Funding to Diversify Maine’s Island and Coastal Economies
The Tom Glenn Fund Community Impact Fund is a community development catalyst fund that seeks to build a more diverse coastal economy through the investment of capital with planning grants as well as loans and equity support for small businesses. The Fund is made possible through a grant from The Wilbur and Hilda Glenn Family Foundation; daughters Rand and Louisa; and wife, Lou, to honor Tom Glenn II and his lifelong commitment to Maine’s island and coastal communities.
Since 2012, we have invested over $1 million in Maine’s island and coastal communities—with close to $600,000 in small business support and over $400,000 in community infrastructure support for projects focusing on broadband, clean energy, and sea level rise.
WHO IS ELIGIBLE
The Community Impact Fund offers grant and loan support for small businesses and community infrastructure planning. Business resilience grants and catalyst loans to support small business growth are available for all island and coastal small businesses, including artists and makers and marine small businesses. Grants and revolving loans for community infrastructure planning are available for broadband, energy, and sea level rise.
Small Business Funding
BUSINESS RESILIENCE GRANTS
For many years, the Island Institute has provided grant opportunities for island and coastal small businesses to help promote resilience, and more recently, address ongoing disruptions of the pandemic.
We are pleased to launch a new component of the grant program that prioritizes the outer islands – Business Resilience Grants 2.0.
Does your island business need financial help to address an immediate or long-term issue or goal? The Island Institute’s Business Resilience Grant offers awards of up to $1,500 through our Community Impact Fund.
Funds can be used to:
- Hire a consultant to help you improve your business.
- Invest in supplies or infrastructure that allows you to operate your business more effectively.
- Make improvements that allow your business to become more resilient to social, economic, and climate-related disruptions.
- Develop new marketing strategy or projects.
- Obtain training or professional development.
- And more!
Applications are being accepted through February 18, 2022.
Other funding options include catalyst loans of $5,000-$25,000 to support small business growth. Contact our Business Resilience team for details.
Community Infrastructure Planning Funding
GRANTS AND LOANS FOR INFRASTRUCTURE PLANNING: APPLY HERE
The Island Institute provides grant and loan support for broadband, energy, sea level rise, and working waterfront infrastructure planning projects:
- Community Energy Spark! Fund for sustainable energy projects: Up to $4,000 | Learn more here
- Broadband Planning Grants for community infrastructure planning: $10,000 | Learn more here
- Sea Level Rise Grants for community sea level rise preparedness: $10,000 | Learn more here
- Emergency/Discretionary Revolving Loans for responsive constituent services: Variable amounts, on occasion, at the discretion of the Fund
Island Institute’s support programs provide a breadth of professional development services including:
- Business and financial planning services
- One-on-one meetings and support
- Connections to a network of industry and marketing connections
- Digital Literacy training
- Planning support for community members through the Island Institute’s Community-Driven Broadband Process, the ShoreUp Maine sea level rise program, and the Community Energy Spark! program
- Topic-specific leadership training and professional network-building through our Leadership Programs
For answers to frequently asked questions concerning the Community Impact Fund, see our Fund FAQ.
If you have additional questions not answered here, please feel free to contact us directly.
Funding partners for our small business and infrastructure support include: John T. Gorman Foundation, NorthLight Foundation, Jane’s Trust Foundation, Manton Foundation, and Elmina B. Sewall Foundation.
If you are a community partner, mentor, or investor and would like to learn more, please contact us.