Maine Philanthropy Center

Building Connections for Maine Grantmakers

Coastal Enterprises Inc. and Maine Community Foundation Partner to Boost Rural Development

Friday, December 5, 2014
The Maine Community Foundation has partnered with Wiscasset-based CEI (Coastal Enterprises Inc.) to boost downtown- and fisheries-related development in rural Maine.
CEI, a nonprofit economic development financial institution, announced the partnership Monday. It will result in the Maine Community Foundation providing $500,000 in new loan funds to CEI, which will use them for rehabilitation of downtown buildings and development of fisheries-related enterprises in the state's rural communities.
The funds have already supported the complete renovation of the Mayo Mill in Dover-Foxcroft. CEI said the project is being envisioned as an economic hub for the area, with eight commercial tenants, 22 affordable housing units and a data center that will support the state-supported Three Ring Binder Internet fiber extension project.
"Our downtowns are important engines for commerce, culture and overall quality of life in Maine's communities," Meredith Jones, president and CEO of the Maine Community Foundation, said in a prepared statement. "With CEI's expertise and resources, [Maine Community Foundation's] investments can have greater impact in revitalizing our downtowns and strengthening fisheries-related enterprises vital to our coastal communities."