U.S. Senator Olympia J, Snowe and U.S. Senator Susan Collins today announced that Costal Enterprises, Inc. in Wiscasset has been awarded a loan of $750,000 through the U.S. Department of Agriculture’s Rural Development program. The loan will be used by Coastal Enterprises to re-lend for local business and community development.
“We are pleased to see this loan funding go to Coastal Enterprises,” noted Senators Snowe and Collins in a joint statement. “This funding will allow for low-interest loans to Maine businesses and entrepreneurs. We are pleased to announce this funding.”
It is estimated that these Rural Development funds will create 105 jobs and retain 120 jobs in the local community.
Coastal Enterprises, Inc. is a private, nonprofit Community Development Corporation and Community Development Financial Institution. Founded in 1977, the organization provides financing and support in the development of job-creating small businesses, natural resources industries, community facilities, and affordable housing.