Cut-to-Length Conversion Loan Product

.(JavaScript must be enabled to view this email address) · (207) 522-8764

One Cumberland Place, Suite 210
Bangor, ME 04401

Description

CEI is committed to working with stakeholders in the Northern Forest to support the natural resource-based industries of the region by helping to improve their competitiveness and lessen their environmental impact. The Cut-to-Length (CTL) Conversion Loan Product is a voluntary subordinated debt loan program designed to enable logging contractors to convert from traditional logging systems to CTL systems with incentives to help reduce the substantial conversion costs and to receive training on the new equipment, and to create quality job opportunities for low income individuals. Mechanical and operational training is a critical component of the conversion process and to optimizing the economic and environmental benefits of the CTL machinery. CEI is creating an interest rate incentive whereby borrowers who meet CTL training requirements and in some cases low-income employment hiring targets established for the program will be eligible for a total reduction of 2% from their base loan rate.

Stage of Development: On the Ground

Total Budget: $0

Categories: Economy, Landscape.

Counties: Aroostook, Oxford, Penobscot, Piscataquis, Somerset, Washington.

Results

CEI has financed one logging contractor who is now undergoing training.

Last updated by Keith Bisson on December 9, 2009