BANGOR — MaineStream Finance is celebrating 25 years of helping Mainers pursue homeownership, grow businesses and strengthen their financial future through flexible financing and financial coaching.
Since launching in 2001 as a nonprofit Community Development Financial Institution under Penquis, MaineStream Finance has worked to expand access to capital for people across Maine who may not fit traditional lending models. Over the past 25 years, the organization has helped individuals purchase homes, strengthen credit, launch businesses, expand operations and invest in long-term financial growth.
“At MaineStream Finance, we believe access to capital can open doors,” Dee Williams, director of MaineStream Finance, said. “When people have access to flexible financing, financial coaching and opportunities that fit their goals, they’re able to invest in a home, grow businesses, strengthen financial stability and build the future they want for themselves and their families. Over the past 25 years, we’ve watched Maine people turn ideas into businesses, purchase homes and create a stronger financial footing for the future.”
Over the last two decades, MaineStream Finance has continued to evolve in response to the changing needs of Maine communities.
In its early years, the organization became a U.S. Treasury-certified Community Development Financial Institution, developed partnerships with local banks and helped hundreds of families navigate the foreclosure crisis during the 2008 recession. MaineStream also launched the award-winning Incubator Without Walls program to help entrepreneurs turn business ideas into sustainable ventures.
As Maine’s housing and economic landscape shifted, MaineStream expanded its services by becoming an SBA microlender and launching financial coaching programs that helped families strengthen their financial foundation. Through Penquis’s charter membership with NeighborWorks America, MaineStream has also participated in national initiatives and partnerships that support community development and financial opportunity.
When the pandemic disrupted households and businesses across the state, MaineStream quickly adapted by moving education programs online, helping small businesses navigate emergency funding opportunities, and expanding rental and eviction counseling services while maintaining lending and coaching operations.
In recent years, MaineStream has continued developing new solutions to address emerging needs. The organization secured $300,000 through the Finance Justice Fund, achieved 200% growth in small business loan deployment, received a $150,000 CDFI FA/TA grant and launched its Turn-Key manufactured housing loan product to create more accessible pathways to homeownership. The organization recently closed its first Turn-Key Manufactured Housing Mortgage in Thomaston.
Over the past 25 years, MaineStream Finance has continued adapting to meet the changing needs of Maine communities, developing new lending products, expanding financial coaching services and creating flexible financing solutions that help strengthen local economies and increase access to opportunity across the state.
As MaineStream Finance looks ahead, the organization remains focused on expanding access to capital, supporting entrepreneurs and helping more Mainers pursue long-term financial growth.
MaineStream Finance, a subsidiary of Penquis, is a nonprofit Community Development Financial Institution that provides home loans, small business loans, and financial coaching services to help individuals, families and entrepreneurs across Maine pursue financial growth and opportunity.
