Issue link: https://nebusinessmedia.uberflip.com/i/1544453
V O L . X X X I I N O. V I I I A P R I L 2 0 , 2 0 2 6 16 B A N K I N G / F I N A N C E / I N S U R A N C E F O C U S In less than two years, CEI has pro- vided close to $2 million in revenue-based financing to a dozen businesses based in Maine or with significant operations here. e number includes two deals set to close at the end of this month. Borrowers include WellSort, a Kennebunk-based digital wellness startup that borrowed $100,000 from CEI to build a platform for use by employers and universities nationwide. e funding "came in at a really good time for us," says Anush Hansen, a licensed professional counselor who founded the business in 2021 to help clients coping with burnout. She created a digital prototype in 2022 and rebranded and incorporated as WellSort in 2024. WellSort, which has also received funding from Maine Technology Institute and other sources, has five years to pay back $150,000 to CEI. e startup would qualify for another $100,000 in borrowing once it achieves a set revenue milestone, says co-founder and CEO Tim Seavey. He and Hansen run the company with six part-time subcontractors in roles from software development to marketing. "As long as we're in good standing with our current loan, that money is there for us," Seavey notes. For entrepreneurs hesitant about taking on debt, Seavey suggests con- sidering revenue-based financing with CEI, while his business partner recom- mends exploring a range of options. "It's always worth having the con- versation," says Hansen. Renee Cordes, Mainebiz deputy editor, can be reached at rcordes @ mainebiz.biz » C O N T I N U E D F RO M P R E V I O U S PA G E Find a credit union near you at mainecreditunions.org Banking built for people, not profit. Maine Credit Unions are designed to put people first. As a member, you're part of something more personal: a financial partner that's focused on helping you and your business move forward with confidence. That means straightforward personalized service, thoughtful guidance, and decisions made with your best interest in mind. Financial well-being isn't just about numbers. It's about feeling confident and supported every step of the way. I'm not discouraging anyone from raising venture capital, but sometimes people just want to opt out of that rat race. — Amy Leshure CEI P H O T O / T I M G R E E N WAY Amy Leshure of Coastal Enterprises Inc. says that revenue-based financing is well-suited to seasonal businesses.