New Loan Officer Boosts EMDC’s COVID-19 Response, Increasing Direct Support to Local Businesses Impacted by the Pandemic

Enhanced services will connect more businesses with EMDC’s $2.8 million U.S. Economic Development Administration (EDA) Revolving Loan Fund program funded by the CARES Act

Statewide – Eastern Maine Development Corporation’s (EMDC) lending program is getting a boost from a new Loan Officer with over 17 years of experience. EMDC is pleased to welcome Kim Smith, who joins their team after her most recent position as Branch Manager of Maine Savings Federal Credit Union. Kim will work with the lending team by connecting businesses with funding and technical support, including EMDC’s $2.8 million U.S. EDA Revolving Loan Fund program. Revolving Loan Funds are available to businesses in Hancock, Knox, Penobscot, Piscataquis, Waldo, and Washington counties.

The Revolving Loan Fund complements EMDC’s statewide U.S. Small Business Administration (SBA) lending program. By fostering strong partnerships with banks, EMDC partners with traditional lenders to offer alternative financing. As a result, EMDC grows start-up and existing small businesses statewide. EMDC’s lending team helps businesses create or retain private sector jobs in emerging and traditional industries. With a focus on the unemployed, underemployed and low to moderate income population. EMDC also offers individualized services to people furthering their education and/or careers.

Kim Smith’s experience with relationship management and business lending will boost EMDC’s U.S. EDA Revolving Loan Fund and statewide U.S. SBA programs. Her passion for connecting local businesses with the resources they need to excel is key to promoting the organization’s programs. Prior to working as Branch Manager of Maine Savings Federal Credit Union, Kim worked as Branch Manager at Bangor Savings Bank and KeyBank.

“Kim will bring a focused, high energy approach to support new and existing businesses,” said EMDC’s President  & CEO, Lee Umphrey.  “Her expertise and enthusiasm is a natural fit for our team as we make lending decisions to help businesses thrive, while preserving jobs during this coronavirus pandemic.”

Eastern Maine Development Corporation (EMDC) fosters public-private relationships and leverages resources that help businesses, communities and individuals reach long-term goals and prosperity. EMDC is the only economic development company in the state that provides services to these three groups under one umbrella. Their integrated programs and individualized services accelerate economic and workforce development through this holistic approach.

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