Machias Savings donation helps Genesis Fund secure $1M in new capital for Maine communities

Elizabeth Hayward, Vice President, Business Banking, Machias Savings Bank and Bill Floyd, Executive Director, Genesis Community Loan Fund
Elizabeth Hayward, Vice President, Business Banking, Machias Savings Bank and Bill Floyd, Executive Director, Genesis Community Loan Fund
Posted March 05, 2013, at 1:43 p.m.

DAMARISCOTTA, Maine — Machias Savings Bank’s donation to the Genesis Community Loan Fund’s efforts to match a $500,000 grant from the U.S. Treasury will help create $1 million in new loan capital for affordable housing and community facilities in Maine.

“We are pleased to be able to support the important work of the Genesis Fund, helping them fulfill their mission to support the necessary growth of affordable housing and community facilities projects across Maine.” Larry Barker, President of Machias Savings Bank.

Recently the Genesis Fund was awarded a $500,000 grant from the Community Development Financial Institution Fund at the U.S. Treasury Department. The award was made to build the Genesis Fund’s pool of permanent capital and expand the organization’s capacity to finance community projects. Receipt of the grant funds is contingent on the Genesis Fund raising a 1:1 match from private donations.

“This donation puts us even closer to raising the $500,000 we need to secure this grant, and provide $1,000,000 in new capital to be invested right away in Maine communities,” said Bill Floyd, Genesis Fund Executive Director.

With just over a week to go, the Genesis Fund is still working to raise the $500,000 required match from private donations. Want to join this incredible opportunity to secure and leverage funds for the benefit of Maine communities today and for years to come? Donations can be made by calling the Genesis Fund at 207-563-6073 Monday – Friday 9:00am to 5:00pm or sent by mail to The Genesis Fund PO Box 609 Damariscotta, ME 04543. Contributions received by 5 p.m. March 14, will be matched by federal funds.

For over 20 years the Genesis Fund has played a vital role in financing opportunities that address critical needs and sustain and strengthen communities throughout Maine. Flexible and innovative financing from the Genesis Fund has made more than 218 affordable housing and community facility projects possible. These projects have improved the lives of thousands of Maine’s most vulnerable people: single parent families, elders, people with disabilities, and working families. Since 1992, the Genesis Fund has provided over $22,306,394 in loans and has leveraged more than $130, 905,967 for the benefit of Maine people.

Learn more about the Genesis Fund here www.genesisfund.org and the Machias Savings Bank here: www.machiassavingsbank.com

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