An Act To Establish The Maine Community Development Financial Institution Fund To Support Small Businesses, Rural Economic Development And Affordable Housing

Summary

The bill creates the Maine Community Development Financial Institution Fund within the Department of Economic and Community Development. It directs the fund to give low‑cost loans, grants and forgivable loans to certified community development financial institutions, which must then finance projects in underserved areas. A $500,000 transfer from the General Fund surplus seeds the new fund.

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