RURAL ECONOMIC DEVELOPMENT
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Transcript RURAL ECONOMIC DEVELOPMENT
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)
[email protected]
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
[email protected]
[email protected]
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.
Receive Your Loan
Tell Us About Your Business Skills
Take Advantage of Expert Trainings,
Hands On Tools, and Templates
Connect With A Coach
View Video Trainings
Track progress
towards
training plan
Calculate breakeven, markup, ratios
and sales by product
or service
Recommended
articles based on
preferences
Connect with
NI coaches
and receive
updates
Ask a question and
connect with peers
Prosperity For All
NI PORTAL
=
100% of NI’s
Customers Have
Access to TA
For more resources, go to the LISC Institute website