Coastal Enterprise, Inc. (CEI) is a Brunswick, Maine-based community development financial institution that offers business assistance in certain industries and to women- and immigrant-owned businesses, especially in the way of environmental sustainability. 1 2 3 It claims the financial system “is built on biases, particularly around race, gender ability and class” that prevent people from financial security. 4
In October 2024, CEI received a $15 million donation from MacKenzie Scott, ex-wife of Amazon founder Jeff Bezos. 5
Background
Coastal Enterprises, Inc. (CEI) is a Community Development Financial Institution, that claims to strive for a more “equitable” economy and a transition to a “climate-resilient future.” 1 The group described its mission on its 2023 tax forms as “grow[ing] good jobs [and] environmentally sustainable enterprises.” 6
It contributed to 60 groups in 2023 including schools or childcare centers, with each donation earmarked for childcare. 7
Advocacy
Coastal Enterprises, Inc.’s (CEI) policy priorities include affordable housing, broadband infrastructure development, child care, rural communities in economic transition, entrepreneurship and business innovation, racial equity, tribal sovereignty and immigrant rights, renewable energy, sustainable food systems, and workforce inclusion. 8 It endorsed the work led by Maine’s Permanent Commission on the Status of Racial, Indigenous and Maine Tribal Populations, as well as Maine’s economic development strategy and the Maine State Climate Action Plan and Economic Development Strategy. 8
Diversity, Equity, Inclusion (DEI)
Coastal Enterprises Inc (CEI) claims the financial system “is built on biases, particularly around race, gender ability and class” that prevent people from achieving financial security. 4 The group also affirms that it has a responsibility to right “historic wrongs,” as a community development financial institution. 4
CEI expresses a commitment “to regularly examining and changing our own policies and practices to engage more fully with our Black and Indigenous community members and community members of color.” 4
Initiatives
Coastal Enterprises Inc (CEI) advises and finances “green businesses,” which include “energy efficiency and renewable energy companies, sustainable farms and food systems, and local fishing industries and aquaculturists,” and assists the businesses with adopting environmentalist business practices. 9
Additionally, CEI offers “free general business assistance” for particular populations and industries including women and immigrant-owned businesses, child-care providers, farms and food producers, fisheries and aquaculture, and weatherization businesses. 3 CEI offers flexible financing for small businesses, including those who have been turned down by banks. 10
In spring 2024, CEI established the Weatherization Business Lab in response to Maine’s relatively large percentage of pre-1960s houses compared to the rest of the United States. 9 Through this initiative, the group aims to improve efficiency in weatherizing homes. 9
Leadership
Betsy Biemann is CEO and Keith Bisson is president of Coastal Enterprises Inc. (CEI). 11 Members of the board of directors include Jeannette Andre, Dan Belyea, Angela Tennett Butler, Devin Cook, Joshua Davis, Sean Dundon, Catherine Godschalk, Jason Parent, Susan Hammond, Safiya Khalid Kevin Lewis, Fran Lutz, Beth Mattingly, Debby Miller, Adler Prioly, Charles Rudelitch, Miriam L. Shark, and Shawn Yardley. 12
Financials
In 2023, Coastal Enterprises Inc. (CEI) reported revenue of $22,641,314 and expenses of $18,685,864. 13
CEI received $15 million in fall 2024 from philanthropist MacKenzie Scott, 14which the group called “unexpected” in a press release. 5 In July 2024, CEI was awarded a $100,000 Rural Energy for America Program (REAP) Technical Assistance Grant by the U.S. Department of Agriculture (USDA). 15 REAP is a partnership between the USDA and farmers and small businesses to lower energy bills and facilitate clean energy access. 16
In 2023, CEI donated to 60 groups. Each donation was earmarked for the “childcare infrastructure grant program.” 17
CEI has received donations with a variety of designations; in 2023, the group received $381,934 from Foundation For A Strong Maine Economy “to invest in business growth and expansion of Maine food companies.” 18 It also received $500,000 that year from Opportunity Finance Network in Pennsylvania earmarked as a “finance justice fund subgrant” 19 and $20,270 from World Wildlife Fund for “conservation,” the same earmark as all of WWF’s other donations. 20
Subsidiaries
Coastal Enterprises Inc (CEI) has four subsidiaries: CEI Capital Management added in 2004, 30 Federal Street Investments (30 FSI) added in 2010, Bright Community Capital added in 2018, and CEI-Boulos Capital Management added in 2019. 21
30 FSI facilitates access to affordable housing, assists communities in revitalizing downtowns, and promotes job creation and local businesses. 22
CEI-Boulos Capital Management brings capital to neighborhood improvement projects and partners with family offices, banks, and “other institutional investors” to do so. 23
CEI Capital Management connects rural manufacturing companies around the United States with flexible capital to create jobs and benefits that align with CEI’s Good Jobs Framework. 24
CEI Ventures manages “socially responsible” venture capital funds to grow and finance businesses that provide “basic benefits” and pay their workers a living wage. 25
References
- “About.” CEI, www.ceimaine.org/about/.
- “Climate Justice & Environmental Resilience – CEI.” CEI, 8 Feb. 2024, www.ceimaine.org/about/climate-justice-environmental-resilience/. Accessed 12 Jan. 2025.
- “Business Advising – CEI.” CEI, 16 Oct. 2024, www.ceimaine.org/advising/business/.
- “Diversity, Equity, Inclusion – CEI.” CEI, 30 May 2024, www.ceimaine.org/about/diversity-equity-inclusion/.
- Batt, Leah. “CEI Receives Donation of $15 Million from Philanthropist Mackenzie Scott – CEI.” CEI, 16 Oct. 2024, www.ceimaine.org/news-and-events/news/2024/10/cei-receives-donation-of-15-million-from-philanthropist-mackenzie-scott/.
- Coastal Enterprises Inc., Return of Organization Exempt from Income Tax (Form 990), 2023, https://projects.propublica.org/nonprofits/organizations/10347504/202422289349303292/IRS990, Part I
- Coastal Enterprises Inc., Return of Organization Exempt from Income Tax (Form 990), 2023, https://projects.propublica.org/nonprofits/organizations/10347504/202422289349303292/IRS990, Schedule I
- “Policy Priorities and Research Agenda.” CEI, www.ceimaine.org/policy/.
- “Climate Justice & Environmental Resilience – CEI.” CEI, 8 Feb. 2024, www.ceimaine.org/about/climate-justice-environmental-resilience/.
- “CEI | Innovation and Investment in Rural America.” CEI, www.ceimaine.org/.
- “Team Directory.” CEI, www.ceimaine.org/about/staff-directory/.
- “Board of Directors – CEI.” CEI, 14 Aug. 2024, www.ceimaine.org/about/board-of-directors/.
- Coastal Enterprises Inc., Return of Organization Exempt from Income Tax (Form 990), 2023, https://projects.propublica.org/nonprofits/organizations/10347504/202422289349303292/full, Part I, Lines 12 and 18/
- Tremayne-Pengelly, Alexandra. “MacKenzie Scott Has Quietly given Away over $17B since 2020: Her Latest Donations.” Observer, 22 Nov. 2024, observer.com/2024/11/billionaire-philanthropist-mackenzie-scott-quietly-donates-300m/.
- Hallett, Leigh. “Agriculture Secretary Tom Vilsack Visits Brunswick Farmers’ Market to Announce $2.4M in Clean Energy Awards.” Rural Development, 30 July 2024, www.rd.usda.gov/newsroom/news-release/agriculture-secretary-tom-vilsack-visits-brunswick
- Hallett, Leigh. “Agriculture Secretary Tom Vilsack Visits Brunswick Farmers’ Market to Announce $2.4M in Clean Energy Awards.” Rural Development, 30 July 2024, www.rd.usda.gov/newsroom/news-release/agriculture-secretary-tom-vilsack-visits-brunswick-farmers-market-announce-24m-clean-energy-awards. Accessed 12 Jan. 2025.
- Coastal Enterprises Inc., Return of Organization Exempt from Income Tax (Form 990), 2023, https://projects.propublica.org/nonprofits/organizations/10347504/202422289349303292/full, Schedule I
- Foundation for a Strong Maine Economy, Return of Organization Exempt from Income Tax (Form 990), 2023, https://projects.propublica.org/nonprofits/organizations/300036992/202403039349300120/IRS990ScheduleI, Schedule I
- Opportunity Finance Network, Return of Organization Exempt from Income Tax (Form 990), 2023, https://projects.propublica.org/nonprofits/organizations/205189202/202422889349301667/IRS990ScheduleI, Schedule I
- World Wildlife Fund, Return of Organization Exempt from Income Tax (Form 990), 2023, https://projects.propublica.org/nonprofits/organizations/521693387/202410809349300116/IRS990ScheduleI, Schedule I
- “Our Story.” CEI, www.ceimaine.org/about/cei-history/.
- “30 Federal Street Investments (30FSI) – CEI.” CEI, 6 Nov. 2023, www.ceimaine.org/subsidiaries/30-fsi/.
- “CEI-Boulos Capital Management.” CEI, 29 Nov. 2023, www.ceimaine.org/subsidiaries/cei-boulos/.
- “CEI Capital Management.” CEI, 22 Aug. 2024, www.ceimaine.org/subsidiaries/cei-capital-management/.
- “CEI Ventures.” CEI, 6 Nov. 2023, www.ceimaine.org/subsidiaries/cei-ventures/.