June 16, 2019

Penobscot Nation receives economic development funding

INDIAN ISLAND – The Penobscot Nation has received more than $35,000 to assist the tribe in economic development planning.

The money was awarded by the U.S. Department of Commerce Economic Development Administration and is to be used for long-term planning, according to a press release issued Thursday from U.S. Sens. Olympia Snowe and Susan Collins.

“Part of it is used to update the tribe’s comprehensive plan for economic development,” Tim Love, Penobscot Nation economic and business development director, said Thursday.

The tribe will review the plan, cross what’s been done off the list, and prepare for the future, he explained.

The remainder of the money will be used for Penobscot Indian Nation Enterprises, an initiative to develop new businesses, such as the tribe’s recently opened mail-order pharmacy PIN Rx.

Basically, the money will be shared between consultants working on a variety of projects, Love said.

The tribe applies for the funding each year and previously has been awarded planning money from the administration.

The Department of Commerce Economic Development Administration focuses on investing money in locally developed, regionally based economic development initiatives that achieve the highest return on the taxpayers’ investment and that directly contribute to economic growth.

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