Overview
What is Mainestream Finance?
Mainestream Finance is a nonprofit organization situated in Bangor, Maine. Their primary mission is to foster community development by providing financial assistance, education, and services to individuals seeking to establish or expand small businesses, particularly those who may not qualify for other loan products. They offer guidance on financial management, business planning, and loan processing, among other aspects. Additionally, Mainestream Finance extends loans to daycare providers to establish or expand childcare businesses, creating job opportunities for low-income individuals. Furthermore, they provide first mortgage loans for residential properties at affordable rates. Their services also include counseling on debt management, budgeting, and business cash flow. Through educational programs, Mainestream Finance aims to support successful homeownership, entrepreneurship, and wealth creation for the low-income population of Maine.
Official website here: www.mainestreamfinance.org
Is Mainestream Finance legitimate?
Mainestream Finance is a legitimate nonprofit organization registered as a 501(c)(3) entity. Mainestream Finance submitted a form 990, which is a tax form used by tax-exempt organizations in the U.S., indicating its operational transparency and adherence to regulatory requirements. Donations to this organization are tax deductible.
Here are some key statistics you may want to consider:
Executive Compensation: $0
Professional Fundraising Fees: $0
Other Salaries and Wages: $0
For more financial information, click here
Official website here: www.mainestreamfinance.org
What is the mission statement of Mainestream Finance?
Mainstream Finance's mission is centered around promoting community development. They operate as a community development financial institution, primarily focusing on financing activities to serve the low-income population. The organization's primary goal is to assist individuals in starting small businesses and help existing ones grow. This is achieved through various means, including financial reviews, business plan assistance, foreclosure prevention, debt management, and budget counseling. Mainstream Finance also provides loans to daycare providers to establish or expand childcare businesses, creating job opportunities for low-income individuals. Additionally, they offer affordable first mortgage loans for residential properties and provide educational programs to foster successful homeownership, entrepreneurship, and wealth creation. Financial counseling is offered both before and after loan closing, and they encourage and assist borrowers to apply for USDA/RD loans and Maine Housing's loans if appropriate.
Official website here: www.mainestreamfinance.org
Who is the CEO of Mainestream Finance?
What is the revenue of Mainestream Finance?
Mainestream Finance's revenue in 2022 was $1,442,234.
Official website here: www.mainestreamfinance.org
Who are the executives of Mainestream Finance and what are their salaries?
- Kara Hay (President)
- Denice Conary (Chief Financial Officer)
- Kayla Dunn (Board Chair) [Trustee/Director]
- Brent Folster (Director)
- Emmett Butts (Director)
- Harvey Gosselin (Director)
- Keith Romprey (Director)
- Michelle Cobb (Director)
- Scott Kilcollins (Director)
- William Bennett (Director)
Official website here: www.mainestreamfinance.org
Where can I find the form 990 for Mainestream Finance?
The Mainestream Finance’s most recent form 990 was submitted in 2022 and can be accessed here
Official website here: www.mainestreamfinance.org
Learn more at the official website: www.mainestreamfinance.org
Mission Statement of Mainestream Finance
Mainestream Finance, as a community development financial institution, is committed to promoting community development. Its primary function is to serve the low-income population of Maine through financing activities. The organization's mission is to assist individuals in starting small businesses and aid existing small businesses in growth. This is achieved through various means, including financial reviews, help with business plans, foreclosure, debt management, budget, and business cash flow counseling.
Mainestream Finance also extends its support to daycare providers, providing them with funds to establish or expand childcare businesses. This initiative creates job opportunities for low-income individuals. Furthermore, Mainestream Finance offers loans to those who may not qualify for other loan products at affordable rates. These loans can be used for purchasing, rehabilitating, or refinancing residential owner-occupied properties.
In addition to financing activities, Mainestream Finance plays a role in fostering successful homeownership, entrepreneurship, and wealth creation. This is done through education programs that guide individuals seeking to purchase a home, teaching them about loan processing, homeowners insurance, escrows, and other aspects of home purchasing. If eligible, borrowers are encouraged and assisted to apply for USDA/RD loans and/or Maine Housing's loans. Classes are offered for this purpose.
In summary, Mainestream Finance is a community development financial institution that serves the low-income population of Maine primarily through financing activities. Its mission is to assist individuals in starting and growing small businesses, provide loans for daycare providers, and foster successful homeownership, entrepreneurship, and wealth creation through education programs.
Impact
This information is meant to be a general summary of Mainestream Finance. Please take the time to review official sources before making any decisions based upon the content provided here.
Saturday, July 20, 2024
Mainestream Finance's impact can be seen in its dedication to promoting community development and providing financial services to the low-income population of Maine. By offering loans, education, and assistance to individuals looking to start or expand small businesses, Mainestream Finance helps create job opportunities and support economic growth in the state. Additionally, their focus on providing affordable loan options for those who may not qualify for traditional products helps increase access to capital for underserved communities. Through their programs and services, Mainestream Finance plays a vital role in fostering successful homeownership, entrepreneurship, and overall wealth creation in Maine, ultimately contributing to the improvement of the community and the lives of its residents.
Financials
This financial information is from Propublica.
Other financial information:
This information is from the most recently submitted tax form from this organization, which was in 2022.
- Assets and Liabilities:
Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
Loan Interest Income
Revenue
$279,241
Loan Servicing
Revenue
$18,278
Homebuyer Education
Revenue
$6,540
Organization Details
Founding Year
2000
Phone
(207) 973-3500
Principal Officer
Kara Hay
Main Address
PO Box 1162, Bangor, ME, 044021162
Website
www.mainestreamfinance.org
NTEE Category
Code: S43 - Community improvement
If you are a representative of Mainestream Finance and wish to learn more about how Give Freely can help you raise funds, please click here: https://givefreely.com/nonprofits/. Our services are offered at no cost to your organization.