For Farmers Surviving the Pandemic, Timely Federal Grants and CDFIs Made All the Difference

For Farmers Surviving the Pandemic, Timely Federal Grants and CDFIs Made All the Difference
May 07, 2021
Last winter, farmers in Maine may have had little hope of still being in business in the spring of 2021, given how their businesses were rocked by the pandemic. But for many, their fortunes quickly changed when Coastal Enterprises Inc. (CEI), Maine’s longtime community development financial institution (CDFIs), stepped in to administer millions of dollars in 2020 CARES Act assistance to farmers across the state.
In just 25 days during December 2020, CEI administered $17.4 million in CARES Act funding to 437 farmers, producers and processors across the state. The grants ranged between $1,000 and $100,000 for pandemic-related infrastructure investments, making unplanned e-commerce investments, and more. For some, the grants literally saved their businesses. While CEI is a lender and not a grant-making agency, it is an example of how CDFIs can rise to the challenge of disbursing the funds gladly.

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