Our sixth feature in the Board Member Spotlights Series! 

We will introduce one of our Board members to share a little bit more about their experience and the perspective they bring to Maine Venture Fund. 

The MVF Board is made up of 11 volunteers, all appointed by the Governor of Maine, and each with specific expertise that enables MVF as an organization to thoughtfully evaluate the best way to support Maine companies. The MVF Board is responsible for making all investment decisions.

This installment features Theresa Hodge. 

MVF Board member since 2016 and is currently serving as the Treasurer.

Can you share a little bit about your professional experience?

I began my banking career in 1986 as an internal auditor and then pivoted into Commercial Lending.  Commercial Lending has been the most rewarding over the years especially since I get to work with Maine business owners and their unique businesses. As a result I am continuously learning and always impressed with the many entrepreneurs that I have met.  I have been able to use my broad base of finance knowledge to provide funding solutions that work best for our clients. I even spent over a decade in the 1990s as a lender at FAME which included the responsibility of Program Manager for the Small Enterprise Growth Fund prior to the hiring of its first fund manager, John Burns. I joined Bath Savings Institution in 2004 and am currently Executive Vice President of Commercial Lending where I have the pleasure of managing a strong team of commercial lenders and providing exceptional service and lending products that best meets the needs of our business borrowers.

What is a professional accomplishment you are most proud of?

Successfully assisting our business borrowers during the COVID pandemic.  During the beginning of the COVID pandemic, we were all faced with something never before seen, businesses struggling with sudden loss of revenues and mandatory shutdowns.  I was able to lead my team at Bath Savings to quickly pivot and assist our business borrowers during this difficult time by communicating our commitment to support them as needed. Our team quickly learned and implemented the SBA Payroll Protection Program (PPP) and we were able to ensure that all our qualified business customers received their PPP funds!   

What is one of your favorite summer activities in Maine?

When not at work, you’ll find me swinging clubs on a golf course, floating on a boat in Sebago Lake or lounging around on the beach with a good book.

Can you share one thing you always consider in the diligence process for companies pursuing investment from MVF?

The MVF board is composed of so many talented individuals, all bringing different perspectives to every deal we review.  As the “designated banker” it would be no surprise that I love numbers, so I tend to focus on a company’s financials and especially its cash flow.  It is a critical component in our review to make sure we understand the company’s cash position, burn rate and ensure there will be enough funds available to help them reach their next milestone and lead the business to long term success.  

How do you recharge?

I love escaping with my husband, John to our summer home on the lake.  We are fortunate to have frequent visits from our children and friends.  There is never a dull moment, with plenty of laughter and fun times, my best antidote for stress!