Harold Alfond Foundation pledges $500M to help Maine economy
PORTLAND, Maine (AP) — One of Maine’s most prominent philanthropic organizations is pledging a $500 million investment in the state’s economy, officials said Tuesday.
The Harold Alfond Foundation said the money will go to eight colleges, universities and organizations with a goal of providing a long-term economic boost to an economy hobbled by the pandemic.
“Our state faces unprecedented challenges,” foundation Chairman Greg Powell said in a statement. “Today’s grants are to vital, high-performing Maine institutions that will help build that future.”
Grants of between $5 million and $240 million will be provided to the University of Maine System, The Roux Institute at Northeastern University, the University of New England, Thomas College, FocusMaine, Colby College, Waterville Creates! and The Jackson Laboratory, officials said.
Gov. Janet Mills praised the investment.
“By bringing together higher education institutions, research institutions, community organizations and business leaders, this initiative will fuel new opportunities for Maine people and diversify and expand our economy at a critical moment in our state’s history,” she said.
Created in 1950, the Harold Alfond Foundation has furthered the philanthropic legacy of Harold Alfond, the founder of Dexter Shoe Company.