CEI gets $5M from Goldman Sachs for small business loans
Goldman Sachs has announced plans to give $5.5 million to Coastal Enterprises Inc. to support loans to small businesses in Maine.
The Wiscasset-based CEI said in a press release that the money comes through a $500 million Goldman initiative called "10,000 Small Businesses," through which the investment bank plans to give grants to regional lending and educational institutions.
CEI, a nonprofit community development corporation, applied for a Goldman grant through a competitive process and will receive $5.25 million in new loan funds for Maine businesses and $250,000 for operations, business development and outreach programming.
Liz Rogers, director of marketing and communications for CEI, told Mainebiz the funds will be incorporated into CEI's regular loan programs and will help meet the organization's lending goals. For its most recent fiscal year, ending Sept. 31, 2013, CEI loaned $16 million to small businesses, primarily in New England.
Businesses can apply for loans through CEI's website or by calling 882-7552, Rogers said.
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