Bangor Savings, CEI launch $9.5M biz loan program
Coastal Enterprises Inc. of Wiscasset has teamed up with Bangor Savings Bank to offer $9.5 million in low-interest loans to businesses in economically depressed areas of Maine.
The partnership is the first of its kind in the state, and makes available to small and medium-sized businesses new markets tax credit loans of up to $2 million, with lower interest rates on 25-year loans, according to a press release.
Bangor Savings Bank is underwriting the loans, made possible by CEI's acquisition in October of a portion of the $3.5 billion in new markets tax credits offered by the U.S. Department of Treasury. It is first bank in the nation to both invest in the tax credits and commit to underwriting the loans in this type of funding pool, the release states.
Eligible borrowers include businesses, nonprofits, corporations, partnerships and individuals located in low-income areas.
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