WISCASSET, Maine — Coastal Enterprises, Inc. was recently awarded investment funds of $1.45 million to help develop job-creating Maine small businesses, natural resource ventures in the farm, fish and forestry sectors, renewable energy, and affordable housing.
Of the 210 organizations funded nationally by the Community Development Financial Institutions Fund of the U.S. Treasury, CEI was among a group to receive this maximum award from a pool of nearly $187 million.
Ron Phillips, CEO and founder of CEI, noted the funds will provide the necessary “seed” capital to participate with banks and other sources to help starting or expanding projects to meet their goals. The CDFI Fund, a national agency that supports some 1200 U.S. Treasury-certified CDFIs around the country, was created in the mid 90s to spur local economic development throughout rural and urban America. Maine’s Sen. George Mitchell was then majority leader, and CEI testified at the hearings for the founding legislation.
Art Stevens, a loan officer based in the Portland branch of CEI, described CEI’s role in providing much needed flexible capital recently to Gelato Fiasco in Brunswick to expand to Portland. “The company is employing some 40 right now, and is expected to grow even more with the recent additional investment from CEI’s venture capital subsidiary, CEI Ventures LP.
For more information contact CEI at 207-882-5159 or visit its website www.ceimaine.org.