Press Releases
Pingree Announces $600,000 Grant to CEI to Invest in Underserved Maine Communities
Portland, Maine,
September 24, 2020
Congresswoman Chellie Pingree (D-Maine) today announced Coastal Enterprises, Inc. (CEI) will receive $600,000 from the U.S. Treasury Department’s FY 2020 Community Development Financial Institutions (CDFI) Fund. This award will enable CEI to increase lending and investment activity in low-income and economically distressed communities in Maine. “I’m proud this federal funding will boost CEI’s work to provide all Mainers with accessible banking, lending, and investment—no matter where they live. Residents of rural or coastal communities should have the same support from their financial institutions as Mainers who live in Portland or Bangor,” said Pingree. “This $600,000 CDFI award will help to fill in the gaps for economically underserved communities, allowing our small towns to grow and flourish during a time of heightened need.” $500,000 of the grant awarded will be used to expand CEI’s Wicked Fast loans and complementary business advice, financial counseling, and workforce development in Maine. CEI’s Wicked Fast loans of up to $25,000 provide affordable, convenient and quick access to capital for start-ups and emerging small businesses. CEI has made 83 Wicked Fast loans since launching the program two years ago. Notably, 45% were made to women-owned businesses and 63% were made to entrepreneurs who have low incomes. The other $100,000 from the U.S. Treasury Department’s grant will go towards lending in low-income areas. ###
-- Kiara Tringali Communications Coordinator, Congresswoman Chellie Pingree (ME-01) Office: 207-774-5019 | Cell: 207-509-5904 | she/hers
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