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CDA Stories

Support for New Business in Maine

In July 2014, CEI, the first sommunity development financial institution to become a member of the Federal Home Loan Bank of Boston, drew down its first advance, a $160,000 Community Development advance to support the acquisition and rehabilitation of a long-vacant bakery building in Waterville, Maine, by the manufacturer of carbon neutral fireplace logs from waste hay.

The Bragdon Farm project will restore a neglected property as well as create 10 high-paying jobs. "It's an innovative product," says Cole Palmer, loan and investment officer at CEI. "The logs have the same BTU value as wood logs, have minimal environmental impact, and give value to waste hay where there is none now, which also will help the farming population. A lot of our portfolio is in agriculture, so it's a win-win."

Click on the Start link to the right to tour the Bragdon Farms project with Mr. Palmer and Peter Bragdon, owner of Bragdon Farm. The Bragdon Farm initiative was recently featured in the Bank's Results magazine.