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CEI is committed to working with members of the community to preserve Maine's traditional fisheries and marine-related businesses which have been an integral part of Maine's coastal economy for generations. CEI offers below market rate loans to Maine fishermen, shellfish growers and waterfront businesses that maintain commercial fishing access or that provide marine-related goods and services. Recent waterfront and marine business loans have been used to purchase fishing boats and equipment, to establish a mussel aquaculture business, to purchase equipment for a marine services business, for boat building and repair operations, and for municipal and private pier replacement. Fisheries borrowers are expected to participate in a FISHTAG project; this is an agreement that commits the borrower to contribute scarce biological data to a management effort. CEI helps to coordinate the FISHTAG project, by bridging the gap between fishermen and scientists. The goal of this is to engage the fishermen in the management of the fisheries upon which their livelihoods depend through monitoring and data collection. Fishtag projects include: - fish catch data collection for the scientific community
- a shoreside business may choose to conduct an energy audit or purchase a more efficient piece of equipment
- a project that addresses a process, material or practice that has an environmental benefit (i.e. installing solar panels for electricity generation or a sewage pumpout station for cleaner water)
The Loan Department partners with the CEI Fisheries and Working Waterfront Project Staff on each waterfront and marine business loan application. Soon after the CEI loan department receives your loan request, you will be contacted by a fisheries staff member to talk about your business, and to talk about FISHTAG/Shoreside FISHTAG, and an appropriate research project or improvement that fits your work. The CEI Fisheries Project Staff also reviews your application and makes recommendations to the Loan Department regarding the technical aspects of your business, such as: - Loan fund eligibility
- Compliance with State regulations
- Review the market that your business will address
- Review the projections and the overall viability of your business plan.
The loan officer and the fisheries project staff member will be in contact with you throughout the application process. The decision process can take approximately 2-4 weeks depending on the complexity of the transaction. » Downloand a Loan Application here
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Governor's Task Force on the Economic Sustainability of Maine's Lobster Industry: One of the vulnerabilities revealed by the recent global economic crisis has been the viability of traditional lobstering practices in Maine. To combat the loss of such a culturally and economically important industry, Governor Baldacci established the Governor's Task Force on the Economic Sustainability of Maine's Lobster Industry to develop a comprehensive strategic plan to ensure the prosperity and long-term sustainability of the Maine lobster industry. Click on below links to read more.
Bangor Savings Bank and CEI offer low-interest loans to small and medium-sized enterprises in disadvantaged areas in Maine. Read more 