$300K grant will provide financing, coaching for diverse Maine entrepreneurs
Courtesy / Coastal Enterprises Inc.
Emma Thieme, who runs Maven Seats and Maven Leather in Washington County, received business assistance from the Women's Business Center at Coastal Enterprises Inc.
A $300,000 grant to Coastal Enterprises Inc. will help provide financing and business coaching for women and immigrant entrepreneurs in Maine.
The Wells Fargo Foundation’s Diverse Community Capital program awarded the grant to the Brunswick-based nonprofit, one of 18 community development financial institutions nationwide participating in the program, according to a news release Tuesday.
The funds will be used for loans to business owners who are historically underrepresented by traditional financial services and support initiatives that increase access to other resources, such as technical assistance, marketing and business coaching.
The grant builds on work CEI has done for 20 years with women entrepreneurs and people who have immigrated to Maine in hope of starting a business. CEI’s Women’s Business Center and StartSmart program for immigrants and refugees offer business advice and financial training for approximately 1,000 entrepreneurs each year.
Adrian Espinoza Garcia, owner of the Empanada Club in Portland, moved to Maine from Bolivia four years ago with his wife, a New England native. Hoping to find a footing in the state's burgeoning food economy, Garcia began making empanadas after he discovered that the savory hand pies common in Bolivia were practically impossible to find in Maine. But "I had no idea what I was doing, or where I was going to sell," he said in the release.
Garcia reached out to CEI for business advice and met with StartSmart director John Scribner, who gave Garcia “the confidence to go forward in launching Empanada Club.” A CEI Wicked Fast business loan helped him buy the equipment he needed to scale up production in Portland’s Fork Food Lab commercial kitchen.
Emma Thieme, the owner of Maven Seats and Maven Leather in Washington County, found support in her advisors from CEI’s Women’s Business Center. She creates custom motorcycle seats and leather handbags.
“I see them as allies in what often feels like a jungle. I feel so lucky, every day, that I'm able to live in this reality where I'm working completely for myself, but it can be unpredictable and often lonely. Having someone to help guide me through is an invaluable resource," Thieme said.
CEO Betsy Biemann, a 2019 Mainebiz Woman to Watch, said in the release, “CEI’s mission is to grow an economy that works for everyone. That means making sure that entrepreneurs who have a good idea or promising skill set get the help they need to be successful. Maine’s economy is dependent on diverse small business owners and businesses, but women and immigrants have a harder time accessing business financing and advice."
In 2018, Wells Fargo & Co. gave $372,900 to Maine nonprofits, schools and community organizations, including $45,000 in employee-driven donations.
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