KeyBank Foundation said it has donated $450,000 to Coastal Enterprises Inc. to support small business growth and job creation in Maine’s rural communities. The grant, approved as part of KeyBank’s $16.5 billion National Community Benefits Plan, will be disbursed in three annual payments of $150,000.

The money will provide new support for CEI’s small business lending and advisory services and innovative partnerships with local organizations to help grow economic opportunity and quality jobs in rural Maine. CEI will use the grant money to provide lending and business advisory services to 1,400 aspiring and current small business owners and help create and retain 300 jobs in the next three years, according to a press release.

“We are here to help business owners access the financial resources and business advice that they need to be a successful part of their local economy,” Betsy Biemann, CEO of CEI, said in the release. CEI will also pilot new work with local anchor institutions and partners to grow entrepreneurship as a way to generate income and savings, particularly for individuals with low income.

KeyBank Foundation is a nonprofit charitable organization founded in 1969 and funded by KeyCorp. KeyBank has 50 branches serving individuals, families and businesses throughout Maine, including 15 branches in Oxford, Franklin, Somerset, Piscataquis, Penobscot and Aroostook counties. Type your comment here: Sign up now to get statewide business news each day with the Daily Report Read more from…

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