To be eligible for CEI Capital Management’s New Market Tax Credit capital, the proposed project must meet several minimum requirements:
I. Triple-Bottom-Line Criteria
CEI Capital Management will only fund projects that support the mission of CEI to help grow good jobs, environmentally sustainable enterprises, and shared prosperity in Maine and other rural regions. All projects should contribute positively to the economic, social, and environmental well-being of their communities.
II. Project Size
CEI Capital Management focuses on projects with a $8 million or larger capital need.
III. Service Area or Location
All businesses must either be located in a Federally-defined low-income census tract or the business must serve low-income individuals in one of the following three ways:
- 50% of the business’s total gross income for any taxable year must be derived from sales, rentals, services or other transactions with low-income individuals;
- 40% of the business’s employees must be low income individuals at time of hire; or
- 50% of the business must be owned by a low-income individual.
Outside of our home state of Maine, CEI Capital Management targets our investments to rural or non-metropolitan communities.
IV. Permitted Business
Your business cannot be in one of the following prohibited industries:
- Private or commercial golf courses;
- Country clubs;
- Massage parlors;
- Hot Tub facilities;
- Suntan facilities;
- Racetrack or other facility used for gambling;
- A store whose principle business is the sale of alcoholic beverages for consumption off-premises;
- Farms; or
- Any trade or business consisting predominantly of the development or holding of intangibles for sale or license.
Additionally, less than 80% of gross income must come from rental of dwelling units, and a portion of any residential rental units may be required to be reserved for low-income residents.
All submissions are subject to review and additional due diligence materials may be required, adherence to these criteria is not a guarantee of financing.