FSB Community Development Foundation

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OVERVIEW: The FSB Community Development Foundation serves Western and Central Maine in the areas of economic development, housing, job training, and other local needs.

IP TAKE: The FSB Community Development Foundation This is a focused and accessible local bank funder in the Northeast. Like many small, corporate foundations, it is not very transparent about its past grants and grantmaking strategy, as it does not maintain a comprehensive grants database. However, it is an accessible funder that accepts applications year round and is open to groups in its service area who wish to get in contact. Pitch an idea about how to boost the economy in small, struggling Maine towns.

PROFILE: The FSB Community Development Foundation is the philanthropic arm of Franklin Savings Bank, which was established in 1868. The board of directors established the Franklin Savings Bank (FSB) Community Development Foundation in 2000 to support the economic, community, and educational needs of the communities that are served by the bank. In the foundation’s first 15 years, it awarded over $2 million to local economic development, for education, and to other local charities. Primary grantmaking areas of interest include economic development, housing, job training, and education.

Grants for Community Development

The foundation’s grantmaking program largely focuses on groups that target economic development and bring in business and jobs. The funder also gives to low-income housing efforts and groups that offer other benefits to low-income individuals. FSB is interested funding job retraining efforts for workers who have been displaced from traditional industries as well. The bank foundation does not typically support individuals, schools that are not state approved, or groups that operate outside of its service area. Grantees include Main Street Skowhegan, Lifelight Foundation, High Peaks Alliance, Greater Franklin Development Council, and Kennebec Valley Community Action Platform.

Grants for Education

FSB Community Development Foundation also maintains two scholarship funds for students graduating from schools in communities where it has a business presence. The Franklin Scholars programs awards a total of $36,000 divided up among twelve students from local schools who intend to pursue business-related studies at a 4-year college or university. FSB also awards four Technical Scholarships to students pursuing 2- or 4-year programs at one of four local technical schools.

Important Grant Details:

Grants generally range from $1,000 to $10,000. FSB does not have an online grants database of past grants on its website, but grantseekers may review its public tax filings for more information on its past grantmaking.

  • Grantmaking is restricted to the state of Maine and mostly Western and Central Maine, where the bank has a business presence. Its main office is located in Farmington, and it has branches in Rumford, Rangeley, Skowhegan, Jay, Wilton, and Mt. Blue Campus.

  • The foundation accepts unsolicited grant applications from Maine nonprofits throughout the year, and the application form is available online for download.

  • The application form may be submitted by email to marketing@franklinSavings.com, by mail to the foundation’s PO Box in Farmington, or in person at any FSB branch in Maine.

Grantseekers can direct general questions to the bank staff at FSBInfo@fsbme.com or 207-778-3339.

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