Mainebiz

V O L . X X V N O. X X V I I I D E C E M B E R 9 , 2 0 1 9 6 Home sales continue record pace Median sales price for existing single-family homes continues to rise in the state, and sales in October set a record even as inven- tory continues to be tight. Maine Association of Realtors said brokers reported a record-breaking 1,845 sales for the month — an increase of 0.71% compared to October 2018 in what continues to be a record year for home sales, according to new data. e $224,900 median sales price of a home in Maine for October was 4.6% higher than last October. e median price is the point at which half of the sales were higher and half lower. e statistics are for existing single-family homes, and don't take into account new construction. Coworking spaces get a jumpstart Four years since making its initial grants, the state's long-dormant Coworking Development Fund has awarded a second round of them to shared business spaces in 12 communities across Maine. A total of 16 coworking centers and maker spaces, from Millinocket to Ellsworth to Biddeford, have received grants totaling $200,000, according to a news release from the Maine Department of Economic & Community Development. Grants can run as large as $20,000. e coworking fund, created in 2015, provided $100,000 in grants that year to businesses in Augusta, Bethel, Biddeford, Brunswick, Millinocket and Portland. But the program was zeroed out by then-Gov. Paul LePage in subsequent budgets. N O T E W O R T H Y S T A T E W I D E U.S. Sen. Susan Collins announced that three Maine housing programs received a total of $613,136 to help individuals with disabilities in Aroostook, Androscoggin and Cumberland counties to live independently within their com- munities. Westbrook Housing Authority received $313,047; Lewiston Housing Authority, $159,138; and Presque Isle Housing Authority, $140,951. B U S I N E S S M A I N E Business news from around the state S T A T E W I D E CEI's impact over one year: $24M deployed, 120 businesses aided B y M a i n e b i z S t a f f B r u n s w i c k — Coastal Enterprises Inc. deployed over $24.1 million to 120 businesses, mostly in Maine, and contributed to the creation and preservation of 1,900 jobs in a range of industries. The organization released its findings in a report on its investments, small business advisory services and policy advocacy. "Although the stock market is booming and the unemploy- ment rate is low, there is a drumbeat of evidence that these figures mask the fact that many people and many regions are being left behind, and that increasingly who you are and where you are born shapes the opportunities that you face more than your ingenuity and hard work," CEI CEO Betsy Biemann said in a news release. "We believe that when the economy is not working for everyone, it is not working for Maine or for our nation. That's why our work is more important than ever." Financial activity In all, CEI deployed over $24.1 million in the form of loans, microloans, equity and tax credit-motivated financing. Staff provided business advice to 1,461 individuals in Maine, including 495 entrepreneurs through the CEI Women's Business Centers, 108 immigrant and refugee entrepreneurs who received advice from CEI's StartSmart team, and 175 food industry entrepreneurs who received business develop- ment resources to help scale their fisheries, aquaculture, agriculture and food systems businesses. Business advisors at Maine Small Business Development Centers hosted by CEI in Augusta, Bangor, Brunswick, Ellswor th, Water ville and Wiscasset worked with 683 entrepreneurs. Another 807 people received home-buying counseling and financial education that helped them purchase homes and avoid foreclosures. CEI advocated for national and state policies on a range of issues, including workforce training, expansion of access to broadband services, renewable energy, childcare and seed capital for small businesses, sustainable agriculture practices, community reinvestment and consumer financial protection. Small businesses In its most recent fiscal year, CEI: Made 100 new loans to small businesses for a total of $17.4 million, bringing its loan portfolio to $48 million, the largest loan portfolio by dollars in CEI's 41-year history. Coached 100 portfolio companies on how good jobs strategies can boost company profitability. Launched new products to encourage small business growth, including the Sea Farm Loan for aquaculturists. Scaled deployment of Wicked Fast loans, closing 36 loans totaling $555,000 for small business owners, earning CEI the Small Business Administration's "Maine Microlender of the Year" award. Venture capital CEI subsidiary CEI Ventures closed 13 venture capital invest- ments totaling over $2.5 million, including early and growth stage financing in Culture Fresh, Constant Energy and Dream Local Digital. CEI Capital Management placed all of its available New Markets Tax Credit allocation in 2018 and is currently man- aging a portfolio of 20 projects totaling $294.48 million. CEI's subsidiary, Bright Community Capital, made its first investment of $300,000 in Vermont-based Encore Renewable Energy, and 30 Federal Street Investments deployed nearly $4 million in state historic tax credit financing into the reha- bilitation and reuse of 12 historic buildings that are revital- izing Maine's downtowns. Since 1977, the CEI family of organizations has invested $1.4 billion in 2,951 businesses and projects. B R I E F Although the stock market is booming and the unemployment rate is low, there is a drumbeat of evidence that these figures mask the fact that many people and many regions are being left behind. — Betsy Biemann CEI F I L E P H O T O / T I M G R E E N WAY Coastal Enterprises Inc., a Brunswick-based nonprofit, deployed $24.1 million to 120 businesses in 2019, CEO Betsy Biemann announced.

• Cover