New loan officer boosts EMDC’s COVID response

Posted on November 6, 2020 | Success Stories

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. Smith 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. 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.

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, Smith 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 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.”

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.

Bangor Daily News

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