Coastal Enterprises, Inc. (CEI) is a nonprofit 501(c)(3) community development financial institution (CDFI) founded in 1977. Our mission is to build a just, vibrant and climate-resilient future for people and coastal communities in Maine and rural regions. We do this by integrating finance, business expertise and policy solutions in ways that make the economy work more equitably.
Through a dedicated Fisheries & Aquaculture Program, CEI staff has been able to create a workable model in providing not just lower-interest financing to Maine’s marine aquaculturists, but to combine expert training for entry-level fishermen considering a career in aquaculture. Supported by multiple assets both internally, privately, statewide, and federally, CEI has been able to not only to raise capital to deploy directly into industry, but to also provide the resources necessary for aquaculturists to become “bank-ready” both on and off the water.
Presenter will share unique loan products developed at CEI that is assisting farmers to grow and expand their operations in the Gulf of Maine. Our “Sea Farm Loan” provides financing to individuals looking to expand an aquaculture venture, but who have not been able to access conventional sources of capital. Term loans are made to eligible growers for purchasing boats, gear and equipment, renovating or building infrastructure, acquiring land, supplying operational capital and restructuring debt. Our “Marine Green Loan” was created to support Maine fishermen and aquaculturists looking to transition vessels to hybrid retrofitting, and power to more renewable and climate friendly sources - electric engines, batteries, solar arrays for charging, upwellers, and shoreside charging and electrical connections.
During this presentation, CEI will share how a combination of financial funding sources and custom loan products – in concert with expert technical consultant and business development resources – has created a truly impactful accelerator for Maine’s aquaculture sector, and how this model could be duplicated in other coastal states and communities seeking to provide better financial resources to their aquaculturists nationally.