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CEI Capital Management LLC (CCML)
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CCML is a for profit CEI subsidiary that furthers CEI's mission by working to help attract capital to low-income areas using the federal New Markets Tax Credit (NMTC) program. CEI and CCML take a triple bottom-line approach as an NMTC program sponsor when underwriting prospective transactions, looking for strongly positive economic and community development impacts, social equity, and environmental protection. The U.S. Treasury Department's CDFI Fund's New Markets Tax Credit Program (NMTC) mission is to expand the availability of credit, investment capital, and financial services in distressed urban and rural communities. Specifically, the NMTC was authorized by Congress to help attract private sector capital investment into urban and rural low-income areas to finance community development projects, stimulate economic opportunities and create jobs in areas with the greatest need. CEI participated in the initial conceptualization and development of the NMTC initiative at the national level. CEI continues to take a progressive, leadership role as a member of the NMTC Coalition and embraces the Coalition's goal of directing NMTC resources to community development projects that create enduring opportunities for people and places traditionally outside of the economic mainstream.CCML is using the NMTC program to create greater access to capital for real estate development and operating businesses located in eligible low-income communities, primarily in Maine, the other New England States, and New York. CEI has also now extended its NMTC services to encompass all of rural America.
If you have a project or business that may be eligible for NMTCs (and/or needs financing), please click here. If you are an investor or capital source interested in placing debt or equity into an eligible project in exchange for NMTCs, please click here. If you: would like more information about the New Markets Tax Credit program, want to find out whether a prospective project is in an eligible NMTC area, or have an interest in providing debt or equity capital in exchange for the federal income tax credits, please contact us at nmtc@ceimaine.org. |
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CEI IN THE NEWS! |
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CEI’s Policy Directions for Maine highlights policy issues that we believe the next administration and legislature should address. These issues were selected based on our current work and our extensive experience as a community economic development practitioner for almost 35 years. CEI partners in the “Cod Academy”. CEI is helping to organize a free cod farming course for large boat fishermen from Maine’s two easternmost coastal counties, Hancock and Washington. Read more here. CEI Investment Notes are a way for you to invest in your community, to help others, and to reap social, environmental and economic benefits. Details here. U.S. Finance Expert Encourages Banking Investment in Maine Communities
At CEI's 32nd Annual Meeting, Ellen Seidman, Exec. VP of ShoreBank in Chicago, and Sr. Research Fellow with the New America Foundation in Washington, DC, urged Maine bankers and community activists to consider “greater community investment…meeting the actual needs of the community, not just counting dollars invested.” See full speech.
See annual meeting remarks by Ron Phillips, CEO, on triple bottom line investing and the next 5 years for CEI. See the 12/14/09 article on CEI and the state of investing in communities. It’s where mission happens… CEI Receives $125 Million in NMTC Through its subsidiary, CEI Capital Management LLC, CEI will use the allocation to attract private capital investments for primarily rural economic development projects. See press release.
CEI Receives Investment Funds
In partnership with Manufacturers Association of Maine, CEI will receive $765,000 over from the Federal Department of Health and Human Services, Office of Community Services (OCS), to finance several job-generating small-to-medium enterprises. This funding will create 78 full-time, year-round jobs. Read press release here. Bangor Savings Bank and CEI offer low-interest loans to small and medium-sized enterprises in disadvantaged areas in Maine. Read more here. |
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Gulf of Maine Research Institute - Collaborative Science |
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The newest building on Portland's waterfront is the 56,000 square foot Gulf of Maine Research Institute (GMRI). Currently in its last phase of construction, GMRI will soon be home to a variety of nonprofit, governmental and for-profit tenants, all focused on the Gulf of Maine and its watershed. With laboratories, research centers, and exhibit spaces, this state of the art facility is positioned to become a world-class marine research and education center. One critical role for the GMRI is to be a "neutral convener", bridging a longstanding gap between scientists and fishermen.
CEI Capital Management, a for-profit CEI subsidiary, helped finance the facility through its New Markets Tax Credit program under which CEI was awarded $129 million in tax credit allocation authority to draw capital into disadvantaged areas. With the tax credit, Peoples Heritage Bank (Banknorth, N.A.) provided a $4 million long-term loan to GMRI. CEI was attracted to GMRI for its high quality jobs as well as the commitment to sustaining the Gulf of Maine's fishery ecosystem and the 25,000 fishing jobs, fishing communities and fishing families that depend on it. |
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Subsidiaries 
