Coastal Enterprises, Inc.

Coastal Enterprises, Inc.
Name	Coastal Enterprises, Inc.
Founded	1977
Founder	Maine
Headquarters	Wiscasset, Maine
Area served	United States
Key people	United States Small Business Administration, Kresge Foundation
Industry	Community development financial institution, Economic development

Coastal Enterprises, Inc. is a community development financial institution and nonprofit lender based in Wiscasset, Maine that provides financing, technical assistance, and advocacy for rural and coastal communities. The organization operates within the context of regional development efforts involving Maine State Housing Authority, Northern New England, and federal programs such as those administered by the United States Department of Agriculture and the United States Department of the Treasury. Its activities intersect with initiatives supported by entities like the Kresge Foundation, the Ford Foundation, and the W.K. Kellogg Foundation.

History

Coastal Enterprises, Inc. was established in 1977 amid a wave of regional development projects connected to the Community Reinvestment Act of 1977 and local responses to shifts in the Fishing industry (United States) and Timber industry (United States), paralleling activity in organizations such as ACORN and Habitat for Humanity International. Early decades saw collaborations with the Maine Economic Development Commission, the Economic Development Administration, and the Rural Electrification Administration model, while drawing on frameworks used by the Appalachian Regional Commission and the Delta Regional Authority. Over time the organization adapted to policy changes from the Clinton administration and Obama administration, aligning programs with federal funders including the United States Small Business Administration and state-level actors like the Maine Governor’s Office.

Mission and Services

The mission emphasizes equitable finance, job creation, and resilient local economies, paralleling goals articulated by the Ford Foundation, the Rockefeller Foundation, and the Surdna Foundation. Services include small business lending, technical assistance for entrepreneurs, workforce development investments, and community facilities financing, deployed in ways similar to offerings by Opportunity Finance Network, Local Initiatives Support Corporation, and Enterprise Community Partners. Programming targets sectors such as sustainable fisheries, renewable energy, and affordable housing, intersecting with standards from the National Fish and Wildlife Foundation, the Department of Energy, and the National Low Income Housing Coalition.

Organizational Structure and Leadership

The organization has a board-governed nonprofit structure with executive management coordinating lending, program delivery, and policy initiatives, a model comparable to leadership at Calvert Impact Capital, CDFI Fund, and Trillium Asset Management. Boards have included representatives from regional banks like Maine State Credit Union, advocacy groups similar to Coastal Enterprises of Oregon-style networks, and experts with backgrounds linked to institutions such as Bowdoin College, University of Maine, and Colby College. Leadership roles interact with federal oversight entities including the Office of Management and Budget when administering certain grants and tax-credit allocations like those under the Low-Income Housing Tax Credit.

Impact and Programs

Programs have financed job-creating enterprises in sectors tied to the North Atlantic right whale mitigation efforts, the New England Aquarium conservation frameworks, and coastal resilience projects akin to those supported by the National Oceanic and Atmospheric Administration and the Environmental Protection Agency. Impact metrics mirror approaches used by Impact Investing practitioners and track outcomes similar to reports produced by Brookings Institution, Urban Institute, and the Pew Charitable Trusts. Initiatives include small business loans that echo products from the Small Business Administration Microloan Program, workforce training partnerships reminiscent of Goodwill Industries International collaborations, and community facility loans comparable to projects funded by the Rural Community Assistance Partnership.

Financials and Funding

Funding sources encompass loan capital, philanthropic grants, program-related investments, and allocations from federal sources such as awards managed through the Community Development Financial Institutions Fund and tax credits like the New Markets Tax Credit. Major philanthropic partners have included foundations like the Kresge Foundation, the Ford Foundation, and the Rockefeller Foundation, while lending capital has sometimes come from intermediaries similar to Wells Fargo Foundation initiatives, regional banks, and mission-driven investors like RSF Social Finance. Financial oversight adheres to nonprofit standards applied by auditors that work with organizations including GuideStar-listed nonprofits and bookkeeping norms referenced by the Financial Accounting Standards Board.

Partnerships and Advocacy

Partnerships span state agencies such as the Maine Department of Economic and Community Development, federal programs including the National Oceanic and Atmospheric Administration, and national networks like the Opportunity Finance Network, National Community Reinvestment Coalition, and Main Street America. Advocacy efforts have engaged with legislative and policy forums involving actors like the U.S. Congress, the White House Rural Council, and state legislatures, aligning with coalitions similar to Coastal States Organization and environmental partners such as the Nature Conservancy and Sierra Club. Collaborative projects have intersected with university research centers at University of New Hampshire, University of Maine System, and private sector partners including regional credit unions and community banks.

Category:Community development financial institutions Category:Non-profit organizations based in Maine