Attendees: Darla Hamlin, Marilyn Matthews, Chris Toriello, Kelly Tittle Scott, Leslie Taisey, Margie Hansel, David White, Ted Danforth, Martha Smith, Thaddeus Day, Tammy Lincoln, Alan and Karen Morrison, Guest Speaker John Eagen, Coastal Enterprises Inc.
At 5:30 Darla Hamlin opened the meeting, followed by introductions, and we welcomed new Member David White, who operates a business of restoring and selling nautical themed antiques.
Thaddeus Day introduced speaker John Eagen.
Business:
John has been with Coastal Enterprises Inc. for seventeen years, the company has a forty year history in capitalizing and helping new startup businesses grow. They do this not only through mission based lending, but also by mentoring, consulting services to assure success. Their efforts are to grow and solidify the small business economy in Maine. They are a non profit, and present themselves widely through word of mouth, trade shows, and also community functions. Their focus is an all encompassing approach on startups that represent work in natural resource industries like forestry, fishing, oceanic ventures, agriculture, and seasonal tourism businesses. The goal is to support firms that will offer growth, jobs, investment opportunity, etc. The shared prosperity is created through funding firms that will create workforce opportunity, as well as transition to new ownership to continue operations. They consult on many levels, including HR, investment, retirement transition, bankruptcy, and more. Their risk tolerance can be higher than standard lenders. Their consulting services are available free to many small business owners, and they can assist in workforce development, finding & retaining qualified employees, business plan development, and direct you to specific available programs that specialize in your industry. They are a commercial based lender only, do not participate in personal lending. Loan size can be anywhere from $3,000 to $2 million. Tammy Lincoln, Vet Tech and Pet Sitter, used CEI services and was very positive in her assessment of the experience. CEI also networks for it’s clients. They are a relender through banks, investors, the SBA, who also refer clients to them. They do not at present have a tuition program for employee training who will then be paid using a w2 creator for pays slips. Their default rate is unusually LOW due to the mentoring and background work done prior to lending.
Business
The minutes acceptance for Aug. 17th tabled to the next meeting on 10/19/17 at Toddy Brook, 5:30 pm.
We are still seeking a person to fill Treasurer position. Current report shows $2675.38 in our account, with $408 in dues outstanding.
Robert Anderson will be our October meeting speaker regarding soil / land erosion. We should also begin discussions of the 2018 Trade Show at that meeting. Remember that the TRADE SHOW allows all members to display, advertise, network, and draw attention to their local business. We hope to focus the Dec 21st meeting on a charitable mission again like boxes for armed forces or once again target local elderly folks with gifts that are much needed through the winter.
It was discussed that we add a “suggestion form” area to the website, and update our membership application.
Future agenda items that would be valuable are security issues, insurance on small businesses.
The FunDay drawing prize was won by Mike Simmons, Martha Smith agreed to deliver it to Mike.
Respectfully submitted,
Marilyn Matthews, Secretary