SENATORS SNOWE, COLLINS ANNOUNCE $112 MILLION ALLOCATION FOR COASTAL ENTERPRISES
U.S. Senator Olympia J. Snowe and U.S. Senator Susan Collins today announced that $112,000,000 has been allocated to Coastal Enterprises, Inc. (CEI) by the U.S. Department of the Treasury’s New Markets Tax Credit Component of the Community Development Financial Institutions (CDFI) Fund.
“Coastal Enterprises continues to provide invaluable services to communities throughout Maine. Investing in affordable housing and community development in Maine’s rural and underserved areas will provide an opportunity for economic revitalization,” Senators Snowe and Collins said in a joint statement. “This federal funding will ensure that Coastal Enterprises continues to provide support to Maine’s communities.”
Coastal Enterprises directs investment to highly distressed communities in the northeast. CEI’s funding will be used to provide flexible debt for rural small businesses needing medium sized loans. CEI helps make financing available at rates up to 500 basis points below prevailing market rates, and on more flexible and favorable terms, including substantial interest-only payment periods.
CEI’s allocation will be able to be used as projects are approved.
The CDFI Fund provides financial support to qualified organizations that promote community development in underserved communities.
“Coastal Enterprises continues to provide invaluable services to communities throughout Maine. Investing in affordable housing and community development in Maine’s rural and underserved areas will provide an opportunity for economic revitalization,” Senators Snowe and Collins said in a joint statement. “This federal funding will ensure that Coastal Enterprises continues to provide support to Maine’s communities.”
Coastal Enterprises directs investment to highly distressed communities in the northeast. CEI’s funding will be used to provide flexible debt for rural small businesses needing medium sized loans. CEI helps make financing available at rates up to 500 basis points below prevailing market rates, and on more flexible and favorable terms, including substantial interest-only payment periods.
CEI’s allocation will be able to be used as projects are approved.
The CDFI Fund provides financial support to qualified organizations that promote community development in underserved communities.
