September 21, 2017 — BRUNSWICK, ME — Coastal Enterprises, Inc. (CEI) today announced it has been awarded $916,000 from the U.S. Treasury Department as part of its FY2017 Community Development Financial Institutions Program (CDFI) Program.
The funds will be used to increase lending and investment in low and middle-income communities, nurturing shared prosperity in Maine and rural regions across the U.S. This is CEI’s 15th award from the CDFI Fund since 1997; providing for loans to entrepreneurs and business owners that create good jobs, affordable housing, essential community services and environmentally sustainable enterprises.
Throughout the country, 303 Community Development Financial Institutions (CDFIs), including CEI, were awarded a total of $208.7 million.
“This award gives us the ability to build upon four decades of providing capital, counsel and policy innovation to support entrepreneurs and small businesses across diverse industries and demographic profiles,” said CEI CEO Betsy Biemann. “Whether that’s connecting rural farmers and food producers to new markets, or helping immigrants to start businesses as they establish their lives in their adopted communities, we are stepping up our pace as the world around us changes. These funds help us further invest in building an economy that works for everyone.”
This year, the U.S. Treasury reported that it received applications from 434 eligible organizations, requesting more than $567 million through the CDFI Program for FY2017.
“We are so grateful for the support of our congressional delegation – Senator Susan Collins, Senator Angus King, Congressman Bruce Poliquin and Congresswoman Pingree – who recognize the value of this federal community development program in their districts every day,” said CEI President Keith Bisson.
CDFI Fund awards, based on a competitive application process, have enabled community development financial institutions such as CEI to increase lending and investment activity in low-income and economically distressed communities. In total, the CDFI Fund has awarded more than $2.5 billion to CDFIs, community development organizations, and financial institutions through the Community Development Financial Institutions Program, the Native American CDFI Assistance Program, and the Bank Enterprise Award Program.
Coastal Enterprises, Inc. (CEI) helps to grow good jobs, environmentally-sustainable enterprises, and shared prosperity in Maine and in rural regions across the country by integrating financing, business and industry expertise, and policy solutions. CEI envisions a world in which communities are economically and environmentally healthy, enabling all people, especially those with low incomes, to reach their full potential. For more information, visit www.ceimaine.org.
About the CDFI Fund
Since its creation in 1994, the CDFI Fund has awarded more than $2.5 billion to CDFIs, community development organizations, and financial institutions through the Community Development Financial Institutions Program, the Native American CDFI Assistance Program, and the Bank Enterprise Award Program. In addition, the CDFI Fund has allocated $50.5 billion in tax credit allocation authority to Community Development Entities through the New Markets Tax Credit Program, closed guaranteed bonds in the amount of $1.1 billion through the CDFI Bond Guarantee Program, and awarded more than $171 million through the Capital Magnet Fund.
To learn more about the CDFI Fund and its programs, please visit the CDFI Fund’s website at www.cdfifund.gov