Coastal Enterprises Inc., based in Wiscasset, has received a $112 million allocation from the federal government for rural small business loans.
The money comes from the U.S. Department of the Treasury’s Community Development Financial Institutions Fund, according to a joint press release from U.S. Sens. Olympia Snowe and Susan Collins.
The funding will be used to provide Maine businesses with loans on flexible and favorable terms up to 500 basis points below market rates.
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