Coastal Enterprises deployed $36M to 95 businesses this year, mostly in Maine
File photo / Tim Greenway
Betsy Biemann is CEO of Coastal Enterprises Inc., which released its annual impact report this week.
Coastal Enterprises Inc., a Brunswick-based community development financial institution, on Thursday said it deployed more than $35.8 million in its last fiscal year to 95 businesses, mostly in Maine. The funding led to the creation and preservation of at least 427 jobs.
During the year ended Sept. 30, CEI helped a wide variety of entrepreneurs, including Sara Rademaker of American Unagi in Waldoboro, Leslie Clark of Portland Recovery Community Center, and Miranda Taylor of Taylor’s Tots in Canton. CEI said the assistance allowed these businesses to launch and grow despite the challenges of the COVID-19 pandemic.
“The pandemic is shining a spotlight on barriers in our economic system that prevent people from gaining a foothold, even when they work full time,” said CEO Betsy Biemann.
“The disproportionate impact of the pandemic on low-income people, people of color and women has highlighted the important role that community development financial institutions, like CEI, play as capillaries channeling financial resources and small business support to people and enterprises on the edges of our economy,” said Biemann, a 2019 Mainebiz Woman to Watch.
The nonprofit, which provides business financing and advice, financial coaching and policy advocacy, highlighted several investments and advisory efforts, including its nearly $1.5 million for Saddleback Mountain Ski resort in Rangeley, which reopened after five years, restarting an economic engine for that community.
In Lewiston, a cohort of 13 women originally from Angola and Somalia participated in CEI’s Child Care Business Lab, accessing education, business development support and certifications that will help them open culturally attuned child care in their communities.
Meanwhile, Standard Biocarbon is in the process of purchasing equipment for producing high quality “biochar” in East Millinocket. Biochar is a charcoal-like substance that's made by burning organic material from agricultural and forestry wastes called biomass and is used instead of chemical fertilizers.
Along Maine’s coast, Atlantic Sea Farms worked with two dozen fishermen growing and harvesting kelp to diversify and decarbonize the working waterfront.
“Even as business owners struggle to hire and retain workers and manage supply chain disruptions, they are looking for solutions,” said CEI’s president, Keith Bisson.
“Maine’s legacy industries are leading the way by innovating for long-term economic and environmental sustainability. We see the future in climate-friendly aquaculture and companies using new technologies that support sustainable forestry practices and expand renewable energy production and distribution,” Bisson said.
In addition to providing loans and investments, CEI reviewed and distributed nearly $19.5 million in 827 CARES Act pandemic relief grants from the state of Maine to small business owners, including 533 farmers and food producers.
CEI staff members also provided one-on-one business advice or training to 3,640 individuals in Maine, including 1,679 entrepreneurs through the CEI Women’s Business Centers, 69 immigrant and refugee entrepreneurs who received advice from CEI’s StartSmart program, and 91 fisheries and aquaculture industry entrepreneurs who received business development resources to help scale their enterprises.
Business advisors at Maine Small Business Development Centers, hosted by CEI throughout the state, worked with 2,003 entrepreneurs.
An additional 658 people received homeownership counseling and financial education that helped them purchase homes, avoid foreclosures, build their savings and improve their credit scores, supporting applicants in securing $384,500 in loans, CEI said.
The nonprofit received a $10 million grant from philanthropist MacKenzie Scott in December 2020.
CEI said it is dedicating those funds over the next several years to responding to effects of the COVID-19 pandemic on borrowers, advancing support for food system and climate change resilience, and ensuring equity and economic opportunity for entrepreneurs of color and others who are not well served by the traditional financial system.
Since 1977, the CEI family of organizations has invested $1.49 billion in 3,109 businesses and projects throughout Maine.
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