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High Performance Maine textile producers receive funds

10 Nov '12

2 min read

The Federal Department of Health and Human Services, Office of Community Services has provided a revolving loan fund of US$ 700,000 for three years to Coastal Enterprises Inc. to support textile firms based in Maine, a state in the New England region of North-East US.

Alongside generating good employment prospects, the capital needs of the textile firms in the state are rising, which this fund would help, the press release announcing the award said.

To be eligible to avail the benefits, producers need to generate at least 40 full-time jobs, with three-fourth of them being for low-income group.

CEI would provide financial assistance to three to four “high performance” textile firms involved in evolving or designing innovate textile-based processes and products, it added.

"High performance" textiles are the one meant to cater to specific requirements and have specific attributes like exceptional strength, heat resistance, stiffness or chemical resistance.

“Sales and employment prospects at advanced and high performance textile firms in the state are increasing at a rate of around 10 percent”, Lisa Martin, Executive Director of Manufacturers Association of Maine, a partner of CEI for the initiative, said.

Besides financial assistance, the association would also provide assistance to budding textile enterprises in the state in training and other related fields.

Being a not-for-profit organization, CEI provides rural business financial and technical assistance and policy support to small and medium enterprises. Managing over US$ 800 million of invested capital, CEI has funded over 2,000 businesses, till date.

Technical Textile News Desk - India

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