BRUNSWICK — Coastal Enterprises, Inc. recently shared its annual impact for 2017, highlighting its progress advancing its mission to build an economy that works for everyone through a mix of impact investments, advisory services and policy advocacy.
In all, the CEI family of organizations deployed $51.7 million to 79 businesses in mostly rural regions across Maine and the U.S. Of that, CEI invested nearly $14.8 million in loans, micro-loans and equity in 62 small- and medium-sized businesses, and approximately $37 million in loans, equity, and tax credits in 17 businesses and projects through its subsidiaries.
These investments created or preserved approximately 2,000 direct jobs across industries including sustainable agriculture, food systems, aquaculture and fisheries, renewable energy, manufacturing, downtown revitalization, and the arts.
The impact of its investments was magnified by the advice and consulting provided by CEI’s staff to 2,820 entrepreneurs and business owners including women and immigrants, employers, farmers and fisheries entrepreneurs, and people seeking housing counseling and education. CEI also conducts a variety of local and federal policy work.
Of particular note, during this last fiscal year CEI and its subsidiaries:
• Assisted almost 2,000 Maine entrepreneurs to grow their businesses, including Paul and Theresa Lancisi of Dove Tail Bats in Shirley Mills; Julie Swain of Dog Not Gone in Skowhegan; Jim Chattley of Meineke Topsham Car Care Center; Ten Ten Piè in Portland; and Corrin and Shirley Conforte of Kindred Farms Market and Bakery in Casco.
• Helped to finance the completion of eight historic redevelopment projects, injecting economic vitality in Maine’s downtowns from Biddeford to Waterville.
• Made a first-in-the-nation loan from the innovative USDA Community Facilities Relending Program to support the expansion of a YMCA in central Lincoln County.
• Supported the design and commercialization of innovative technologies at companies such as Pemaquid Mussel Farms and Ocean Renewable Power Company.
• Successfully exited an equity investment in the software company Certify.
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