here. - LISC Institute for Comprehensive Community Development

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RURAL ECONOMIC
DEVELOPMENT
APRIL 28, 2015
Today’s Presenters
Kevin Boes, President & CEO of LISC’s New Markets Support
Corporation (moderator)
Keith Bisson, Senior Vice President, Program Management and
Development for Coastal Enterprises, Wiscasset, ME
Amanda Blondeau, Director, Northern Initiatives Business
Advancement Center for Northern Initiatives, Marquette, MI
Marcia Erickson and Lori Finnesand, co-CEOs of GROW South
Dakota, Sisseton, SD
CEI’s Northern Heritage Development Fund
Keith R. Bisson
SVP, Program Management and Development
Coastal Enterprises, Inc. (CEI)
kbisson@ceimaine.org
Rural LISC Rural Economic Development Webinar
April 28, 2015
The CDC/CDFI: 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
$835 million in capital under management/committed
2,460 businesses financed
$2.74 billion leveraged
46,449 businesses/people counseled
30,650 full-time jobs at loan closing
1,672 affordable housing units created/preserved
5,611 child care slots created/preserved
The Region: Maine’s “Rim Counties”

Highest poverty and unemployment
rates in Maine (16.5% and 9.7%)
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
 $12 million loan fund




capitalized with grants and
equity
15 Sources of Funds
So far: Invested $22.9
million in 155 businesses
and 5 housing projects
 2,142 jobs
 Housing for 339 people
2,500 businesses/
individuals counseled
Leveraged $54.7 million,
primarily from banks
The CEI Team:
 Keith Bisson, SVP, Program Management and
Development
 Experienced team of five 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
Mayo Mill – Dover-Foxcroft
Axiom Technologies LLC
Mano En Mano
Lori Finnesand & Marcia Erickson
GROW South Dakota is an equal housing opportunity organization.
Supporting new and existing businesses with
affordable financing and technical assistance

1,881 loans to 1,156
businesses since 1978

$60.6 million in
financing historically

Partner with more than
90 local banks


Direct Loans
 $500 to $250,000
 Over $50,000 - 50% bank participation/partner
Certificate of Deposit (CD)Pledge Loans
 Guarantee up to 50% of a bank loan
 Maximum of $20,000
 City
and Regional
Development Corps.
 State Resources
 Partnerships with Banks
 Shares the Risk
 $30 million in Total Assets
USDA Rural Development
 Intermediary Relending Program (IRP)
 Rural Microenterprise Assistance Program (RMAP)
 Rural Economic Loan and Grant Program (REDLG)
 Community Development Financial Institution
(CDFI)
 Small Business Administration
 Microloan Program
 Intermediary Lending Program

Assistance to Borrowers:
 SBA Microloan and RMAP provide TA grants
 Specific one-on-one assistance
 Weekly newsletter – variety of topics
 Assistance to Communities:
 Quarterly Meetings
 Regional Round Table
 Trainings

104 Ash Street East
Sisseton, SD 57262
605-698-7654
lori@growsd.org
marcia@growsd.org
www.growsd.org
MONEY AND KNOW-HOW.
Every business owner needs both.
Our Mission
We deliver loans and business services to
small business owners who create jobs.
• Each loan comes with access to a suite of
trainings and tools on Money, Marketing, and
Management
• Business ownership one path to wealth creation
• SBA states, “50% of businesses survive 5 years
or more”
• Not enough to simply provide capital;
knowledge supports wealth creation and
business growth
Money and know-how.
Every business owner needs both.
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For more resources, go to the LISC Institute website
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