CEI nets $1.45M to create jobs
Coastal Enterprises Inc., a Wiscasset-based nonprofit Community Development Corporation and Community Development Financial Institution, was awarded $1.45 million to help develop job-creating businesses in the farm, fish and forestry sectors, as well as renewable energy and affordable housing. Of the 210 organizations funded nationally by the Community Development Financial Institutions Fund of the U.S. Treasury, CEI was among a group to receive this maximum award from a pool of nearly $187 million.
In a press release announcing the award, Ron Phillips, CEO and founder of CEI, said the funds will provide the necessary seed capital to participate with banks and other sources to help start or expand projects to meet job-creation goals.
The CDFI Fund was created in the mid 1990s to spur local economic development throughout rural and urban America.
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