CEI’s Northern Heritage Development Fund
Keith R. Bisson
Director, Northern Heritage Development Fund
Coastal Enterprises, Inc. (CEI)
kbisson@ceimaine.org
Miriam Shark
Associate Director, Philanthropic Partnerships and
Strengthening Rural Families
Annie E. Casey Foundation
mshark@aecf.org
Investing for Impact Conference
May 9, 2012
Seattle, WA
The Intermediary: CEI
 Mission: To help create economically and environmentally
healthy communities in which all people, especially those
with low incomes, can reach their full potential
 Organized as a CDC in 1977, certified as a CDFI in 1995
 Support the Triple Bottom Line – Economy, Equity and
Environment
 $9.5 million operating budget for FY 2012
 $92 million of assets with $778 million of NMTC (largest in
country)
 $25 million SBA 504 capital under management/committed
Track Record: CEI’s PRI History and
Lending Impact as an Intermediary
 21 PRIs totaling $20 million
 Diverse funders/investors – Annie E. Casey,
Betterment, Calvert, Ford, Heron, Kellogg, Kresge,
MacArthur, Opportunity Finance Network, Sandy
River
Lending
Loans
Leverage
Jobs
Development
Fund
$14,894,730
$75,871,050
8,751
Enterprise Fund
$5,698,943
$11,333,206
1,435
Housing
$7,965,313
$11,857,648
17
TOTAL
$28,558,986
$99,061,904
10,203
The Region: Maine’s “Rim Counties”

Highest poverty and unemployment
rates in Maine (9.7% and 16.5%)
55.5% children receive free/reduced
lunch (vs. 45.9% statewide)
 21% population participating in SNAP
vs. 16% statewide
 19% households receive LIHEAP
benefits vs. 11% statewide


Inadequate housing
Nearly half of homes built before
1959
 60% residents cannot afford average
rent for 2BR apartment

Key Objectives
 Job creation for low-
income individuals
 Workforce training for
low-income workers
 Rental opportunities for
low-income residents
 Creation of community
facilities such as child
care and elderly care
facilities
Northern Heritage Development Fund
 $11 million loan fund




capitalized with grants and
equity
14 Sources of Funds
So far: Invested $9.6 million
82 businesses and 5 housing
projects
 1,100 jobs
 Housing for 130 people
Leveraged $30 million,
primarily from banks
Open for continued
investment
The CEI Team:
 Keith Bisson, Director, NHDF, Rural Resources & Policy
 Experienced team of six loan officers with complete
loan servicing staff
 Business Development Services division with 12
experienced business counselors
 Programmatic staff focused on sectors and issues key
to Maine’s rim counties: fisheries, farming, forestry,
energy, workforce development
Annie E. Casey Foundation Investment
Summary of Investment
Investment
$2,000,000 Loan
$150,000 Grant
Interest Rate
3%
Type of Funding
Program Related Investment (General
Obligation Note and Aligned Grant)
Loan Amortization
Interest quarterly with all principal and
interest due at maturity
Term
10 years
Outputs – Loan funds fully deployed, now
revolving ($2.5 million so far)
Loans to 11 small businesses
Loans to 8 microenterprises
Development of 46 units of affordable
housing
CEI Staff
MAINE FRESH
AXIOM TECHNOLOGIES LLC
Entrepreneur Susan Corbett and Axiom Technologies
Team, Washington Co., Maine
MANO EN MANO – HAND IN HAND
Mano en Mano, Milbridge, ME
Q&A