Maine Timber Business Loan
Maine & New Hampshire
$20 million
Business Loan
New Markets Tax Credits
Description
This is a business loan to finance the acquisition of timberlands in Maine and New Hampshire. The business of the borrower will be primarily sales of timber and logs, along with some additional income from using portions of the timberlands for miscellaneous recreational activity and the production of rental income.
Investment Type
Enterprise's investment provides a business loan enhanced with New Markets Tax Credits that resulted in a below-market rate to the borrower. The investment will generate over $7 million in New Markets Tax Credits to the investor over seven years.
Community Impact
The timberlands are generally located in low-income areas covering twenty census tracts in Maine and New Hampshire. The continued operation of the forestry business will help retain a substantial number of jobs both on and off site.
Developer
GMO Renewal Resources, LLC is a for profit organization that works to attract capital to low-income areas using the federal New Markets Tax Credit (NMTC) program. The organization focuses its efforts on projects and investments with strongly positive economic and community development impacts, social equity, and environmental protection.
Investor
The investors in the Maine Timber Business Loan are affiliates of a major Dow Jones company. |
