CEI, Morgan Stanley to boost small businesses
A new lending partnership between Wiscasset-based CEI (Coastal Enterprises Inc.) and Morgan Stanley is expected to benefit small businesses in Maine and the Northeast.
CEI, a community development finance institution, announced Tuesday it has entered a community loan agreement with Morgan Stanley to distribute $5 million in three key areas: small business financing, affordable housing and community facilities. Further details were not available.
The new $5 million line of credit is part of CEI’s five-year commitment to issue $128 million in loans and investments for 771 sustainable enterprises expected to create up to 6,500 jobs.
“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,” Ron Phillips, CEI’s president and CEO, said in a prepared statement. “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 child care, and affordable housing,” Phillips continued. “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.”
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