rural economic development april 28, 2015. kevin boes, president & ceo of lisc’s new markets...
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RURAL ECONOMIC DEVELOPMENT
APRIL 28, 2015
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
Today’s Presenters
CEI’s Northern Heritage Development Fund
Keith R. BissonSVP, Program Management and Development
Coastal Enterprises, Inc. (CEI)[email protected]
Rural LISC Rural Economic Development WebinarApril 28, 2015
The CDC/CDFI: CEIMission: To help create economically and environmentally
healthy communities in which all people, especially those with low incomes, can reach their full potentialOrganized 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/committed2,460 businesses financed$2.74 billion leveraged46,449 businesses/people counseled30,650 full-time jobs at loan closing1,672 affordable housing units created/preserved5,611 child care slots created/preserved
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
The Region: Maine’s “Rim Counties”
Key ObjectivesJob creation for low-
income individualsWorkforce training for
low-income workersRental opportunities for
low-income residentsCreation 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 FundsSo far: Invested $22.9 million
in 155 businesses and 5 housing projects2,142 jobsHousing for 339 people
2,500 businesses/ individuals counseled
Leveraged $54.7 million, primarily from banks
The CEI Team:Keith Bisson, SVP, Program Management and
DevelopmentExperienced team of five loan officers with complete
loan servicing staffBusiness Development Services division with 12
experienced business counselorsProgrammatic 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
GROW South Dakota is an equal housing opportunity organization.
Lori Finnesand & Marcia Erickson
1,881 loans to 1,156
businesses since 1978
$60.6 million in
financing historically
Partner with more than
90 local banks
Business Loan ProgramsSupporting new and existing businesses with affordable financing and technical assistance
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
Business Loan Programs
City and Regional Development Corps.
State Resources Partnerships with Banks Shares the Risk $30 million in Total Assets
Lending Partners
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
Funding Sources
Beyond Lending 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
MONEY AND KNOW-HOW.Every business owner needs both.
Our MissionWe 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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Tell Us About Your Business Skills
Take Advantage of Expert Trainings, Hands On Tools, and Templates
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Prosperity For All
NI PORTAL100% of NI’s Customers Have Access to TA
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For more resources, go to the LISC Institute website