The Finance Authority of Maine will help lead the creation of good paying jobs for Maine citizens by working at the nexus between economic and workforce development.
FAME was established as Maine’s business finance agency in 1983 and charged with supporting the start-up, expansion and growth plans of Maine’s business community. The agency began working closely with Maine’s lending community to improve access to capital as well as to help fill gaps that exist in the State’s capital delivery system.
To meet the financing needs of Maine’s business community, FAME offers a wide array of business assistance programs, ranging from traditional loan insurance programs for both small and larger businesses, to investment tax credits. FAME has also established taxable and tax-exempt bond financing programs that allow strong, creditworthy firms in Maine to access capital at favorable rates and terms.
In April of 1990, FAME’s mission was significantly expanded when the agency assumed responsibility for administering the State’s higher education finance programs. Through a variety of loan, grant and scholarship programs, FAME helps Maine students and families meet the costs associated with higher education. To aid in this important effort, FAME also oversees an extensive outreach and counseling program that is designed to encourage young people to aspire to and pursue higher education. FAME is also the administrator for the State’s Section 529 Plan – the NextGen College Investing Plan®.
FAME is committed to innovative, flexible solutions that address the needs of Maine individuals and companies in a changing economic landscape. With a core competency in finance, and a highly experienced staff, FAME is the place to turn to for resources that build success.
FAME‘s Chief Executive Officer is Bruce Wagner. The Maine Senate voted unanimously in 2014 to confirm Gov. LePage’s nomination of Bruce to the position, for a term of four years.
Bruce has a strong background in business management, development and renewal, having served as W.R. Grace’s President of the Darex Container Products Division, as chief executive officer at Barber Foods, and as chief financial officer at Martin’s Point Health Care. A graduate of Lafayette College, he also has completed advanced management programs at the Massachusetts Institute of Technology and at INSEAD, the French international business school.
Bruce directed the MIT-affiliated Center for Quality Management, where he worked with organizations as diverse as the Federal Reserve Bank of Boston, Analog Devices, and Martin’s Point Health Care to develop and deploy business strategies and processes that deliver superior business performance. Bruce subsequently founded Traverse CEO, LLC, a business consulting firm specializing in rescuing and renewing businesses. In his role at Traverse, Bruce helped to rebuild Barber Foods in Portland and save Maine jobs, and also helped Northern Maine Medical Center in Fort Kent to create a new operating plan that allowed the hospital to obtain critical financing for a new biomass boiler system.
Wagner has served on the board of directors of Woodard & Curran, Mercy Hospital, the Portland Community Health Center, and the Maine State Chamber of Commerce.