The Island Institute received a nearly $87,000 federal grant to grow the Tom Glenn Community Impact Fund’s loan portfolio.
The grant was awarded by the U.S. Department of Agriculture’s Rural Business Development Grant program. The Tom Glenn Community Impact Fund is a revolving loan fund established in 2012. The fund’s money, including the grant, will be used to help support Maine’s small businesses.
The primary goal of the Island Institute, a Rockland-based organization that was founded in 1983, is to support island and coastal communities. The organization has partnered with the USDA for over a decade, funding “aquaculture business expansion, clean energy installations, digital communications for islands, and technical support in low-income communities,” the Island Institute said in a statement about the grant.
For more information about The Island Institute, visit The Island Institute Website.
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