Northern Heritage Development Fund

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

One Cumberland Place, Suite 210
Bangor, ME 04401

Description

With current capitalization of $10 million, the NHDF is a flexible investment fund providing access to capital for new and existing businesses operating across the full range of the region’s economic activity, as well as for financing of affordable, safe and decent housing. Loans include first position and subordinated debt loaned at the prime rate for fixed terms of five to seven years. The NHDF funds start-ups, expansions, buyouts, recapitalizations and relocations from outside the region. CEI seeks social impact through NHDF lending, including job opportunities for low and moderate-income persons, payment of living wages and benefits, and environmentally sustainable business practices. Our other socially responsible financial tools, including our community development venture capital funds – CEI Ventures and CEI Community Ventures, and the New Markets Tax Credit Program – can assist in bringing additional capital to projects in the region. CEI manages $700 million of capital in its commercial lending, green affordable housing, New Markets Tax Credit, and venture capital programs.

Stage of Development: On the Ground

Total Budget: $10,000,000

Categories: Community, Economy, Landscape.

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

Results

Since launching the NHDF in 2006, CEI has invested $4.8 million in 60 businesses. These loans have helped retain/create 897 jobs. CEI’s loans leveraged an additional $15.8 million, primarily from banks, for a total impact of $18.9 million. CEI also has invested $1.1 million in one 20-unit housing project that leveraged another $3.2 million.

Last updated by Keith Bisson on December 9, 2009