Mainebiz

V O L . X X I I I N O. V I I A P R I L 3 , 2 0 1 7 16 nationally and focuses on federal New Markets Tax Credit fi nancing. CEI Ventures Inc., with three people in Maine, makes equity investments in Maine and New England (see related story, page 26). And C7(a) Financing LLC is a Small Business Administration lending company with a staff of two in Maine, though it operates nationally. Rob Wilson, CEO of CEI's newest for-profi t subsidiary, CEI C7(a), explains that the three for-profi t subsidiaries are owned by CEI but governed by inde- pendent boards of directors, the majority of whom are not affi liated with CEI, so they are not CEI board members or CEI employees. "CEI as the owner sets the overall direction and tone, ensuring that subsid- iaries missions and goals are consistent with, and additive to CEI's own mission and goals," Wilson says. Biemann told Mainebiz that going forward, she'd like to have a greater align- ment across the CRI organizations. For example, a company approaching CEI might be better off getting a microloan, while another might need venture capital or a New Markets Tax Credit. And while all of CEI's operations are known for investing in companies open to hiring low-income workers and to improving their sustainability practices, they're not only focused on rural development. "CEI broadly fi nances rural com- panies, but also those in Portland and Lewiston," Biemann says. New Markets Tax Credit CEI Capital Management, known within CEI as CCML, deploys capital under the U.S. Treasury's New Markets Tax Credit Program and in turn increases opportunities for businesses in rural, low-income communities. "NMTC was envisioned by Ron and others in the 1980s to leverage more private capital into companies," says Charles Spies III, CEO of CCML. "We did our fi rst NMTC projects in 2004." To date, CCML has raised and placed more than $783 million of NMTCs into 82 projects nationwide. "NMTC give businesses an opportu- nity to work on a national basis so they can compete for large awards," he says. On a $20 million loan, 20% of the loan is a tax credit that a company doesn't have to repay, while 70-80% is paid back to a commercial bank. CCML's involvement helps off set the risk of a loan for which a company might otherwise not qualify. CCML makes its money in a front-end fee of 3% to 5% depending on the size of the deal to cover the legal and accounting transaction costs » C O N T I N U E D F RO M P R E V I O U S PA G E Meet Tim Tunney, Business Banker and Marathon Runner. www.bhbt.com • 888-853-7100 Tim knows business banking relationships are not always a walk in the park, but more like running a marathon; and Tim has run quite a few! His qualities as a runner are what make him a valuable resource for business owners: understanding that success takes discipline, staying focused on the goal, and remaining adaptable throughout the journey as challenges arise. Call Tim at 1-888-853-7100 to discuss plans to achieve the next goal for your business. Portland, ME dunham-group.com 207.773.7100 Local Knowledge. Regional Focus. Global Reach. Black Dinah Chocolatiers wanted to move their production and retail space from Isle au Haut to the mainland... So, they chose The Dunham Group to whip up a sweet deal. The Dunham Group is proud to stand behind clients like Kate & Steve Shaffer, crafting commercial real estate deals to help Mainers realize their vision and achieve business goals. Call or visit us online.

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