Fiscal Year
2018 REPORT
We Believe all Individuals, Families and Communities can be Financially Secure.
2018 REPORT Welcome
Welcome
to
Community
Concepts
Finance
At CCFC, “We believe all Individuals, Families and
Corporation’s Annual Report for fiscal year 2018. It
Communities can be Financially Secure” and all the
was a year of change and growth for the organization,
programs we offer make this our top priority. If you’d
especially with our staff. Our Vice President of Lending
like to directly help and support our work, you can
moved on to a great position in Mechanic Falls and
make a tax-deductible donation and decide how
Natalie Beale was promoted to be our new Loan
your dollars will be used. We could use your donation
Underwriter. Jennifer Boenig also joined the staff as
for our revolving loan pool to support the business
the office manager.
community or for the homeownership center to help
We’re proud to say for the fourth year in a row, we were Maine’s SBA Microlender of the Year. Statewide, more than $1.46 million in SBA Microloans were made
people become homeowners. We could also use your donation as matching dollars to access other local, state and federal funds.
with more than half or $841,000 made by CCFC.
Please take a moment to look over the programs and
With ongoing support from our lending partners and
clients featured in this report to learn more about the
funders, we can continue to have a significant impact
impact CCFC has in the community and how you can
in western Maine.
help. CCFC is a subsidiary of Community Concepts, Inc.
Our Homeownership Center helps people achieve their financial goals and puts them on the path to homeownership. Our staff works with hundreds of
which is led by Shawn Yardley, the Chief Executive Officer, and Kevin Mahoney, who serves as CCFC’s Treasurer and Community Concepts’ Chief Financial Officer.
people every year and you’ll learn more about these programs in this report.
Yours in Service,
CCFC staff also continue to focus on economic development in Oxford County and a major area of focus is improving broadband service and access. You’ll
Glen E. Holmes
learn more about the planning grant and partnership CCFC has with other organizations to achieve this goal
PRESIDENT
in this report.
17 Market Square • South Paris, ME 04281 (207) 333-6419 • homequest@community-concepts.org www.ccfcmaine.org • Find us on Facebook @CCFCMaine CCFC is a subsidiary of Community Concepts, Inc. Visit www.community-concepts.org for more information
2
Board of Directors Mark Samson, Chairman 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 Savings 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 Saint Dominic’s Academy Finance Committee. He is also past president of the Community Concepts board and served on the 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 LewistonAuburn and currently resides in Auburn with his wife, Marie, and two children, Connor and Callie.
Travis Frautten, Vice Chairman 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 of 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.
Lincoln Jeffers, Secretary 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 which 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.
Christopher Paradis, Member at Large 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. Christopher 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. 3
Total Portfolio
$9,632,719
$3,267,227.00
$
Residential Lending
$6,365,492.00
Business 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 $13,130,112.58
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
FY 17 & 18 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!
215 business owners received more than 2,900 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
CCFC Helps Oxford Business Relocate & Expand Pat’s Hot Tubs & Pools, located on
help with the purchase of the building.
With the new building and better
Route 26 in Oxford, is a family-owned
However, purchasing the building would
signage,
and operated business offering sales,
only be the first step toward a new
experienced growth in customer traffic
installations, repairs and services for hot
home for the business. In order to open
and sales, which in turn brought about
tubs and above-ground pools. Pat Paine
the doors, a new furnace, fixtures and a
the need for more staff. Natalie Beale,
and her husband, David, have more than
significant amount of remodeling would
also from CCFC, shared with Pat her
20 years of experience and can help
be required. A partnership between the
expertise on marketing, interviewing,
keep your pool or hot tub clean with
Paines, CCFC and a local bank resulted
developing job descriptions, making
all the necessary chemicals and water
in a blueprint for expansion, financial
job offers and creating an employee
testing right in their store. They also
backing and a new storefront grand
manual. Natalie and Pat also attended
carry toys and equipment that can be
opening within only a few months-
a local workshop on hiring, recruitment
used in a pool, hot tub or even the lake.
faster than Pat thought possible!
and retention.
Once the new location was up and
Getting CCFC involved early on helped
running, the couple’s priority became
turn the expansion of Pat’s Hot Tubs &
expanding their market and working
Pools from a potential struggle into a
In fact, in the summer months, you’ll usually find a large rubber ducky with sunglasses floating around in a hot tub out front.
Pat’s
Hot
Tubs
&
Pools
more efficiently. CCFC was there with
smooth transition, with guidance from
Pat and David were able to expand
an experienced business advisor, Kevin
concept to completion. Now Pat and
their business and move into the larger,
Smart, to consult on new advertising
David are ready to swim in the deep end!
new location thanks to Community
and marketing campaigns while also
Concepts Finance Corporation (CCFC).
reviewing office functions such as
They learned about CCFC through a
bookkeeping.
former employer and hoped they could 6
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 spirit 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
Baking Success: CCFC Helps Bagel Business Grow to Meet Market Demands One person with passion and a valuable
out of the Portland Public Market six
to buy the building on Cumberland
skill can start a small business. Then,
years ago with no plan to enter the
Avenue.
with hard work and a little luck, that
retail market. When demand for his
small business will grow. Building a
high quality, organic flour bagels spiked
business demands new and different
upward, Paul boosted production by
skills, which a budding entrepreneur
expanding into a Cumberland Avenue
may lack, and that’s where Community
location. Soon, folks began walking
Concepts Finance Corporation (CCFC)
in and asking for more than just his
can help. Working with a CCFC business
traditional bagels which are hand
advisor
difference
rolled, boiled and then baked on a
between struggling with the challenges
stone hearth. They wanted various
of growth or moving forward with a
toppings, breakfast sandwiches, coffee
successful and sustainable business
and other options, like dairy-free cream
model.
cheese. Before long, Paul, who had not
can
make
the
Paul Farrell, the owner of Union Bagel in Portland, began wholesaling bagels
envisioned opening a storefront, was the owner of a busy and popular bagel shop. Early last year, Paul decided that the Cumberland
Avenue
space was too small to accommodate an increase in both café seating
and
bagel
production. He opened
With his expansion plans becoming more complicated, Paul’s local bank manager recommended he look into the assistance available through CCFC. Paul met with CCFC Business Advisor Kevin Smart to explore everything from marketing, finance and accounting to business and workforce development. “I worked closely with Paul in assessing his financial picture,” said Kevin. “We recently completed a deep dive into his finances, looking at the past six years, 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 expansion activities have affected that picture.”
another location in a
Paul has learned a lot through this
building he owns on
process, adding, “I came into this
Veranda Street with the
knowing how to make bagels, not
intention
moving
necessarily how to manage a business.”
production there, while
Paul and Kevin are now delving into
simultaneously
how the changes in hiring laws, both
of
trying
from the State of Maine and the City of 8
Portland, will affect new hiring policies designed to build and retain a solid work force. Later this year, they also plan to assess how best to expand into new markets and what impact that will have on operations. With the help of financial and technical assistance from CCFC, Paul’s path to expanding his bagel business is moving forward and rolling along.
FMI on Paul and Union Bagel Company, call (207) 699-8264 or on the web at unionbagel.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
Mike Wilson, senior program director for the Northern Forest Center; Anne Hazlett, Assistant to the Secretary for Rural Development at the United States Department of Agriculture; and Mia Purcell, Vice President of Economic Development and Impact at CCFC, attended an event in Cranberry Isles to celebrate the construction of a broadband network.
Economic Development
Building Better Broadband Access to affordable, high speed broadband is quickly becoming the most critical infrastructure of our time, just like electricity, transportation, and roadways were early last century.
To help make it easier for residents and visitors to connect to the internet, three wifi hotspots will be installed in downtowns in the Maine West region.
The Northern Forest Center was awarded a
The Northern Forest Center also received a grant
broadband planning grant from the State of
from the Stephen and Tabitha King Foundation
Maine’s broadband agency, the ConnectME
to upgrade public access computers in public
Authority, to assess and improve high speed
libraries in Maine West towns. To complement
internet connectivity in the Maine West region,
these initiatives the Adult Education Centers that
which includes 27 towns in northern Oxford
serve northern Oxford County are offering more
County. Development of the plan was coordinated
computer classes.
by Community Concepts Finance Corporation (CCFC) in collaboration with Axiom Technologies of Machias, Maine, who developed a plan for each town to enhance and promote more advanced broadband
and
expand
broadband
service
to unserved areas. CCFC’s Vice President of Economic Development and Impact, Mia Purcell, is working with each town to help implement its 10
plan and improve local broadband service.
CCFC and the Northern Forest Center continue to explore additional funding opportunities to increase digital inclusion and digital literacy skills for Maine West residents and businesses and expand and improve high speed broadband infrastructure.
Marjorie Baril, a HUD certified Housing Counselor and Financial Coach with CCFC, leads a Homebuyer Education class and participants take a break to have a little fun.
Homebuyer Education
Homeownership Center Hundreds of people every year work
Many
and
the Homeownership Center offers pre-
with staff in the Homeownership Center
homeownership
offer
purchase counseling. Clients met with a
at
Community
Concepts
lending
institutions programs
Finance
incentives for people to take the class,
counselor to establish goals and create
Corporation (CCFC) and one of the
such as MaineHousing’s Advantage
an action plan. Topics the counselor
most popular classes is the Homebuyer
Program
may cover include ways to find money
Education class. This class provides the
participants
grant
leaks, setting up a budget or improving
“nuts and bolts” of homeownership and
towards down payment and closing
a credit score. Appointments can be
is offered locally by CCFC’s certified
costs. Green added, “We are a HUD
done over the phone or in-person at
housing counselors. The one-day class
approved counseling agency, but it’s
the South Paris or Lewiston office. In
covers all the basics of homeownership,
always best to check with your lender
addition to pre-purchase counseling,
from financial preparedness to the
on what programs and incentives they
the Homeownership Center also offers
loan process, and also brings in guest
offer and what’s required.”
an online Money Management course
speakers who can share their expertise in finance and real estate.
which
provides
with
a
qualified
$3,500
The Homeownership Center also offers an online Homebuyer Education course
as well as foreclosure prevention services.
“We have guest presenters come in and
which requires a person complete the
The Homeownership Center is always
share their firsthand knowledge and
online course and speak with one of
looking for new ways to help clients
experience with people,” said Melissa
CCFC’s certified housing counselors to
become financially secure so class
Green, Vice President of Client Services
ask any questions and learn about state
offerings can change. For the latest
for CCFC. “Being able to talk with
and local resources.
schedule and offerings, visit CCFC’s
someone who has processed mortgage applications or done home inspections for several years is so helpful.”
While exploring homeownership, some
website or Facebook page.
people may need additional support and
FMI on ccfcmaine.org or phone (207) 333-6419 or email homequest@community-concepts.org 11
Thanks to all our supporters! Government Agencies FAME Maine DECD
Financial Institutions Bangor Savings Bank Camden National Bank Dirigo Federal Credit Union Evergreen Credit Union Franklin Savings Bank Gorham Savings Bank Katahdin Trust Company
Machias Savings Bank Norway Savings Bank SIS (Sanford Institution for Savings) Bank Skowhegan Savings Bank TD Bank University Credit Union
Maine Department of Professional & Financial Regulations
U.S. Department of Housing and Urban Development U.S. Small Business Administration
Maine Housing Authority
CDFI Fund
NeighborWorks America Oxford County
CHAPA Citizens Housing and Planning Association
USDA Rural Development
hoMEworks Maine BCCP
Partners AVCOG Androscoggin Valley Council of Governments
of Commerce
Commerce
Development Centers
Fryeburg Business Association
Mahoosuc Land Trust
SCORE
Bethel Area Nonprofit Collaborative
Maine Preservation
Granite State Development Corporation
Maine Woods Consortium
Southern Maine Planning & Development Council
Bethel Chamber
Greater Bridgton Lakes Region Chamber of Commerce
Biddeford Saco Area Economic Development Corporation
Greater Franklin Development Council
CEI (Coastal Enterprises Inc.) CDFI Four Directions Native CDFI
Jay, Livermore Falls, Livermore Chamber of Commerce
Franklin County Chamber
LA Metro Chamber of
Envision Rumford
MaineStream Finance CDFI New Ventures Maine Northern Forest Center Norway Downtown Oxford Hills Chamber of Commerce River Valley Chamber of Commerce SBA Small Business
Western Maine Community Action
Foundations & Nonprofits Maine Community Foundation The Betterment Fund The Sandy River Charitable Foundation
Ready to buy a home? Get pre-approved today, be ready to buy tomorrow
HEROES Advantage Loan $750 in closing cost discounts1 as our way of saying “Thanks” for serving our community.
To explore your personal mortgage options, stop by your local branch or call 1.800.284.5989.
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Mortgage loans are available to qualified applicants who meet the Bank’s current loan guidelines for owner-occupied residential properties in New England. Available for loans up to $453,100. For loans with less than a 20% down payment, escrow for taxes and property insurance is required (including flood insurance, if applicable). Additional restrictions may apply. See tax advisor regarding deductibility of interest and charges. NMLS ID #483424. 1Visit www.northeastbank.com/hero for a full list of eligibility criteria. 23% down payment limited to fixed-rate mortgages.