Banks Working With Communities
KENNEBEC PARTNERS ON SAVINGS LOAN FUND
Kennebec Savings Bank recently announced the creation of a revolving loan fund program, in partnership with Bread of Life Ministries, to get homeless shelter residents out of the shelter and into their own homes.
Called the HomeLink Loan Fund, this program is designed to bridge the financial gap between homelessness and self-reliance by financing security deposits to qualifying individuals and families through application with Bread of Life Ministries. HomeLink will not only provide a previously unavailable resource to this growing group of individuals, but will allow them to begin to establish a credit history in the process.
The program is backed through the Kennebec Savings Bank Foundation with seed funds of $3,400 and a combined match of $3,400 provided by the Kennebec Valley Board of Realtors and the Maine Association of Realtors Foundation. This amount will be enough initial support to provide 12-15 families with the financial resources to get into their own residences and rebuild their lives.
The HomeLink Loan Fund was co-crafted by Andrew Silsby, vice president and senior loan officer of Kennebec Savings Bank, and the Bread of Life Ministries as an answer to rising lengths of stay for families at the shelter and a growing waiting list of homeless individuals and families in need of their assistance.
NORWAY SAVINGS BANK HOSTS MONEY CLASS
In late August, Norway Savings Bank’s Exchange Street branch hosted a money-management class for students from STRIVE U – Maine’s first residential, post-secondary education and training program for young adults with developmental disabilities.
The money-management class taught STRIVE U students how to use debit cards and ATM’s, and provided information on personal money management and finance. STRIVE U is a partnership with the University of Southern Maine and STRIVE (Socialization Transition Reflection Innovation Vocation Education), Maine’s only social and recreational program for teens and young adults with disabilities.
The STRIVE U partnership is designed so that students will learn to live independently at residential apartments, attend classes at USM, experience work internships and receive assistance with the transition to independent living in the community at the end of their two years at STRIVE U.
The University enrolled six students in September 2004 for graduation in 2006, and another six students in 2005 for graduation in 2007.
Businesses throughout southern Maine have been supportive of STRIVE U. Norway Savings Bank has been working with students and their families to provide financing and loan assistance as well as assisting students with money-management skills.
KEYBANK DONATES ATM TO MAINE GENERAL
KeyBank recently donated $5,000 and an ATM to MaineGeneral Health to support the financial education component of the hospital’s medical rehabilitation program. The gift will benefit inpatients and outpatients as they relearn critical life skills of basic money management at The Rehabilitation Institute and at The Center for Health & Rehabilitation, both services of MaineGeneral Medical Center.
MaineGeneral honored KeyBank with a plaque in recognition of their generous contribution. Nona Boyink, president and CEO of MaineGeneral’s HealthReach Network, presented the plaque to KeyBank’s Kathy Underwood, Maine district president, and Gail Conley, McDonald Financial Group market manager, during a tour of The Rehab Institute in the Seton Unit at the Waterville campus on July 30.
"Key is happy to be able to support the hospital," Conley said. "Financial education and relearning money management is a critical component of the rehabilitation process and promotes financial independence."