WISCASSET – A Wiscasset community development corporation is among seven organizations in the nation chosen to spearhead a program to provide venture capital to businesses in low-income areas.

Coastal Enterprises Inc. says the New Markets Venture Capital program is expected to finance 30 new businesses and generate more than 750 new jobs, primarily in low-income communities in Maine, New Hampshire and Vermont.

The program, administered by the Small Business Administration, also would deliver technical assistance and management advice to businesses.

“We’re delighted to receive the funding,” said Nathaniel V. Henshaw, president of CEI Ventures Inc. “I just think it’s a very important program. We’re honored.”

CEI needs to raise a minimum of $5 million in private capital by this fall to get the $7.5 million in debt capital from the SBA, but the deadline can be extended until 2003. Henshaw hopes the group will start administering the program early next year.

Congress authorized the program for fiscal years 2001 to 2006 and allocated $180 million for tax incentives, loan guarantees, operational expenses and other grants.

Henshaw said the SBA funds in combination with others will allow the organization to play a larger role in Maine communities, he said.

John Butera, the state Department of Economic and Community Development’s business development director, said the program will fit in with the state’s strategy to expand businesses in low-income rural areas.

“There is a stipulation in the law that indicated that investments need to be made in low-income areas,” Butera said. “This will be a significant boost in moving those economies along.”

Coastal Enterprises has financed more than $300 million in economic development projects and counseled more than 8,500 small businesses since its founding in 1977.