About this programme
Coastal Enterprises Inc (CEI) is a Maine-based community development financial institution (CDFI) that lends to businesses for start-up, working capital, real estate and equipment purchases, facilities expansion, and construction across Maine. Its stated mission is reducing the wealth gap and building a more equitable economy by focusing on people and communities that traditional lenders often turn away.
Alongside financing, CEI's lenders, investors, business and workforce advisors, and food system, aquaculture and climate experts offer hands-on support to help a business succeed, not just the loan itself.
How it works
CEI lends up to $1 million, with higher amounts considered case by case. Interest rates run 6.0% to 10.0%, and typical terms are 3 to 7 years, with extended amortization possible.
Typical time to approval is 4 to 6 weeks, though this can shift with the volume of requests CEI is processing.
Terms and closing costs vary based on the specifics of the project and prevailing market rates. Applicants should discuss additional features or requirements with their loan officer.
Who can apply
The business must be located in Maine. Any sector is eligible.
Funds can be used for start-up costs, working capital, real estate and equipment purchases, facilities expansion, and refinancing existing higher-interest debt.
How to apply
- Have your business plan, financials, and other materials ready.
- Complete the Loan Application (for requests of $50,000 or less, a Business Questionnaire can be submitted instead of a formal business plan).
- Submit a Credit Acknowledgement for each guarantor listed on the loan application.
- Review the Application Checklist to confirm you have all required materials.
- Guarantors on loans greater than $100,000 must also submit a Personal Financial Statement (templates from other institutions are acceptable).
- Alternatively, complete the loan inquiry form first and a lender will reach out to you.
Documents you’ll typically need
- Business plan (or Business Questionnaire for loans of $50,000 or less)
- Financial statements
- Credit Acknowledgement for each guarantor
- Personal Financial Statement (required for guarantors on loans over $100,000)
- Application Checklist
Frequently asked
How much can I borrow?
Up to $1 million, though CEI may consider higher amounts depending on the project.
What interest rate and term should I expect?
Rates run 6.0% to 10.0%, with a typical term of 3 to 7 years and extended amortization possible.
Do I need a full business plan to apply?
Only for loans above $50,000. For requests of $50,000 or less, you can submit a Business Questionnaire instead.
How long does approval take?
Typically 4 to 6 weeks, though this can fluctuate with how many requests CEI is handling.
What can the loan be used for?
Start-up costs, working capital, real estate and equipment purchases, facilities expansion, construction, and refinancing existing higher-interest debt.
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Reviewed 2026-09-25. Programmes change, so check eligibility, amounts and deadlines on the official page before you apply. CapEasy is a private firm and is not part of any government body.