CDFIs such as CEI help create economic opportunity through an array of services, ranging from financing to technical assistance. Green Money Journal features CEI’s approach to impact investing.
Welcome to September! Our new enewsletter focuses on supporting women-owned businesses in Maine. Take a look!
CEI announced today that Parnassus Investments, an investment management company and a leader in the field of responsible investing, has made a $1 million investment in CEI Investment Notes, Inc. (CEI Notes) via its Parnassus Core Equity Fund. Read more!
Mainers don’t like to waste anything. Here’s a great example: Coast of Maine, a CEI-supported company that will make you feel better about not getting every single piece of lobster out if its shell. http://wabi.tv/2014/07/31/maine-company-turns-lobsters-compost/
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A new CEI loan to Bragdon Farm, a business in Waterville, Maine, builds on research and development financing from our rural economic development partners to help bring an innovative product to market. Click here to read more!
“A lot of people ask me why I am studying environmental and resource economics instead of just economics—and the answer is that I want to utilize both skills by focusing on environmental issues in a business setting, a subject I don’t think receives enough attention. CEI’s commitment to creating economically and environmentally healthy communities has introduced me to deserving companies, businesses, and individuals who are implementing countless plans, proposals, and unique tactics to work towards expansion. Although many people think the fishing industry is struggling, I have observed CEI creatively work to position it for success, all while remaining socially responsible in their practices.”
-Jessica Kaczynski, Environmental and Resource Economics, Spanish, & Business Administration Major at the University of New Hampshire; CEI 2014 Internship Placement: Sustainable Fisheries and Aquaculture Program
“It’s difficult to explain ‘socially responsible venture capital’ to my friends. A lot of kids at Columbia intern at big banks, where they feel like there’s no soul and it’s all profit driven, while others intern at non-profits where they feel pretty ineffective. CEI Ventures is mission-driven, but seeks to generate business growth and returns on investment—the perfect balance of the two. It’s a great example of aligning incentives to promote social goals. As soon as you look at the long-term results, it’s pretty clear: we’ve been able to effectively create quality jobs for distressed communities throughout the Northeast.”
-Jameson McBride, Economics & Sustainable Development Major, Columbia University; CEI 2014 Internship Placement: CEI Ventures
“There’s excellent work happening at CEI, but what strikes me the most, from an internal communications standpoint, is how the triple bottom line platform doesn’t just serve as a metric for investments, but truly drives employee decisions as well—from office conversations to designing CEI central in Brunswick. There are certainly countless moving parts, with multiple sectors and diverse groups involved, but the amount of collaboration between employees really speaks to shared values and purpose. The energy here turns it into one community revitalizing another, and local, sustainable industry growth is the result.”
-Elisabeth Sepulveda, Psychology, Management, Middle Eastern Studies Major, St. Olaf College, Northfield, MN; CEI 2014 Internship Placement: Marketing and Communications
“With a degree in Economics, I always figured I’d have to somehow sacrifice my dreams of effecting real change in the world if I wanted to build a challenging career in finance. CEI’s model of socially responsible lending, however, has taught me that that “big bank mentality” is not the only way. I am challenged every day I come into work, and at the end of that day, I get to see the impact we make here, whether it’s through job creation, affordable housing placement, environmental sustainability projects, or microenterprise lending that allows refugees the chance to start anew. I am so proud to be associated with an organization such as this, and am thankful for my time here.”
-Erin Morris, Economics Major, recent graduate from the University of Carolina at Chapel Hill; CEI 2014 Internship Placement: Lending Department
“While some Community Development Entities (CDEs) are eager to quickly push out New Market Tax Credit allocation as soon as they receive it, CEI Capital Management is committed to taking time to find the right deals. Deals that not only meet the criteria set by the program, but that go steps beyond, ensuring that projects will create sustainable businesses that have positive impacts on the surrounding community and environment. And the work doesn’t stop once the deal is closed. What sets CCML apart from other CDEs is its commitment to the borrower and the communities impacted throughout the seven years of the deal. This is only made possible by each team member’s passion for serving the underserved and furthering CCML’s mission.”
-Sandhya Nakhasi, Master’s in Business Administration, University of Michigan; CEI 2014 Internship Placement: Investment – CEI Capital Management LLC
“My experience this summer at CEI has been amazing. As an individual coming from out-of-state, CEI has been a great place to learn about community development within Maine. I have been able to connect with a number of individuals working in fields from education, to healthcare, to small business development, giving me a great sense of Maine’s areas of need and growth. Being able to take part in CEI’s work to improve Maine and create beneficial partnerships has been a rewarding experience.”
-Jared Benjamin, 2L student, University of Maine School of Law; CEI 2014 Internship Placement: CEI Policy
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CEI is proud to be a financing partner with Dorchester Bay Economic Development Corporation in this innovative urban culinary ecosystem creating 125 jobs in Dorchester, MA, over the next three years. Congratulations to CropCircle Kitchen and many community partners for their extraordinary vision, which is sure to be a model for other urban neighborhoods throughout the country. http://www.bostonmagazine.com/restaurants/article/2014/04/29/cropcircle-kitchen-dorchester/print/
CEI is pleased to announce the relocation of its headquarters from Wiscasset to Brunswick, Maine, in the third quarter of 2015. Founded in 1977 in with an initial focus on supporting Maine’s value-added natural resource industries of fish, farms and forestry, CEI has grown to become one of the nation’s leading Community Development Finance Institutions (CDFIs) and Community Development Corporations (CDCs).
CEI’s move to Brunswick will consolidate offices in Wiscasset and Portland, including those of its for-profit subsidiaries, CEI Ventures, Inc., CEI Community Ventures, Inc., CEI Housing Inc., CEI Capital Management LLC, and CEI Investment Notes, Inc.
“Our move to Brunswick aligns with a 36-year trajectory of growth for CEI as well as a deep commitment to the people and places where we work,” said Ron Phillips, President and CEO of CEI. “We look forward to expanding our partnerships throughout Maine, New England, and rural America from our future home in Brunswick. Consolidating multiple offices offers us an opportunity for greater collaboration and efficiency among our staff members, who share a common purpose in our mission to create economically and environmentally healthy communities in which all people, especially those with low incomes, can reach their full potential.”
CEI’s new headquarters will be located at 30 Federal Street, in a redevelopment of the site of the former Brunswick Town Hall and Brunswick Recreation Center. Over the next year, as approved by the Brunswick Planning Board on May 27, CEI will demolish the two existing structures and build a new LEED-certified, two-story professional office building with an approximately 10,800 square-foot footprint. Approximately 72 of CEI’s 88 staff members will move to the new building, which is centrally located in the Midcoast, between Wiscasset and Portland. A number of CEI business counselors, loan officers, and program development specialists will remain in their existing offices to serve clients in the regions of Springvale/Sanford, Portland, Bath, Wiscasset, Lewiston, Farmington, Augusta, Fairfield, Farmington, Ellsworth, Bangor and Machias.
“We are confident that we will add value to the downtown of Brunswick in great part due to the vision and skills of our architect, CWS Architects, general contractor, Allied Cook, and landscape architect, Sebago Technics,” said John Egan, CEI’s Director of Housing and Real Estate Development. “The new building is designed to take CEI into coming decades as a good neighbor and leader in sustainability practices. For example, our energy efficiencies will actually increase over time with state-of-the-art geothermal heating and cooling system technologies.”