CAMBRIDGE, Mass.--(BUSINESS WIRE)--Cambridge Savings Bank (CSB), a full-service mutual bank with a customer-first approach and more than $5 billion in assets, today announces a $500 thousand direct investment in Coastal Ventures V LP, a socially responsible venture capital fund managed by CEI Ventures. Located in Brunswick, ME, CEI Ventures, a subsidiary of Coastal Enterprises, Inc. (CEI), a non-profit community development financial institution (CDFI) and innovative leader in rural business development, is one of the only venture capital firms in the U.S. with a mission focus and proven strategy to help create jobs that offer basic benefits such as PTO, health benefits and retirement savings.
CSB pursued a limited partnership in Coastal Ventures V as the fund’s operators have a 25-year track record as a community development leader with a mission that aligns with the community-driven efforts that CSB supports in their markets. By investing in Coastal Ventures V, CSB joins a total of 32 accredited investors that will provide much-needed capital to help business owners in underserved communities with workforce challenges. CSB’s investment in the fund was driven by initiatives including, but not limited to:
- Growing good jobs — those that offer basic benefits such as PTO, health benefits and retirement savings.
- Supporting environmentally sustainable enterprises and business models that expand shared prosperity.
- Capitalizing companies and regions that have challenges accessing equity capital.
- Making it easier for people with low to moderate income to find and keep good jobs.
“We are delighted to add Cambridge Savings Bank as a partner in the Good Jobs Fund,” said Nat Henshaw, Managing Director, CEI Ventures, Inc. “We already have a dynamic co-investment in Culture Fresh Foods of Naugatuck, CT. Having a strong bank partner in the Boston market is very beneficial to us and our portfolio companies. We look forward to working with Cambridge Savings Bank to help companies recover from such a challenging year.”
“CSB has a deep-rooted interest in the creation and retention of good jobs in markets that truly need the support,” said Mike Kuhn, Senior Corporate Banking Team Leader, Corporate Lending, CSB. “These jobs offer a better living wage and benefits to improve the lives of the employees and their families. Providing capital to underserved business owners is another way to invest in and strengthen the communities we serve.”
CEI Ventures’ diversified strategy supports multiple industries with the common theme of social benefit and good job growth. Now closing its fifth fund, CEI Ventures has raised over $60 million and invested in 64 companies, helping to create 2,700 new jobs at environmentally friendly sustainable enterprises. Remaining dedicated to socially responsible investments in its communities, CSB will continue to seek strategic investment opportunities to support small businesses, underserved localities and enterprises, and low to moderate income individuals and families.
About Cambridge Savings Bank
Cambridge Savings Bank is a full-service banking institution with over $5 billion in assets. As a mutual bank, CSB is committed to improving the quality of life of our employees, customers and the communities we serve. One of the oldest and largest community banks in Massachusetts, Cambridge Savings Bank offers a full line of individual and business banking services across a robust Massachusetts-based branch network and through digital banking solutions for commercial, small business and consumer customers. To learn more about how we can meet your needs, visit us at cambridgesavings.com, or better yet, come meet us to help you make the most out of your banking relationship.
About CEI Ventures
CEI Ventures, Inc. manages socially responsible venture capital funds. For 25 years, CEI Ventures has successfully identified and cultivated growth-oriented businesses that create good jobs for people living in rural towns and small gateway cities, primarily in the Northeast. Learn more at www.ceiventures.com.
Coastal Enterprises, Inc. (CEI) helps to grow good jobs, environmentally sustainable enterprises and shared prosperity in Maine and in rural regions across the country by integrating financing, business and industry expertise, and policy solutions. CEI envisions a world in which communities are economically and environmentally healthy, enabling all people, especially those with low incomes, to reach their full potential. More at www.ceimaine.org.