Maine nonprofit receives $10 million from MacKenzie Scott
BRUNSWICK, Maine (AP) — A Maine organization that provides business development and financial support to small businesses has received a $10 million donation from philanthropist and author MacKenzie Scott.
Coastal Enterprises Inc. CEO Betsy Biemann said the “extraordinary gift” will be “transformative” for the Brunswick-based organization, the Portland Press Herald reported.
“We’re delighted our track record came up on her radar,” Biemann said. She added that the donation will “help us to continue to step up and respond to the small businesses we work with and new ones who will need capital to respond to this crisis.”
CEI is one of the 384 nonprofits to receive a gift from Scott, who on Wednesday announced $4.16 billion in donations.
Organizations selected to receive gifts include food banks, emergency relief funds and support services for vulnerable populations.
According to CEI’s annual report, the organization and associated organizations issued $38.5 million to 78 businesses in the form of loans, microloans, equity and tax credit-motivated financing and helped create over 600 jobs this year.