WE WHY THIS PROGRAM IS A CHAMPION FOR THE IMMIGRANT COMMUNITY. 20 “YOU DON’T HAVE TO GO FARO T TRY FOOD FROM AROUND THE WORLD HERE IN MAINE.. WITH AUTHENTIC COLOMBI FOOD SERVED HERE IN MAIZ BRUNSWICK.” 14; 25; 20 “YOU HAVE TO GIVE YOUR MAXIMUM IF YOU TRULY WANT TO SUCCEED.” C-PORT CREDIT UNION IS THE ONLY PLACE THAT OFFERS INDUS FUND LOANS TO IMMIGRANTS IN MAINE. THE MAXIMUM LOAN OFFERED IS $10,000, WITH A YEAR FE IV REPAYMENT PLAN AT A FIXED INTEREST RATE OF 3.5 PER CENT. BRANCH DIRECTOR HONORINE UWISHEMA SAYS BUSINESS IDEAS VARY FROM BEAUTY STORES TO CAFES AND HOME CARE. OF THEM WERE ALREADY HOME BUSINESS OWNERS SO IT’S GOOD THEY ARE WA NT TO CONTINUE THIS HERE AT MAE. MIMIE MOBESHA, BENEFICIARY OF THE INDUS FUND, RUNS A GROCERY STORE IN PORTLAN. D. WHO PROVIDES AFRICAN CUISINE.
New Loan Program Invests in New Mainers with Small Business Ideas
The Indus Fund is for first-generation immigrants who want to settle in Maine
The Indus Fund was established in 2019 by entrepreneur and first-generation immigrant Kerem Durdag. With the help of banking industry colleagues, Durdag formulated a microcredit program that would remove existing barriers for immigrant Mainers with little or no credit history. Durdag says, “In the past, the banking infrastructure, through no fault of its own, has been involved in highlighting immigrant communities by charging extremely exorbitant interest rates due to a lack of credit history. Credit scores don’t follow people overseas, so it was becoming a challenge for new Maine residents looking to get ahead. He says it’s important to help the immigrant community build generational wealth here in Maine, adding, “You can’t have a society moving forward if it intentionally neglects part of herself. There are currently 10 beneficiaries of the Indus Fund microcredit program. The maximum loan offered is $10,000, with a 5-year repayment plan at a fixed interest rate of 3.5%. CPort Credit Union in Portland is the only place that offers Indus Fund micro-loans to immigrant-run small businesses. Durdag says he hopes to expand the Indus Fund to more banks and credit unions in the future to have the opportunity to be more diverse and inclusive in our state.
The Indus Fund was established in 2019 by entrepreneur and first-generation immigrant Kerem Durdag. With the help of banking industry colleagues, Durdag formulated a microcredit program that would remove existing barriers for immigrant Mainers with little or no credit history. Durdag says, “In the past, the banking infrastructure, through no fault of its own, has been involved in highlighting immigrant communities by charging extremely exorbitant interest rates due to a lack of credit history. Credit scores don’t follow people overseas, so it became a challenge for new Mainers looking to advance.
Durdag says the immigrant population in Maine is 75,000 out of 1.3 MILLION, or less than 5%. He says it’s important to help the immigrant community build generational wealth here in Maine, adding, “You can’t have a society moving forward if it intentionally neglects part of herself.
There are currently 10 beneficiaries of the Indus Fund microcredit program. The maximum loan offered is $10,000, with a 5-year repayment plan at a fixed interest rate of 3.5%. CPort Credit Union in Portland is the only place that offers Indus Fund micro-loans to immigrant-run small businesses. Durdag says he hopes to expand the Indus Fund to more banks and credit unions in the future to have the opportunity to be more diverse and inclusive in our state.
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