Business Loans for Maine’s Coastal Counties

The U.S. Department of Commerce’s Economic Development Administration (EDA) announced a $3,278,000 award to Coastal Enterprises, Inc. (CEI) including nearly $3 million to capitalize a revolving loan fund (RLF) for small businesses in Maine’s coastal counties.

The RLF, made possible through the Coronavirus Aid, Relief and Economic Security (CARES) Act of the U.S. Congress, is intended to alleviate economic distress caused by the COVID-19 pandemic, support economic resilience and further the long-term economic objectives of the region.

RLF funds can be used by borrowers for day-to-day expenses (operating capital), purchasing land and/or buildings, new construction, renovations, property improvements, machinery and equipment. CEI welcomes applications from child care enterprises, manufacturing, tourism-based businesses and other industries especially impacted by the COVID pandemic and anticipates making loans ranging from $50,000 to $250,000 with a fixed interest rate of 5%, subject to underwriting criteria.

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