$80 million in Maine New Markets Tax Credit capacity has been allocated by the Department of Treasury, U.S. to the firm, CEI Capital Management that is based in Maine. These tax credits will be deployed by the firm for many projects related towards their economic development. These will help to create opportunities in those rural communities having low incomes. This will be spread across Maine as well as the entire nation.
CEI Capital Management is located in Portland. It claims that it has made use of New Markets Tax Credits for around 90 projects. This has been since 2004. This has helped to create or preserve nearly 4,699 jobs which are permanent and all of these are in rural areas.
The projects will be supporting growth as well as the viability of some enterprises across varied industries that include manufacturing, arts, and health care, as well as agriculture, conservation, besides hospitality as well as technology.
CEI Capital Management has financed nearly 22 projects. All these are in Maine. These used about $274 million. All this is in New Markets funds. This was nearly 30 percent out of the total placement.
CEI Capital Management CEO Charlie Spies is very grateful and feels encouraged after receiving this award. Now they can look for new opportunities that will help them in strengthening rural economies. After all, the impact of each job that is newly created tends to ripple throughout the community.
They have been working on this program for nearly 12 years now. They have moved across the nation. They have worked on the field. This has allowed them to get to know people who are in rural locales but dedicated to bringing positive changes to their respective communities. Hence the firm shares their vision. They are happy to be the partners of such dedicated people and wish to move towards prosperity for them as well as their families.
The Department of Treasury of US has made such kind of allocations to nearly 120 organizations nationwide. This has been for $7 billion. This will be in the New Markets Tax Credit awards, as per CEI Capital Management. But this has been the only biggest award session since 2001 when the federal New Markets Tax Credit Program had been created.
CEI Capital Management is carrying the mission of its parent company. There are three components here. These are social, environmental as well as financial.
With this award, the firm can work closely with the leaders and understand their needs which will help them grow their businesses.