CEI lands $1.75M in federal funding

Photo / Tim Greenway CEI CEO Betsy Biemann and CEI President Keith Bisson outside their new Brunswick offices. CEI was awarded $1.75 million to expand its community lending and economic development work.

Write a Comment

By Staff

Coastal Enterprises Inc., a Brunswick-based community lending and economic development nonprofit, will use $1.75 million in new federal monies to bolster its work in Maine’s low-income communities.

CEI was one of 196 Community Development Financial Institutions across the United States that received grants and loans from the U.S. Department of the Treasury’s Community Development Financial Institutions Fund.

“We are grateful to be helping to make that vision a reality, along with our Maine colleagues at Four Directions Development Corporation, Genesis Fund Inc., MaineStream Finance and Northern Maine Development Commission, who also received awards,” Keith Bisson, CEI’s president, said in a statement.

The awards, based on a competitive application process, have enabled CDFIs to increase lending and investment activity in low-income and economically distressed communities across the nation since the program was established in 1994.

Over 80% of CEI’s lending activity targets low-income people and communities, through loans that support low-income entrepreneurs and business owners as well as companies that create jobs, affordable housing units, childcare slots and health care for regions that qualify as low-income.

“This funding means opportunity — for the entrepreneur who wants to start a business, the family in need of affordable housing and many low-income Mainers hoping to make better lives for themselves. I appreciate the committed work of CEI in making that all happen,” said U.S. Rep. Chellie Pingree in a statement announcing the award.

Read more

MCED, CEI get federal innovation awards

CEI's new CEO is a familiar face in Maine

Coastal Enterprises Inc. looks to the future in wake of departure

CEI offers women Entrepreneur in Residence program

CEI lands $20M USDA loan to boost community building projects in rural Maine

Rural development boosted with $80M in New Markets Tax Credits to CEI