A Massachusetts bank invests $500K in CEI fund
Cambridge Savings Bank, a Massachusetts bank with $5 billion in assets, said Wednesday it invested $500,000 in a socially responsible venture capital fund managed by CEI Ventures.
The investment in Coastal Ventures V LP will provide capital to help business owners in underserved communities deal with workforce challenges. The Cambridge, Mass.-based bank cited efforts by the fund to create good jobs with basic benefits; support environmentally sustainable enterprises; and provide capital to companies and regions that have challenges accessing equity.
“These jobs offer a better living wage and benefits to improve the lives of the employees and their families. Providing capital to underserved business owners is another way to invest in and strengthen the communities we serve,” said Mike Kuhn, Cambridge Savings’ senior corporate banking team leader.
CEI Ventures is a subsidiary of Brunswick-based Coastal Enterprises Inc., a nonprofit community development financial institution.
Nat Henshaw, managing director of CEI Ventures Inc., said Cambridge Savings and CEI Ventures already have a co-investment in Culture Fresh Foods, a plant-based food manufacturing and cold storage company in Naugatuck, Conn.
“Having a strong bank partner in the Boston market is very beneficial to us and our portfolio companies,” Henshaw said. “We look forward to working with Cambridge Savings Bank to help companies recover from such a challenging year.”
Overall, CEI Ventures has raised over $60 million and invested in 64 companies, helping to create 2,700 jobs.
Cambridge Savings is no stranger to Maine.
In February, the bank extended a new, $5 million credit facility to Freeport-based Eastland Shoe Corp., allowing the manufacturer to refinance existing debt and create liquidity for growth initiatives, the bank said at the time.
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