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
