The Brunswick-based community development financial institution Coastal Enterprises Inc. has received $1.8 million in grant and loan capital from Wells Fargo & Co., and a solar energy subsidiary of CEI has received $1.5 million, the San Francisco-based bank said Wednesday.
CEI, which helps to promote job growth and economic prosperity in Maine and in rural regions across the country, has received a NEXT Fund for Innovation award, the bank said in a prepared statement.
The NEXT Fund, which is funded by Wells Fargo and others and managed by the Opportunity Finance Network, supports business models that drive change in the community development financial institution industry, the statement said. The $1.5 million equity investment in CEI’s newly formed solar energy financing subsidiary will focus on providing capital to midsized commercial solar projects for low-income people and communities.
CEI also received $1.5 million in lending capital and $250,000 in grant funds from Wells Fargo to provide small-business owners in Maine with access to capital and business advice, the bank said. The funds will help CEI provide advice to existing businesses and expand lending services statewide for immigrant- and women-owned businesses.
J. Craig Anderson can be contacted at 791-6390 or at:
Twitter: jcraiganderson
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