Mainebiz

W W W. M A I N E B I Z . B I Z 13 N OV E M B E R 2 9 , 2 0 2 1 CEI deployed $36M to 95 businesses in past year, mostly in Maine B y J e s s i c a H a l l C oastal Enterprises Inc., a Brunswick-based community development financial institution, said it deployed $35.8 million to 95 businesses in its most recent fiscal year. The funding led to the creation and preservation of at least 427 jobs. In the year ended Sept. 30, CEI helped a wide variety of entrepreneurs, allow- ing businesses to launch and grow despite the challenges of the 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 devel- opment 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. The nonprofit provides business financing and advice, financial coaching and policy advocacy. CEI 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 par- ticipated in CEI's Child Care Business Lab, accessing education, business devel- opment support and certifications that will help them open culturally attuned child care in their communities. In East Millinocket, Standard Biocarbon is in the process of purchasing equipment for producing high quality "biochar," a charcoal-like substance that's made by burning organic material from agricultural and forestry wastes called biomass and is used instead of chemi- cal fertilizers. Along Maine's coast, Atlantic Sea Farms worked with two dozen fisher- men growing and harvesting kelp to diversify and decarbonize the working waterfront. Since 1977, the CEI family of orga- nizations has invested $1.49 billion in 3,109 businesses and projects throughout Maine. ELIZABETH BANWELL 207.747.9308 | ebanwell@legacysir.com legacysir.com 49-55 Water Street, Eastport This building contains four distinct commercial spaces, including two, two- bedroom short-term rental suites with decks & water views; and two street-level businesses. Completely renovated ''down to the studs'' in 2003/2004. 4,313 square foot, two-story commercial building in the heart of the historic district. This 1886 landmark stands among the other striking red-brick buildings in the national historic business district of Eastport as a symbol of its owners' tenacity & commitment. Offered at $889,000 The pandemic is shining a spotlight on barriers in our economic system. — Betsy Biemann CEI B I Z M O N E Y F I L E P H O T O / T I M G R E E N WAY Betsy Biemann is CEO of Coastal Enterprises Inc., which released its annual impact report.

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