangor, ME, 044021162.
- The non-profit organization as of 2020 has a total of 0 employees reported on their form.
- Is not a private foundation.
- Expenses are between $500,000 and $1,000,000+.
- Revenue is between $500,000 and $1,000,000+.
- Revenue less expenses is -$173,789.
- The organization has 7 independent voting members.
- The organization was formed in 2000.
- The organization pays $0 in salary, compensation, and benefits to its employees.
- The organization pays $0 in fundraising expenses.