New firm expands CEI’s small business lending
Coastal Enterprises Inc. (CEI) has launched a new national firm that aims to lend up to $5 million to small businesses that can’t obtain loans from conventional sources.
CEI announced Tuesday that CEI 7(a) Financing LLC (C7a) is one of the few non-bank lenders in the country to partake in the U.S. Small Business Administration’s popular 7(a) lending program, which puts a major focus on small businesses in rural areas.
The community development finance institute said (7)a loans can go toward many uses, including real estate acquisition, construction, rehabilitation, equipment purchase, long-term working capital, business acquisition and working capital capital financing.
“There is clear demand and need for ethical, non-bank, small business lending capacity,” Rob Wilson, C7a’s CEO, said in a prepared statement. “The businesses that our economic development partners are referring to us as potential borrowers are seeking the loan product that C7a brings to the market.”
The 7(a) loan program adds to CEI’s national portfolio, which includes venture capital funds, a New Markets Tax Credit practice and sustainable agriculture, fisheries and forestry work.
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