$80 million dollars can go a long way, at least that’s the hope that the state of Maine has with the introduction of new tax credits which target rural development. The United States Treasury Department is behind the initiative and it looks like a late Christmas present for CEI Capital Management who will be responsible for dispensing the goods. But, as mother always said “better late than never.”
The plan is to further stimulate growth across a wide swatch of industries which includes manufacturing, health care, hospitality, technology, and ideally any other enterprise which will be able to create or maintain jobs across the “I lead” state where blueberries grow rampant and bull moose reign supreme. These New Market Tax Credits (NMTC) incentivize such business and real estate investment in the poorer areas around the state such as perhaps Perry in Washington County where over a third (about 35.1%) of the population lives below the poverty level.
Charlie Spies is the CEO of CEI Capital Management, and he may be proud of all of the C’s and E’s in his title and company name, but he is more honored to accept the funds that he feels he is uniquely positioned to place properly so that the effect will ‘ripple’ through the communities. He says that “We share their vision of renewal and are glad to be their partners” as he speaks about the rural people that have been helped throughout the country as the firm has obtained similar money elsewhere and put it to good use stimulating economic development in some of the areas lagging behind as we enter the year 2017, 16 years after the program was first assembled.
The factors that are key components in helping to make the decision as to where to dispense include social, environmental and financial sections. Spies understands the importance of establishing an integral solution which affects the entirety of this triple bottom line, and Maine will surely advance thanks to these contributions. There may be a little more oversight in this federal program which is homogeneous to the state-level program which had a similar moniker, and that is because Maine held a series of investigations into abuses within that initiative which might have seen funds inappropriately handled. Community leaders should be reaching out with proposals in order to claim their share of the money and partner symbiotically with CEI and Spies to achieve great things.