CEI receives $5.5M for job creation
Coastal Enterprises Inc. is receiving $5.5 million from a Wachovia Wells Fargo program to help finance its job creation efforts in rural areas.
The combined loan and grant come from Wachovia Wells Fargo NEXT Awards for Opportunity Finance, and the money will help CEI leverage other private and public sources to create as much as $40 million of additional lending and investing capacity, according to a press release. The award is one of the country's largest and most coveted programs for community development financial institutions like CEI which provide financing to low-income, rural and other disadvantaged communities. Ron Phillips, CEO of CEI, said in the release the money will help expand its Working Partners Initiative with subsidiary CEI Capital Management LLC. The initiative provides financing to rural businesses, community facilities and affordable housing projects.
CEI will be recognized on Nov. 15 at Opportunity Finance Network's annual conference in Minneapolis. The Wachovia Wells Fargo NEXT Awards for Opportunity Finance is operated by and funded through OFN by The Wachovia Wells Fargo Foundation and the John D. and Catherine T. MacArthur Foundation.
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