Mainebiz

W W W. M A I N E B I Z . B I Z 15 A P R I L 3 , 2 0 1 7 "Yet eight million Americans today work full time and live in poverty," she told the annual meeting attendees, who braved a nor'easter to be at the event in Brunswick. "We're going to begin allo- cating more of our capital to companies that are growing good jobs and sustaining those jobs, and working with companies to help them develop better jobs and put together workforce training solutions." Biemann, a former head of the Maine Technology Institute, told Mainebiz that CEI is "talking about the same thing that everyone else in the country is now talking about: that our economy has to work for everyone." She added, "We need to be more intentional to make sure that everyone has access to good jobs, that we have both economic growth and economic opportunity." Biemann oversees the big picture elements of CEI while Bisson focuses on operations. One recent success she points to is St. Croix Tissue Inc., which added two tissue machines in a $120 million paper mill expansion that has created more than 80 jobs in a town of 1,500 residents. But Biemann and CEI have their work cut out for them. For example, a little-known federal funding program that's making a big diff erence in jobs and business loans to small communities risks a substantial cut under the Trump administration's proposed budget, submitted to Congress on March 16. e U.S. Treasury's Community Development Financial Institutions Fund, or CDFI, gives loans to institutions, including CEI and its subsidiary CEI Capital Management LLC, both in Brunswick, which focus on disadvantaged areas, including rural Maine. Under CDFI, CEI and CCML were granted a total of $913 million in federal New Markets Tax Credits over the past 10 years. Fast Company magazine writes that the proposed budget would cut CDFI's funds by $210 million, leaving $19 million to run existing programs. " e president's budget proposes cutting and eliminating many federal programs that are important to people in Maine and across the country, in both urban and rural places," CEI president Bisson told Mainebiz in an email. "Many of these programs support R&D, economic development, education and investment in our children." He adds, "For example, funding from the … CDFI, which the president's budget essentially eliminates, makes it possible for organizations like CEI to provide loans and investments to busi- ness owners who are creating good jobs and growing our economy." To Biemann, that's like throwing down the gauntlet. "CEI is more impor- tant than ever," she says. "Week in and week out we are fi nancing businesses that aren't likely to get fi nanced from banks and other investors." She adds, "When we took a step back last summer and asked what's next and went to chart the rest of our future, we asked fundamental questions about how the world has changed since CEI made its fi rst loan. We asked, how has the economy been changing and how has that aff ected people in rural economies and people with low income? Is the lack of fast internet connection a barrier to communities today the same as electricity was 100 years ago? What we didn't anticipate was that by the end of the election, all Americans would be asking these same questions. Is the economy working well for everyone?" What is CEI? CEI, with 58 staff in Maine, is a private, nonprofi t community development organization that operates in Maine and New England, off ering fi nanc- ing, advising and policy solutions. It is one of 4,600 such corporations nation- wide, according to community-wealth. org. CEI also has the following teams and programs: Lending and Investing, Maine Small Business Development Centers, a Women's Business Center, StartSmart (to foster immigrant busi- nesses), Workforce Solutions, Natural Resources Sectors, Housing Counseling and Federal/State Policy. e average size for a CEI micro-, small- and medium-size loan is $116,892 based on data from the past 10 years. It also has three for-profi t sub- sidiaries. CEI Capital Management LLC, with 18 staff in Maine, operates protecting what matters We're in your corner Our lawyers are relentless advocates, committed to helping you succeed in all aspects of life. You work hard to design the life you love – from nurturing your family, to creating your home, to building your business. Let us help protect and cultivate what's important to you. 75 Pearl Street, Portland, ME 04101 | 207.773.5651 | MPMLaw.com A d v o c a t i n g f o r y o u SOME PEOPLE CREATE THEIR DREAM KITCHEN www.KatahdinTrust.com/HomeEquity *Subject to credit approval. 2.99% Annual Percentage Rate (APR) effective 3/1/17 is fixed for 12 months from closing date, at which time the APR will become variable at the Prime Lending Rate as quoted in The Wall Street Journal (4.00% as of 3/16/17) plus or minus a margin based on the amount of your credit line. Prime is a variable rate; as it changes, the APR on your account will also change. APR will never exceed 18.00%. Stated APR is effective for line amounts between $10,000-$300,000 with an auto payment from a Katahdin Trust personal checking account. Maximum loan-to-value ratio is 80%. Property insurance required. All Bank loan programs, rates, terms and conditions are subject to change at any time without notice. If legal fees should exceed $110, borrower would be responsible for the portion over $110. In most cases an appraisal is required; borrower would be responsible for the cost, which may range from $275 to $500. Current customers will be charged a documentation fee of 1% of the loan amount with a minimum fee of $250 or maximum fee of $1,500 for loans refinanced with less than $10,000 in new money. Rate Lock Option: Lock in your rate for up to 20 years by converting all or a portion of the revolving balance into a fixed rate loan, up to three separate fixed rate loans available at any one time. Minimum amount to lock in a fixed rate is $5,000. APR for that fixed portion will be locked until the balance is repaid and will be based on the bank's current fixed home equity rates. Any HELOC balance that is not converted to a fixed rate loan will continue to accrue interest at the bank's current HELOC rate. A fee of $50.00 applies for each fixed rate option advanced. Home Renovation | Consolidate Debt | Luxury Purchase | College Expenses HOME EQUITY LINE OF CREDIT Stop by or call us today and ask about our RateLOCK option W hat will you do ? F I X E D F O R 1 2 M O N T H S C O N T I N U E D O N F O L L OW I N G PA G E » We're going to begin allocating more of our capital We're going to begin allocating more of our capital We're going to begin allocating more of our capital We're going to begin allocating more of our capital We're going to begin allocating more of our capital We're going to begin allocating more of our capital We're going to begin allocating more of our capital We're going to begin allocating more of our capital We're going to begin allocating more of our capital We're going to begin allocating more of our capital We're going to begin allocating more of our capital We're going to begin allocating more of our capital We're going to begin allocating more of our capital We're going to begin allocating more of our capital to companies that are growing good jobs and to companies that are growing good jobs and to companies that are growing good jobs and to companies that are growing good jobs and to companies that are growing good jobs and to companies that are growing good jobs and to companies that are growing good jobs and to companies that are growing good jobs and to companies that are growing good jobs and to companies that are growing good jobs and to companies that are growing good jobs and to companies that are growing good jobs and to companies that are growing good jobs and sustaining those jobs, and working with companies to help them develop better jobs and put together workforce training solutions. — Betsy Biemann CEO, CEI

• Cover