$25,000 Awardee – Financing
Coastal Enterprises, Inc (CEI), based in Wiscasset, Maine was selected for the Financing award due to its pioneering use of New Markets Tax Credit (NMTC) funds to attract new investors and to build new delivery channels for responsible finance. In 2006 and 2007, through its unique approach to the NMTC allocation, CEI attracted 30 new sources of private capital to distressed rural communities in Maine, northern New England and upstate New York. And CEI also gives other, smaller CDFIs access to this financing through its innovative free-sharing, working partnership program. NMTC is a place-based tax credit, stimulating investment in low-income communities and helping create jobs. CEI’s unique, successful approach to NMTC funds – which brings in new investments and provides smaller CDFIs access to this funding – serves as a replicable model for the opportunity finance industry, demonstrating real leadership in Financing.