This gift of unrestricted funds will benefit small businesses, their workers and communities in Maine and rural regions that face barriers to economic opportunity.

Brunswick, Maine – October 16, 2024 – Coastal Enterprises, Inc. (CEI) is honored to share that the organization has received an unexpected donation of $15 million from philanthropist MacKenzie Scott. This extraordinary contribution follows a previous gift made to the organization in December 2020. According to the website for Yield Giving, Ms. Scott’s foundation, she has made over $17.3 billion in gifts to 2,325 organizations to date, which have been donated as unrestricted gifts – entrusting the organizations to use the funds in ways that best advance their charitable missions.

“We extend our sincere thanks to MacKenzie Scott for this generous and rare gift of unrestricted funds,” said CEI CEO Betsy Biemann. “This grant is an incredible recognition of CEI’s strong track record, the innovative work of our team, and the potential for CEI’s future impact building a more just, vibrant and climate-resilient economy in Maine and a better future for people who face barriers in the traditional financial system, such as small business owners and entrepreneurs who live in rural communities, who are women or people of color, who are immigrants or refugees, or who are veterans or identify as LGBTQ+.”

“We feel privileged to be recognized with other organizations that are creating positive change in their communities,” said CEI President Keith Bisson. “In particular, we are grateful for Ms. Scott’s ongoing commitment to the Community Development Finance sector as a means to build economic agency and resilience, particularly for people and communities with low incomes.”

CEI will work closely with its Board of Directors to determine how to put the funds to use. “I first became aware of CEI as a grant-maker myself. Then and now, I have admired CEI’s effectiveness at attracting resources from across the country to help people in Maine and rural communities thrive,” said CEI Board Chair Miriam Shark.  “We take our responsibility as stewards of these funds very seriously. The CEI Board and staff will work to use the funds in ways that build on CEI’s nearly 50 years of Community Development Finance experience to ensure that these dollars benefit the people and communities we serve.”

Coastal Enterprises, Inc. is a nonprofit Community Development Financial Institution founded in 1977 that uses finance, business expertise and policy solutions in ways that make Maine’s economy, and the economy in other rural regions, work more equitably.

In its 2023 Fiscal Year, CEI and its subsidiaries lent and invested $88.9 million in businesses and high-impact real estate developments nationwide, $34.4 million of which was in Maine. CEI provided business training and advising to 2,850 current and potential entrepreneurs and supported 1,008 people with financial development or homeownership advising. CEI also worked with 114 companies, 108 of which were in Maine, to help them create and improve good quality jobs that provide economic stability, a fair and engaging workplace and opportunities for career advancement and wealth building. More about CEI and its impact can be found at www.ceimaine.org.