Fiscal Year
2018 REPORT
Marking 17 Years of Economic Growth In Southern and Western Maine
2018 REPORT Welcome
Welcome
to
Community
Concepts
Finance
Corporation’s Annual Report for fiscal year 2018. It was a year of change and growth for the organization, especially with our staff. Our Vice President of Lending moved on to a great position in Mechanic Falls and Natalie Beale was promoted to be our new Loan Underwriter. Jennifer Boenig also joined the staff as the office manager.
CCFC has with other organizations to achieve this goal in this report. At CCFC, “We believe all Individuals, Families and Communities can be Financially Secure” and all the programs we offer make this our top priority. If you’d like to directly help and support our work, you can make a tax-deductible donation and decide how your dollars will be used. We could use your donation
We’re proud to say for the fourth year in a row, we
for our revolving loan pool to support the business
were Maine’s SBA Microlender of the Year. Statewide,
community or for the homeownership center to help
more than $1.46 million in SBA Microloans were made
people become homeowners. We could also use your
with more than half or $841,000 made by CCFC.
donation as matching dollars to access other local,
With ongoing support from our lending partners and
state and federal funds.
funders, we can continue to have a significant impact in western Maine.
Please take a moment to look over the programs and clients featured in this report to learn more about the
Our Homeownership Center helps people achieve
impact CCFC has in the community and how you can
their financial goals and puts them on the path to
help.
homeownership. Our staff works with hundreds of people every year and you’ll learn more about these
Yours in Service,
programs in this report. CCFC staff also continue to focus on economic
Glen E. Holmes
development in Oxford County and a major area of focus is improving broadband service and access. You’ll learn more about the planning grant and partnership
2
PRESIDENT
Economic Development
Town?
Title? Access to affordable, high speed
County that are part of Maine
successful in receiving a grant
broadband is quickly becoming
West and encourage greater use
from the Stephen and Tabitha
the most critical infrastructure
of computers in this region. Axiom
King
of our time, just like electricity,
Technologies of Machias, Maine,
public access computers in public
transportation,
to
upgrade
roadways
the consultant for this project,
libraries in Maine West towns.
were early last century. And, digital
developed a plan for each town
To complement these initiatives
literacy skills are needed to take
to enhance and promote more
the Adult Education Centers that
full advantage of this access.
advanced broadband and expand
serve northern Oxford County are
broadband service to unserved
offering more computer classes.
Through
the
and
Foundation
Maine
West
collaborative, a Betterment Fund initiative,
the
Northern
Forest
Center in partnership with CCFC received a planning grant from
areas. CCFC is working with each town to help implement its plan and
improve
local
broadband
service.
CCFC and the Northern Forest Center
continue
to
explore
additional funding opportunities to increase digital inclusion and
the State of Maine’s broadband
To help make it easier for residents
digital literacy skills for Maine
agency, the ConnectME Authority,
and visitors to connect to the
West residents and businesses and
to assess the current status of
internet three wifi hotspots will
expand and improve high speed
broadband
broadband infrastructure.
and
be installed in downtowns in
demand for high speed broadband
infrastructure
the Maine West region. And,
in 27 towns in Northern Oxford
the Northern Forest Center was 3
Total Portfolio
$9,632,719
$3,267,227.00
$
Business Lending
$6,365,492.00
Residential Lending
Community Concepts Finance Corp. Audited Statement of Financial Position FY18
FY17
Assets
TOTAL ASSETS
$5,280,143.10 $14,557.28 $8,486,817.42 $13,781,517.80
$5,540,760.87 $27,073.76 $7,562,277.95 $11,388,501
TOTAL LIABILITIES
$1,363,880.27 $8,069,330.25 $9,433,210.52
$1,599,379.20 $7,345,886.05 $8,945,265.25
$4,348,307.28
$4,184,847.33
$13,781,517.80
$13,130,112.58
Current Assets Property & Equipment Other Assets
Liabilities Current Liabilities Non Current Liabilities
Net Assets TOTAL LIABILITIES & NET ASSETS Statement of Financial Position* *FY 18 unaudited FY 17 CPA BerryDunn 4
FY 2018 By the Numbers
Total Business Lending
Business Technical Assistance
69 Business Loans statewide totaling $2,581,825 SBA Microlender of the Year
Honored for the 4th year in a row!
327 business owners received more than 1,600 hours of assistance from business advisors.
Homeownership Center 625
184
43 Loans totaling $841,001 communicate
broadband infrastructure
modern
information
users
Northern Forest Center study
growth
improve expansion
The homeownership center also provided more than 1,450 hours of pre-purchase, credit and foreclosure counseling services.
Total Residential Lending
variables
Economic Development
accessible seminars
understand
Northern Oxford County
e�cient
planning
statistics
Homebuyer Education Participants New Homeowners Created
analytical development
number connectivity
13 first and second mortgages = $262,657 2 USDA 502 loans = $309,576
5
Business Lending
Oxford Residential Lending Offers India Chance to Afford Safe, Pat Paine, the owner of Pat’s Hot Tubs
few months — faster than Pat thought
workforce. Natalie Beale, also from
& Pools was renting a building on Rt.
possible!
CCFC, contributed her expertise on how
26 in Oxford, but as her business grew, the space — unfortunately — could not. Then, Pat and her husband David noticed a For Sale sign posted on a nearby, appropriately sized building. Their first call was to the seller. Their second
call
was
to
Community
Concepts Finance Corporation (CCFC), the small business support arm of Community Concepts (CC) that had helped one of their former employers through a rough patch. Purchasing the building would only be the first step toward a new home for their business. In order to open the doors a new furnace, new fixtures and a significant remodeling project would be required. A partnership between the
Paines,
Norway
Savings
Bank
and CCFC resulted in a blueprint for expansion, financial backing and a new storefront grand opening within only a 6
Once the new location was up and running the next steps, expanding their market and working more efficiently to pay for the upgrade, became the couple’s first priority. Again, CCFC was there with an experienced business advisor, Kevin Smart, to consult on new
to interview, how to make a job offer, the structure of workman’s comp and initiating standards for dress code, time off and break time. CCFC also referred Pat to a payroll company, which saves time and money by removing mundane tasks from her plate.
advertising and marketing campaigns
Getting CCFC involved early on helped
while
office
turn the expansion of Pat’s Hot Tubs &
functions such as bookkeeping and
Pools from a potential struggle into a
labor relations.
smooth transition, with guidance from
also
reviewing
back
With the new building and better signage, Pat’s experienced growth in customer traffic and sales, which in turn brought about the need for more staff. A series of classes on hiring recruitment and retention, hosted at the Oxford
project conception to completion. Now, the budding business has two loans — one with CCFC and one with Norway Savings — both of which will which be refinanced in a few years when it qualifies for traditional financing.
Casino by The Oxford Hills Chamber
With the help of CCFC and Norway
of Commerce and the Central Maine
Savings, Pat and David are ready to
Human Resource Association, started
swim in the deep end!
Pat down the road to creating a stable
FMI on Pat’s Hot Tubs & Pools stop in at 894 Main St., Oxford or call (207) 539-6047 and on the web PatsHotTubsandPools.com
Natalie Beale Natalie Beale is a Loan Underwriter at CCFC, where she analyzes loan applications based on financials, risk, feasibility and community impact. Beale graduated from the University of Southern Maine, with bachelor’s degrees in Leadership & Organizational Studies and Social and Behavioral Science, both of which have contributed well to her lifelong entrepreneurial spirt and active community engagement. Prior to becoming an Underwriter, Beale was a Business Advisor with CCFC working with clients on social media and print marketing, record keeping, business plans, cash flow analysis, hiring, training and more. Beale, who promoted to Underwriter in 2018, obtained the American Bankers Association Certificate in Business and Commercial Lending alongside completing various Neighborworks Training Institute courses in community economic development, underwriting and financial analysis. 7
Business Lending
Portland Residential Lending Offers Individuals a Chance to Afford Safe, Healthy Housing One person with passion and a valuable
high quality bagels spiked upward, Paul
Finance
skill can start a small business. Then,
boosted production by expanding into
subsidiary of Community Concepts.
with luck and hard work, that small
a Cumberland Avenue location. Soon,
Paul met with CCFC Business Advisor
business will grow. But building a
folks began walking in and asking for
Kevin Smart to explore everything from
business demands new and different
bagels — then they wanted toppings on
marketing, financing and accounting
skills, which a budding entrepreneur
them — plus coffee. Before long, Paul,
—
may lack. And that is where the
who had not envisioned opening a
development, income and expense
resources available from Community
storefront, was the owner of a busy and
flows, plus many of the other topics
Concepts Finance Corporation (CCFC)
popular bagel shop. Early last year, Paul
that a small businessman must master
can make the difference between
decided that the Cumberland Avenue
to succeed.
struggling
of
space was too small to accommodate
smoothly
an increase in both cafe seating and
growth
or
with
the
challenges
transitioning
toward a mature business model. Paul Ferrell, the owner of Union Bagel in Portland, began wholesaling bagels out of the Portland Public Market six years ago with no plan to enter the retail market. When demand for his
bagel production. He opened another location in a building he owns on Veranda Street with the intention of moving production over there, while simultaneously attempting to buy the building on Cumberland Avenue. There was a lot on Paul’s plate. With
his
complicated,
expansion Julie
Viola, Paul’s Business Banking Gorham
Manager Savings,
recommended he look into
the
available
assistance through
Community Concepts 8
business
and
(CCFC),
a
workforce
“I worked closely with Paul in assessing his financial picture”, says Kevin. “We recently completed a deep dive into his finances for the past six years, so that in addition to understanding his operational practices, Paul now has a comprehensive picture of his business from a financial perspective, including an
understanding
of
his
starting
financial picture, and how growth and
plans becoming more
at
to
Corporation
expansion activities have affected that picture.” Paul has learned a lot through this process, because, as he says, “I came into this knowing how to make bagels, not necessarily how to manage a business.” Kevin and Paul are now delving into how the changes in hiring laws, both from the State of Maine and
the City of Portland, will affect new hiring policies designed to build and retain a solid work force. Later this year they plan to assess how best to expand into new markets and what affect that will have on operations. With the help of financial and technical assistance from CCFC, Paul’s path to expanding his bagel business is now more like a walk in the park than a trek over a mountain.
FMI on Paul and Union Bagel Company, call 207-699-8264 or email unionbagelco@gmail.com
Kevin Smart Kevin Smart is a Business Advisor with Community Concepts Finance Corporation. Before joining CCFC in 2016, he spent 11 years in the banking industry, working in management, mortgage and consumer lending. He also has 20 years of experience in nonprofit management and spiritual counseling. Kevin is a Certified QuickBooks Desktop Pro Advisor and helps businesses with budgeting, development, staff training, operations oversight and strategic planning.
9
Homebuyer Education
Home Buyer Education and Housing Counseling with Melissa Green of Community Concepts, Vice President of Client Services Community
a
person. After the on-line course is
Score and strategies to keep a home
Homebuyer Education course open
Concepts
offers
completed, there is a 1-on-1 session,
threatened
to anyone with $30 and an interest
usually conducted over the telephone,
individual meetings of 2 to 4 sessions
in learning the “nuts and bolts” of
to clarify reasons and incentives for
often happen after a client has taken
successfully purchasing a first home.
purchasing a home, as well as forging
the Home Buyer Course. Counselors
Offered to residents of Franklin, Oxford
connections to make the dream of
are available in-person in Lewiston
and Androscoggin counties, the class
home buying a reality. Lots of folks
or South Paris, or on the phone. The
is taught by a “neutral” guest presenter
who take the course decide the timing
phone meetings can happen during
in a one-day session, usually on a
may not be right, or that there are more
a client’s lunch break, or after dinner,
Saturday. Many loan applications and
boxes to check off before they feel
allowing for flexibility with the client’s
support resources — such as Maine
comfortable buying a home — always
schedule.
Housing’s Advantage Program, which
a good thing to know before jumping
different goals depending on what the
qualifies participants for a $3,500 grant
into a 30-year mortgage.
client has in mind, with accountability
towards down payment and closing costs — require the Home Buyer Education Certificate, which is awarded upon completion of the course. For
folks
scheduling
with
transportation
conflicts
that
Community Concepts also offers PrePurchase Counseling where clients
by
An
foreclosure.
Action
Plan
These
creates
steps to follow like a road map and support from the counselor.
meet with a housing counselor to
Buying a first home can be difficult,
create an Action Plan, which lists and
Community Concepts gives people the
and
prioritizes the steps to becoming a
knowledge — and power — to succeed,
make
home buyer. Topics in the Action Plan
no matter what the home ownership
attending an all-day Saturday course
include
goal.
difficult, Community Concepts offers
budgeting, tips for saving money,
an
improving on or establishing a Credit
on-line
course
costing
$99/
understanding
cash
flow,
FMI on ccfcmaine.org or phone 207-333-6419 or email homequest@community-concepts.org 10
Board of Directors Mark Samson With over 30 years of banking experience, Mark is the current President of Dirigo Federal Credit Union. He joined the credit union in 2012 as Executive Vice President of Lending where he directed a highly successful period of loan growth, product diversification and institutional advancement. Mark oversees business development, loan portfolio growth, portfolio risk management, loan pricing, product development and sales, and adherence to policy and procedure. Prior to joining Dirigo Federal Credit Union, Mark was the Senior Vice President/Senior Retail Lending Manager at Mechanics Saving Bank. Mark is a graduate of Lesley University and holds a Bachelor’s of Science in Business Management. Mark is an active participant in the community and currently serves on the Finance Committee for Community Concepts and on the Saint Dominic’s Academy Finance Committee. Mark is a former Maine State Legislator, Maine State Housing Commissioner, Androscoggin County Budget Committee member and Auburn Youth Hockey coach. Mark is a lifelong resident of Lewiston-Auburn and currently resides in Auburn with his wife Marie and two children: Connor and Callie.
Lincoln Jeffers Lincoln Jeffers is the Economic and Community Development Director for the City of Lewiston. He has worked to create and promote economic development in Lewiston since 2000. During his tenure the city has had more than $665 million invested in economic development projects that have created 3,275 new jobs and retained 1,400 jobs. More than 3.3 million square feet of new retail, restaurant, office, medical, warehouse and commercial space has been built or rehabilitated. Lincoln received a bachelor’s degree in sociology from Middlebury College, and has completed graduate work in economic and community development at the Muskie School of Public Service. Between Middlebury and Muskie, Lincoln spent a decade in Breckenridge, Colorado working in a variety of industries and small businesses.
Travis Travis joined Augusta-based Kennebec Savings Bank in June of 2018 as Vice President, Commercial Banking Officer having previously interned there as a college student. Previous to that, Travis worked for the Bank of New Hampshire as well as Androscoggin Bank for over five years in a similar capacity, having started in their credit department as a Commercial Credit Analyst before moving into commercial lending. Travis obtained a Bachelor’s degree in Business Administration from the University of Maine in Orono and an MBA from Thomas College in Waterville. In addition to the CCFC Board, Travis also serves on the Board of two central Maine non-profit organizations, both which serve the needs of children. Travis lives in Readfield with his wife, Danica, and their two daughters, Adalynn and Lillian. When not in the office, Travis and his family can often be found outside exploring all of the natural beauty Maine has to offer.
Christopher Paradis Christopher Paradis has more than 35 years combined experience working in the private and public sectors. He has held a number of different positions of responsibility over his professional career with stints in the banking, lighting, refractory metals and higher education industries for such companies as People’s Heritage Bank (TD Bank), Philips Elmet, Philips Lighting USA, Elmet Technologies, and the Maine Community College System. His board work includes serving nine years as a Director and Chair for the Maine International Trade Center as a Governor’s appointee and he currently is a member of the Community Concepts Inc. board. Paradis is also an active member and Past President of the Auburn Maine Rotary Breakfast Club and is an avid outdoors recreational enthusiast. He holds a B.S. in Business Administration from the University of Maine and a M.S. in Business Management from Husson University. Christopher joined CCFC’s board in 2017. 11
Thanks to all our supporters! Financial Institutions Bangor Savings Bank Camden National Bank Dirigo Federal Credit Union Evergreen Credit Union Franklin Savings Bank Gorham Savings Bank Katahdin Trust Company
Government Agencies Machias Savings Bank Norway Savings Bank SIS (Sanford Institution for Savings) Bank Skowhegan Savings Bank TD Bank University Credit Union
CDFI (Community Development Financial Institutions) Fund CHAPA Citizens Housing and Planning Association
HoMEworks Maine BCCP (Bureau of Consumer Credit Protection) Authority
Partners AVCOG Androscoggin Valley Council of Governments
of Commerce
Mahoosuc Land Trust
SCORE
Fryeburg Business Association
Maine Preservation
Southern Maine Planning & Development Council
Bethel Area Nonprofit Collaborative
Granite State Development Corporation
MaineStream Finance CDFI
Bethel Chamber
Greater Bridgton Lakes Region Chamber of Commerce
Biddeford Saco Area Economic Development Corporation
Norway Downtown Oxford Hills Chamber of Commerce
Jay Livermore Chamber of Commerce
Envision Rumford Four Directions Native CDFI
LA Metro Chamber of Commerce
New Ventures Maine Northern Forest Center
Greater Franklin Development Council
CEI (Coastal Enterprises Inc.) CDFI
Franklin County Chamber
Maine Woods Consortium
River Valley Chamber of Commerce SBA Small Business Development Centers
Western Maine Community Action
Foundations & Nonprofits Maine Community Foundation The Betterment Fund The Sandy River Charitable Foundation
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