Mainestream Finance

Organization Overview

Mainestream Finance is located in Bangor, ME. The organization was established in 2001. According to its NTEE Classification (S43) the organization is classified as: Small Business Development, under the broad grouping of Community Improvement & Capacity Building and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Mainestream Finance is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.

For the year ending 09/2021, Mainestream Finance generated $1.6m in total revenue. This organization has experienced exceptional growth, as over the past 6 years, it has increased revenue by an average of 13.3% each year . All expenses for the organization totaled $702.0k during the year ending 09/2021. You can explore the organizations financials more deeply in the financial statements section below.

Mission & Program ActivityExcerpts From the 990 Filing

TAX YEAR

2021

Describe the Organization's Mission:

Part 3 - Line 1

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.

Describe the Organization's Program Activity:

Part 3 - Line 4a

LOAN SERVICING: MAINESTREAM FINANCE PROVIDES LOANS, EDUCATION, AND SERVICES TO ASSIST INDIVIDUALS TO START SMALL BUSINESSES AND ASSIST EXISTING SMALL BUSINESSES TO GROW. ASSISTANCE INCLUDES FINANCIAL REVIEW, ASSISTANCE WITH A BUSINESS PLAN, FORECLOSURE, DEBT MANAGEMENT, BUDGET AND BUSINESS CASH FLOW COUNSELING. 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.MAINESTREAM FINANCE ALSO OFFERS LOANS TO THOSE WHO CAN NOT QUALIFY FOR OTHER LOAN PRODUCTS AT AN AFFORDABLE RATE. FIRST MORTGAGE LOANS ARE AVAILABLE TO PURCHASE, REHABILITATE OR REFINANCE RESIDENTIAL OWNER-OCCUPIED PROPERTIES. THROUGH EDUCATION PROGRAMS, MAINESTREAM FINANCE FOSTERS SUCCESSFUL HOMEOWNERSHIP, ENTREPRENEURSHIP, AND WEALTH CREATION. FINANCIAL COUNSELING OCCURS PRE- AND POST-LOAN CLOSING. IF BORROWERS QUALIFY FOR USDA/RD LOANS AND/OR MAINE HOUSING'S LOANS, MAINESTREAM FINANCE ENCOURAGES AND ASSISTS THEM TO APPLY FOR THOSE PRODUCTS IF APPROPRIATE. CLASSES ARE OFFERED FOR INDIVIDUALS SEEKING TO PURCHASE A HOME TO LEARN THE PROCESS AND CALCULATIONS INVOLVED IN LOAN PROCESSING, HOME OWNERS INSURANCE, ESCROWS, HOME INSPECTIONS, AND ALL OTHER ASPECTS OF A HOME PURCHASE.


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Financial Statements

Statement of Revenue
Federated campaigns$0
Membership dues$0
Fundraising events$0
Related organizations$1,036,832
Government grants $48,823
All other contributions, gifts, grants, and similar amounts not included above$96,759
Noncash contributions included in lines 1a–1f $0
Total Revenue from Contributions, Gifts, Grants & Similar$1,182,414
Total Program Service Revenue$409,437
Investment income $0
Tax Exempt Bond Proceeds $0
Royalties $0
Net Rental Income $0
Net Gain/Loss on Asset Sales $0
Net Income from Fundraising Events $0
Net Income from Gaming Activities $0
Net Income from Sales of Inventory $0
Miscellaneous Revenue$0
Total Revenue $1,591,851

Grants Recieved

Over the last fiscal year, we have identified 1 grants that Mainestream Finance has recieved totaling $5,000.

Awarding OrganizationAmount
Machias Savings Bank Community Development Foundation

Machias, ME

PURPOSE: PROGRAM SUPPORT GRANT

$5,000
View Grant Recipient Profile

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