Mainebiz

W W W. M A I N E B I Z . B I Z 17 M AY 1 6 , 2 0 2 2 F O C U S S M A L L B U S I N E S S In Maine, the Indus Fund is the first and only immigrant-targeted microfi- nance loan program available for banks and credit unions, in a state where 2,368 foreign-born business owners made up 2% of all self-employed residents in 2018 and generated $15.3 million in business income, according to the Washington, D.C.- based American Immigration Council. e council notes that while only 4% of Maine residents are immi- grants, they make up a vital, educated share of the labor force. Durdag makes a similar economic case for Maine's financial institutions to support the Indus Fund even in today's rising interest-rate environment. "Marginalized communities, like the immigrant community, are the fuel to the next scale of economic growth," he says. "Ignore that at your own peril and you accelerate your trajectory to irrel- evance over the next 20 to 40 years." Shouldering the risk By working with existing financial services infrastructure rather than trying to reinvent the wheel, Durdag says the idea is to "make the wheel that exists larger and more encompassing." e fund does that by taking on all the financial risk, so the lender doesn't have to. "e goal is that once it is demon- strated that the financial risk is small machiassavings.bank At Machias Savings Bank, our goal each and every day is to help move Maine forward. That means we are committed to helping the individuals, businesses, and communities of Maine succeed. We know that when Mainers are successful, we're all better off. That's why we work hard every day to provide the products, services, and solutions necessary to help make the hopes, goals, and dreams of Mainers a reality. "The bank of 'YES!'" is more than a way to remind people what we do; it is, in fact, the reason we do it. So, how can we help you find your "YES!"? C O N T I N U E D O N F O L L OW I N G PA G E » P H O T O / T I M G R E E N WAY Niky Watler, originally from Colombia, and his wife, Martha Leonard, a native of New Hampshire, own and operate Maíz, a Portland eatery serving Colombian street food. This month, they are opening a second, bigger location in Brunswick. Don't be afraid to come to us for help. We will work with you. — Honorine Uwishema cPort Credit Union

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