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W W W. M A I N E B I Z . B I Z 29 N OV E M B E R 3 0 , 2 0 1 5 Developed 22 units of aff ordable housing. A December 2014 report com- piled by economist Charles Colgan determined that for every $1 million of New Markets tax credits claimed in Maine, an estimated $1.56 million will be returned to the state's general fund. Additional data shows that for every $1 million in credits claimed, an addi- tional $3.43 million in private capital investment was brought to Maine. Future uncertain? Despite those successes, Spies acknowl- edges the state's New Markets program will be tapped out once it reaches its $250 million cap, while the federal program's future depends on several bills now making their way through Congress. He isn't pushing the panic button just yet. "Right now there are two pieces of legislation to make the federal New Markets program permanent, one's in the U.S. House and one's in the U.S. Senate," he says. " e president has it built into his budget. We're working hard right now on the federal level to get the program extended, at the very least. ere does seem to be quite a bit of support for it. So, at a minimum we're C O N T I N U E D O N F O L L OW I N G PA G E » Let us help you grow your business. gorhamsavingsbank.com (207) 222-1485 Gorham Savings Bank's BusinessManager ® Program provides accounts receivable financing so you can: Member FDIC Equal Housing Lender Member FDIC Equal Housing Lender Member FDIC Equal Housing Lender Member FDIC Equal Housing Lender Member FDIC Equal Housing Lender Member FDIC Equal Housing Lender Member FDIC Equal Housing Lender The comfort of knowing we can sell our receivables weekly allows us to deal with more pressing business matters. — Terri, In Home Senior Services " " MEET PAYROLL REDUCE DEBT OPERATE WITH CONFIDENCE Farnsworth Real Estate Inc., Rockland Federal or state New Markets tax credits used: CEI Capital Management LLC allocated $10 million via the Maine New Markets Capital Investment program. Another $7.75 million in federal New Markets Tax Credit funding was allocated by Massachusetts Housing Investment Corp., a Boston nonprofit that specializes in financing affordable housing and community development. Date: March 2015. Description: Funding will pay for improvements to various facilities owned by the Farnsworth Art Museum, including the historic Olson House in Cushing that is depicted in Andrew Wyeth's iconic painting "Christina's World." While the Farnsworth has a significant endowment, the majority of its donations are restricted, leaving the museum with few resources to maintain its many facilities. Key benefits: Financing will help the Farnsworth address roof problems, aging and inefficient heating, ventilation and air conditioning systems, Americans with Disabilities Act compliance issues and other capital improvements. Some funds will be used to expand the Farnsworth's free arts education program, "Stories of the Land and its People," in local public schools. St. Croix Tissue Inc., Baileyville Federal or state New Markets tax credits used: CEI Capital Management allocated $20 million via the federal NMTC program, $11.67 million via the Maine NMCI program. Date: December 2013. Recent New Markets Tax Credit projects in Maine Description: Funds the installation of two new tissue paper-making machines, facilitating vertical integration with the adjacent Woodland Pulp mill, which will be supplying pulp and utilities to the new mill that is slated to be fully operational by mid-2016. Key benefits: The investments will create an estimated 60 to 80 new full-time jobs and help preserve 320 jobs at Woodland Pulp. Funding also supports the develop- ment of a workforce training program and is expected to create 200-plus indirect jobs as well. Mölnlycke Manufacturing U.S. LLC, Brunswick Federal or state New Markets tax credits used: CEI Capital Management allocated $10 million via the Maine NMCI program in 2013 and $14 million via the federal NMTC program in 2011. Dates: November 2013 and December 2011. Description: Most recent allocation funds the purchase and installation of medical manufacturing equipment at the company's Brunswick Landing facility. Earlier invest- ment helped finance construction of a 79,000-square- foot facility for the Swedish-owned wound care manufac- turer in Brunswick. Key benefits: Supports 54 jobs at the Brunswick facility and paved the way for additional expansion of Mölnlycke's existing facilities in Wiscasset. S O U R C E : CEI Capital Management LLC

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