Agreement brings $5 million in new loan funds for small businesses, affordable housing in the Northeast
Wiscasset, ME—Maine-based Community Development Finance Institution (CDFI) Coastal Enterprises, Inc. (CEI) is pleased to announce a new community loan agreement with Morgan Stanley Bank, N.A. to benefit low- and moderate-income neighborhoods, individuals, and families in Maine and the Northeast. The agreement enables the distribution of $5 million in new loan funds for three key areas of CEI’s lending practice: financing for small businesses, affordable housing, and community facilities.
“Communities in rural regions of the Northeast have been slow to recover from the recession, and face a number of challenges that prevent them from accessing patient and flexible financing,” said Ron Phillips, President and CEO, CEI. “Infusions of capital to essential sectors of our economy can help create jobs. At the same time, people with low- and middle-incomes need access to health and childcare, and affordable housing. CEI takes a comprehensive view of community development, believing that strong neighborhoods and healthy communities are the backbone to success for small businesses. We are grateful to Morgan Stanley for sharing in our work and supporting our mission.”
The $5 million line of credit supports CEI’s five-year commitment to deploy $128 million in loans and investment for 771 sustainable enterprises and the creation of 6,500 jobs.
“Morgan Stanley is pleased to partner with CEI to revitalize communities across the Northeast, particularly in rural areas, by making capital available to small businesses and low- and middle-income families and neighborhoods,” said Mike Mantle, President of Morgan Stanley Community Investments, LLC. “Healthy communities build and attract successful businesses that can drive economic growth.”
“CEI welcomes Morgan Stanley as a community development partner in moving capital into underserved and distressed rural communities in Maine and throughout the Northeast,” said Keith Bisson, Senior Vice President, Programs and Development, CEI. “By focusing on small businesses, affordable housing, and childcare and healthcare facilities, Morgan Stanley is supporting a holistic approach to place-based financing.”
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CEI, one of the nation’s premier Community Development Corporations (CDCs) and Community Development Financial Institutions (CDFIs), specializes in rural business development and financing. Founded in 1977 in Wiscasset, Maine, we create economically and environmentally healthy communities in which all people, especially those with low incomes, can reach their full potential. CEI provides financing and technical assistance to small and medium-sized businesses, natural resource-based industries including the farm, fish and forest sectors, community facilities, renewable energy, commercial real estate and affordable housing. CEI serves communities in Maine, New England, and rural regions throughout the U.S. Find out more at www.ceimaine.org.
About Morgan Stanley
Morgan Stanley is a leading global financial services firm providing a wide range of investment banking, securities, investment management and wealth management services. With offices in more than 43 countries, the Firm’s employees serve clients worldwide including corporations, governments, institutions and individuals. Since 2006, Morgan Stanley has committed more than $9.6 billion in investments to strengthen underserved communities. For more information about Morgan Stanley, visit www.morganstanley.com.
Liz Rogers, Senior Vice President, Marketing & Communications, (207) 632-7693
Matt Burkhard, Morgan Stanley, (212) 761-2444