CEI in the News

Coastal Enterprises Inc renovates this historic building in Lewiston, ME.

http://www.youtube.com/watch?v=unIQ-8WyHRI 

Minneapolis, MN. At Tuesday night’s annual meeting of the Opportunity Finance Network, Maine’s Coastal Enterprises, Inc., received the highest award of its peers. It was honored for its work to bring capital investment to communities by developing partnerships with other providers and community development entities.

“CEI provides capital in the form of loans and investments as well as technical, workforce, and policy support for the development of job-creating and value-added natural resources businesses,” said Debra Schwartz, Director of Program Related Investments at the MacArthur Foundation, as she introduced Ron Phillips, President of CEI. Over 1000 people attended the event at the Hilton conference center in Minneapolis.

In his remarks accepting the award for CEI’s Working Partners Initiative, Phillips highlighted CEI’s Northern Heritage Development Fund, “which has mobilized $40 million in financing for 80 businesses, 130 units of affordable housing in five projects, and the creation or sustaining of some 1500 jobs in very rural parts of Maine.”

CEI also recently announced its participation in Starbucks’ Create Jobs for USA Fund, and will be meeting with Starbucks on Wednesday in Minneapolis to learn more about the details of working with their stores in Maine to raise money for jobs.
 
Contact: Grace Cleaves, Director of Marketing and Communications, Coastal Enterprises Inc., gfc@ceimaine.org, 207-632-7693 (cell)

To print this press release, please click here.

Coastal Enterprises Inc. is pleased to announce that it will receive a $5.5 million combined loan and grant from the country’s largest and most coveted awards program for community development financial institutions (CDFIs), the Wachovia Wells Fargo NEXT Awards for Opportunity Finance. CEI will use this award to bolster local rural economies and stimulate job creation and retention in disadvantaged and rural communities via expansion of its innovative Working Partners Initiative.

The NEXT Awards recognize pioneering work by CDFIs, which are market-based, private sector financial intermediaries that provide financing to low-income, low-wealth, and other disadvantaged communities.  CEI will be recognized at a celebration on November 15 at Opportunity Finance Network’s (OFN’s) 27th Annual Conference in Minneapolis, MN.

“I commend CEI on its NEXT financing strategy,” said Mark Pinsky, President and CEO of Opportunity Finance Network, “By sharing its vision for the future of the opportunity finance industry this CDFI will inspire its peers to develop their own NEXT-level projects.  CEI is also advancing the industry by serving the needs of more low-income, low-wealth, and disadvantaged people and communities in innovative ways.”

“This award allows us to expand our Working Partners Initiative with CEI Capital Management LLC, our New Markets Tax Credit subsidiary.  This initiative is focused in Maine and other rural regions of the U.S. and aimed at financing rural businesses, community facilities and affordable housing – all of which drive job creation and sustainable economic development when properly capitalized” says Ron Phillips, President and CEO of CEI.  “Working Partners will satisfy our triple bottom line criteria for economic, social, and environmental returns, so growth of these businesses inherently fosters strong and vibrant communities.  CEI is honored to receive this prestigious award”.

Wachovia Wells Fargo NEXT funds will leverage other private and public sources, creating as much as $40 million of additional lending and investing activity for the participating Working Partners.

With these funds, CEI can continue to invest in businesses and communities in rural and underserved areas, financing such projects as:

• Axiom Technologies in Machias, which employs 12 and is bringing broadband internet to rural communities in Washington County;
• Tide Mill Enterprises in Edmunds, a ninth-generation organic farm and sustainable logging operation;
• Looks Gourmet in Whiting, with 26 employees creating value-added natural resource products like gourmet fish chowders, meats and sauces marketed through Whole Foods and other national distributors;
• New England Outdoor Center, based in Millinocket, which employs 25 year round and 45 seasonal workers, and provides outdoor experiences for adventure seekers, families, and wildlife enthusiasts; and
• Mano en Mano, in Milbridge, providing quality, affordable housing for 6 migrant worker families in the blueberry, lobster and clam harvesting sectors.

These are just a few examples of how CEI’s work has positively affected economic development in rural Maine.  Receiving the Wachovia Wells Fargo Next award allows CEI to continue and expand this work, bringing more jobs and opportunities to underserved and undercapitalized rural areas across the country.

The Wachovia Wells Fargo NEXT Awards for Opportunity Finance is operated by and funded through OFN by The Wachovia Wells Fargo Foundation and the John D. and Catherine T. MacArthur Foundation. The awards recognize excellence among financial institutions that responsibly serve low-income and low-wealth people and communities, and were established to spotlight how CDFIs increasingly benefit the nation’s economy.

A distinguished national selection committee chose CEI from a highly competitive field of top-level CDFIs located across the country.

More information about the Wachovia Wells Fargo NEXT Awards for Opportunity Finance is available at www.nextawards.org.  To arrange an interview with Ron Phillips, President and CEO of CEI, of please contact Merritt Carey at 207.828.4882 or merritt@graffamsolutions.com.

ABOUT THE AWARDS
In 2007, the Wachovia Wells Fargo Foundation made a $16.75 million grant and the MacArthur Foundation made a $25 million low-cost, long-term loan to Opportunity Finance Network to fund the Wachovia Wells Fargo NEXT Awards for Opportunity Finance, inaugurated in 2007. Each year from 2007 through 2011, the Wachovia Wells Fargo NEXT Awards for Opportunity Finance has included:

• A $5.5 million program-related investment (low-cost loan) and unrestricted grant award to an outstanding, high-potential CDFI with more than $50 million in assets dedicated to lending or investing;
• A $2.75 million program-related investment and unrestricted grant award to an outstanding, high-potential CDFI with $10-$50 million in assets dedicated to lending or investing, and
• Four $25,000 unrestricted grant awards to CDFIs of any size that have demonstrated excellence in Innovation, Advocacy, Financing, and Community Impact.

ABOUT THE PARTNERS
The Wachovia Wells Fargo Foundation is a private foundation that provides grants to eligible 501(c)(3) tax-exempt organizations to support the following focus areas:  Education, Community Development, Health/Human Services, Arts/Culture, Civic and Environment.  The mission of the Wachovia Wells Fargo Foundation is to build strong and vibrant communities, improve the quality of life, and make a positive difference.

The MacArthur Foundation supports creative people and effective institutions committed to building a more just, verdant, and peaceful world. In addition to selecting the MacArthur Fellows, the Foundation works to defend human rights, advance global conservation and security, make cities better places, and understand how technology is affecting children and society. MacArthur has been a leading supporter of the Opportunity Finance field since the early 1980s, investing nearly $250 million in approximately 100 groups nationwide. More information is available at: www.macfound.org.

Opportunity Finance Network (OFN), the leading network of private financial institutions, creates growth that is good for communities, investors, individuals, and the economy. Members of OFN are community development financial institutions (CDFIs) that deliver responsible lending to help low-wealth and low- income communities join the economic mainstream. Opportunity Finance Network originated more than $23.2 billion in financing in non-conforming urban, rural, and Native communities through 2009, which generated or maintained 298,511 jobs; 60,261 businesses and microenterprises; 635,528 housing units; and 6,465 community facility projects. More information is available at:
www.opportunityfinance.net.

ABOUT COASTAL ENTERPRISES, INC. 
Since 1977, CEI has created economic opportunity for low income people, primarily in rural regions and small towns in Maine.  CEI has provided over $677 million in financing to 2,104 enterprises leveraging over $1.5 billion for micro, small and medium enterprises, value-added processing in natural resource industries of farms, fish and forests, and community facilities; and, affordable housing projects that provide income, employment and ownership opportunities to low income people and communities.  CEI’s mission is to create economically and environmentally healthy communities in which all people, especially those with low incomes, can reach their full potential.   

PHILADELPHIA, August 2, 2011 - The nation’s largest and most prestigious awards program for responsible finance today announced the four finalists for $8.25 million in prizes. Coastal Enterprises, Inc. (ME) and NCB Capital Impact (VA) are competing for $5.5 million and Opportunity Fund (CA) and The Progress Fund (PA) are competing for $2.75 million in grants and low-cost, long-term loans. The two Awardees will be announced in October and celebrated at an event at the Opportunity Finance Network (OFN) Conference in November in Minneapolis.

Read the full press release here.

The funding for the HUD Housing Counseling program was eliminated in FY 2011. As budget discussions continue, we urge you to reach out to your Congress person to urge them to restore funding for those affected by the housing crisis.  First-time homebuyers, senior homeowners, renters, homeless individuals, and families need housing and foreclosure counseling.  And we need counseling to help the housing markets recover.

Please act now by signing this petition in support of reinstating funding for this important program.

Read more

MILBRIDGE, Maine - In 1999, Mano en Mano had $4,000 in the bank, Director Ian Yaffe said Monday.
 
But the nonprofit group, which offers education and advocacy for agriculture and aquaculture workers, held a grand opening Monday for its $1.4 million six-unit subsidized apartment project, Hand In Hand Apartments.

Read the full story here.

By Troy R. Bennett, Times Record Staff
Published: Wednesday, May 18, 2011 2:10 PM EDT

With a little help from Coastal Enterprises, Inc., Connie deBrun has transformed her affinity for classic pictures into a thriving business, offering a wide array of products featuring slices of her collection. She calls it AntiquiTEES.

Read the full article here.

MILBRIDGE, Maine — Rental applications are now available for Hand in Hand Apartments, the first complex of its kind in the country directed toward families who work in the agricultural and aquacultural sectors.

Read the full story here.

Grant resources to train new and existing employees are now available for green businesses in York, Cumberland, Sagadahoc, Lincoln, Knox, Waldo, Penobscot, Hancock and Piscataquis Counties. Coastal Enterprises, Inc. has received funding of $250,000 from the U.S. Department of Labor to offer customized training to upgrade the skills of both dislocated and currently-employed workers, in order to more effectively match the workforce needs of businesses.

This 18-month program is designed to grow the green jobs sector in Maine. CEI will link job-generating businesses in the renewable energy and energy efficiency, value-added agriculture, and green manufacturing sectors to workforce training resources. These funds will provide businesses with resources for on-the-job and specialized training, utilizing and complementing existing education and training programs, and will be designed to address the specific training gaps identified by the three targeted industry sectors.

“Targeted and tailored training is critical to match the skills of workers with the needs of green businesses,” said Ron Phillips, President of CEI. CEI will target 50 workers, including 30 employees needing skills upgrades and 20 dislocated workers who will move into new jobs.

CEI has already identified a demand for workers in small, environmentally focused businesses that expect to create dozens of jobs. In addition to being constrained by capital for growth, many green firms are also limited in their ability to find adequately trained workers. CEI will work closely with the two workforce Investment Boards in these regions, Coastal Counties Workforce, Inc. and the Tri-County Workforce Investment Board to implement the program.

CEI has financed over 40 job-generating green small businesses mobilizing some $14 million of capital investment and creating/retaining over 2,000 jobs for low income and other workers. This 18-month initiative works with CEI’s lending and business counseling services, with a focus on workforce development, to help grow job-creating/retaining green small businesses in Maine.

For more information, contact Gerard Salvo at grs@ceimaine.org or 207-882-7552.

Wiscasset, ME. Tom Gallant and Ann McAlhany, certified business counselors for the Maine Small Business Development Centers, have relocated to the new SBDC office at Coastal Enterprises Inc. at One Cumberland Place in Bangor. They serve the Bangor region including Penobscot, Piscataquis and northern Hancock counties.

Counselors can help prepare business plans and financial documents that will guide business owners in decision making and prepare them for business loans from banks or other lenders. The services are offered free to business owners, entrepreneurs and others considering new business ideas. The counselors provide a “reality check and help entrepreneurs test their strategies,” said Gallant.

The selection of CEI for Bangor’s SBDC office was unanimous and reached independently by reviewers from the University of Southern Maine (USM), the Maine SBDC center at USM, Maine's Department of Economic and Community Development (DECD) and the Maine SBDC. “CEI’s proposal was thorough, thoughtful and ranked highest by all reviewers. . .the submittal underscored CEI’s distinguished long-time partnership yet it was delivered with a fresh approach and a renewed commitment to our shared goals,” said Mark Delisle, State Director of the Maine SBDC.

Gallant is the Director of CEI’s SBDC office in Bangor, a role he held for 9 years at EMDC. He has an MBA from the University of Southern Maine, 20 years of corporate management experience and has owned two small businesses. He also received SBA’s Maine State Star Award for business counseling excellence for 4 of the past 6 years.

McAlhany, also formerly with EMDC, has a master’s degree in Global Supply Chain Logistics from Maine Maritime Academy. Previously she worked at CEI as a Women’s Business Center counselor in Washington County, and she owned her own small business.

Keith Bisson, CEI's Director of the Northern Heritage Development Fund, Rural Resources and Policy, is also located in the Bangor office.

The Bangor center is managed by Coastal Enterprises, Inc., a nonprofit lender and community development financial institution headquartered in Wiscasset, with 10 offices across the state. Since its founding in 1978, CEI has helped finance over 2,000 businesses with nearly $700 million in loans.