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 disbursin
Divisive opinions around Maine s growing aquaculture industry, particularly a proposed salmon farming operation in Frenchman Bay, are driving lawmakers to consider studying coastal development in general.
The Legislature’s Marine Resource Committee held a public hearing Tuesday on LD 1211, “Resolve, To Create the Study Group To Research Balancing Development and Conservation in Maine s Coastal Waters and Submerged Lands,” introduced by state Rep. Lynne Williams, D-District 135.
A goal of the bill is to establish regional units functioning in individual bay areas, composed of municipal representatives and consultants, that would be able to provide input into how each bay is used.
The resolve would establish the group “to address current system deficiencies in the regulation of the state s coastal waters and submerged lands.”
CEI announces initiative sharing market data with Maine seafood industry
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Brunswick, Maine, U.S.A.-based Coastal Enterprises Inc. (CEI) has announced it has acquired and plans to share competitive national seafood industry sales information with Maine’s seafood industry to help businesses expand sales.
The sales information consists of syndicated broadline sales data for key species harvested in Maine, with breakdowns of regional and metropolitan markets in the U.S. CEI said it purchased the data as part of its Maine Seafood Marketing Initiative, a pilot effort to establish a marketing association for the state’s seafood products.
Craft beer-making may be on tap for the first time in two thirsty Washington County locations.
A pair of breweries are preparing to launch in Eastport and Machias, and the startups would be the first beer producers in their respective communities. Owners of both businesses view the Downeast region beyond Ellsworth as an underserved market where there’s plenty of potential patronage from locals and visitors.
Horn Run Brewing
At 75 Water St. in Eastport, Lisa and Jeff Smith plan to open Horn Run Brewing by Memorial Day weekend.
“We’re within weeks of opening,” Lisa Smith told Mainebiz.
The couple comes at the venture from surprising angles.
Apr 29, 2021
In this year of increased focus on climate action leading up to COP 26 UN Climate Conference in Glasgow, investors may be overlooking a sector ready to be harvested for its unique ability to fight the climate crisis - agriculture. In fact, some $972 billion flowing annually into the agriculture value chain could be channeled into transformative investment that would accelerate the adoption of climate-smart agriculture, according to a new report.
An untapped market
Agriculture is typically not a part of the $2 trillion invested and re-invested annually in ESG portfolios, the report showed; for example, in the third quarter of 2020 alone, there were $10 billion in corporate support for green bond issuance, but agriculture was not included. The reality, however, is that innovative financial mechanisms like green bonds and community finance could help farmers and ranchers tap into that capital.