About NMFC
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About NMFC
Northern Maine Finance Corporation (NMFC) is a 501(c)3 non-profit organization dedicated to improvement of the economy and the creation of jobs. It was formed in 2002 with the help of USDA Rural development organizational grant and the matching funds and hands on assistance of Northern Maine Development Commission (NMDC).
NMFC is a stand alone corporation with its own board of directors and officers. The make up of the board is such that a majority of the board are business people at large. The Class A and Class B directors from NMDC are a minority of the board.
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THE BOARD OF DIRECTORS |
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| CLASS A DIRECTORS (max. of 2) | |||||||||||||
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| CLASS B DIRECTORS (max. of 3) Three appointees recommended by Northern Maine Development Commission |
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| CLASS C DIRECTORS (At large- max of 6) | |||||||||||||
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THE OFFICERS OF THE CORPORATION ARE:
Robert P. Clark, President/Secretary
Duane P. Walton, Vice President
Max Lynds, Treasurer
The offices of Northern Maine Finance Corporation are housed at 11 West Presque Isle Road/ P.O. Box 779, Caribou, Maine. The President, Robert P. Clark or the Vice President, Duane P. Walton, of NMFC can be reached by phone at 207-498-2117 or 888-498-2117, fax at 207-493-3108 or e-mail at nmfc@nmfc.org.
NMFC has contracted with NMDC for daily operations as it pertains to accounting and other similar services.
Current Activities
Aroostook Investment Exchange program – See related material this site.
Future Activities
NMFC will be applying for revolving loan funds to assist communities and businesses with leverage funding.
NMFC will be applying for certification under the New Market Tax Credit programs and other Community Development Financial Institutions program.
Interesting Developments
NMFC is the owner of commercial property in Madawaska that was purchased and immediately leased with an option to purchase by a company that is starting up operation on site. This venture is a pass though financial arrangement in order for the business to build operations on site to the point of productivity and affordability, creating jobs and becoming sustainable before exercising its option to purchase the property and move forward. Where this may be the exception rather than the rule it meets the goals and objectives of stimulating economic development and job creation by helping to attract a new business to our area and creating jobs.
NMFC does not provide business counseling or financial
packaging. These services are referred to NMDC at the Business Finance
Department or the Small Business Development Center. Please visit www.nmdc.org
for more information on those services. Other interesting developments
for the economy of Aroostook County and state activity promoting statewide
economic development may be viewed at partner web sites: APP
(Aroostook Partnership for Progress) and Me.
& Co. (Maine and Company).
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