WISCASSET – Coastal Enterprises Inc., which provdes funding and business support to small and mid-sized businesses, said it was awarded investment funds of $1.45 million to help develop job-creating Maine small businesses and natural-resource ventures in the farm, fish and forestry sectors, as well as renewable energy and the affordable-housing industries.
Of the 210 organizations funded nationally by the Community Development Financial Institutions Fund (CDFI Fund) of the U.S. Treasury, Coastal Enterprises was among a select group to receive the maximum award available from a pool of nearly $187 million.
Ron Phillips, CEO and founder of Coastal Enterprises, which is based in Wiscasset, said the funds will provide the necessary “seed” capital to participate with banks and other sources to help starting or expanding projects meet their goals.
The CDFI Fund was created in the mid-90’s to spur local economic development throughout rural and urban America.
Coastal Enterprises recently provided funding to help Gelato Fiasco in Brunswick expand to Portland.
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