Maine-Based Firm Is National Leader In Revitalizing Rural Communities
(September 19, 2024– Brunswick, Maine) – Today, the U.S. Department of Treasury allocated $65 million in New Markets Tax Credit capacity to CEI Capital Management. The firm will deploy the tax credits to economic development projects that create good quality jobs and build opportunity in rural communities with low incomes across Maine and the nation.
A leading practitioner of the NMTC program, CEI Capital Management has deployed over $1.11 billion in New Markets Tax Credits financing to over 100 businesses and developments across the country since 2004, creating or preserving 12,662 jobs in primarily rural places.
“For the nearly 2/3rds of the U.S. working population without college degrees, a career in manufacturing remains one of the most reliable pathways to economic stability,” said CEI Capital Management CEO Traci Vaine. “With this award, we will continue to support the start-up or expansion of manufacturing companies committed to creating Good Jobs in rural communities that provide a living wage, basic benefits, opportunities for training and advancement and access to wealth-building tools like retirement accounts or company-ownership options.”
Altogether, the U.S. Department of Treasury made allocations to 104 organizations nationwide for a total of over $5 billion in New Markets Tax Credit awards.
CEI Capital Management shares the mission of its parent, Coastal Enterprises, Inc. (CEI) to build a just, vibrant, and climate-resilient future for people and communities in Maine and rural areas by integrating finance, business expertise, and policy solutions in ways that make the economy work more equitably. CEI Capital Management partners with CEI to provide Good Jobs advising to each of the businesses it finances, providing tailored recommendations that can increase job quality and employee retention.
“Building strong communities means more than just creating jobs, it requires a significant investment in job quality,” said CEI CEO Betsy Biemann. “This award will bring critically needed private investment to deeply distressed rural areas, where access to capital is limited or non-existent, and support the growth of businesses that are committed to good jobs and boosting the vitality of their local communities.”
The new allocation announced today will be deployed primarily in manufacturing businesses, with a focus on companies that provide quality jobs for people with low incomes. In keeping with CEI’s good jobs framework, projects will provide living wage jobs with comprehensive benefits and training, directly addressing the poverty and lack of opportunity prevalent in rural communities with low incomes. The deployment strategy also prioritizes projects that create quality jobs accessible to workers with a high school diploma or less, providing a pathway to economic mobility for people with lower levels of formal education. CCML prioritizes projects with strong community input and/or support that will advance economic equity in rural places.
About CEI Capital Management
CEI Capital Management works nationally to connect new and existing rural manufacturing companies with flexible capital project capital through the Federal New Markets Tax Credit (NMTC) Program and the Maine New Markets Capital Investment (NMCI) Program so they can build good jobs that provide living wages, comprehensive benefits and opportunities for training and advancement. Since 2004, CCML has placed over $1.02 billion of NMTC/NMCI capacity in 104 projects. www.ceicapitalmgmt.com
About CEI
Coastal Enterprises, Inc. (CEI) works to build a just, vibrant and climate-resilient future for people and communities in Maine and rural regions by integrating finance, business expertise and policy solutions in ways that make the economy work more equitably. CEI envisions a world in which vibrant, equitable and environmentally sustainable local economies enable all people and communities to thrive. More at www.ceimaine.org
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