November 2008 Archive

The Board of Directors of the Finance Authority of Maine (FAME) held its annual meeting on Tuesday, November 18, 2008, at Portland’s Holiday Inn By the Bay.  The Board elected new officers and approved financial assistance for a number of Maine companies. 

Elected as officers for 2009 were:  M. Kelly Matzen of Auburn, Chair; Glenn Lamarr of Fort Kent, Vice Chair; and Susan Snowden of Scarborough, Treasurer.

The Board also approved a number of proposals to assist Maine businesses during these challenging economic times.

"We are pleased to assist these Maine companies in their efforts to succeed in a challenging economic environment and maintain good-paying jobs,” stated FAME Board Chair Kelly Matzen. 

The Board approved 90% pro rata commercial loan insurance on a $1.5 million Key Bank letter of credit for Western Mountains Charitable Foundation, also known as Maine Huts and Trails.  The bank’s letter of credit supports repayment of $1.5 million in bonds to be issued by FAME.  The proceeds will enable Maine Huts and Trails to construct two additional huts as part of its effort to develop a 180-mile backcountry trail in Western Maine with 12 huts located along the trail.

The Board further approved commercial loan insurance for an Eastern Maine construction services company.  FAME agreed to renew its commercial loan insurance on a $500,000 Machias Savings Bank line of credit to Vaughn Thibodeau & Sons, Inc./David Lakeman (VT&S). 

VT&S has been operating since 1967 as a provider of construction services, including earthwork, asphalt production and paving; as well as concrete production.  The company has administrative offices in Bangor and other facilities elsewhere in the state, including Prospect, Stockton Springs, and Hancock.  The company employs 180 workers.

Recently, FAME staff also approved an Economic Recovery Loan of $200,000 for working capital purposes for Little Harbor Window Company in Berwick.  For twenty-five years, the company has been an industry leader in building mahogany windows and doors for high-end residential construction.  The company approached FAME in an effort to remain competitive in the global market as the cost of doing business increases. The loan will help the company expand its capacity and production.

"We are grateful for FAME’s support,” stated James Eaton, the company’s president.  “FAME’s actions will help Little Harbor Window Company maintain thirty-eight good-paying, Maine jobs and continue to grow our operations.” 

The FAME Board also approved assistance for Maine’s lobster industry.  FAME will provide through its On-Line Answer (OLA) Program up to 40% commercial loan insurance to lobstermen refinancing existing debt on boats, machinery and equipment, as well as working capital lines of credit.  The insurance will be available on existing relationships if the current loan is not more than 45 days past due, with additional requirements set forth by FAME, including requirements that the company/borrower be viable and that public benefit be identified. 

"FAME is pleased to be able to play a role in supporting one of Maine’s oldest and most important industries,” noted Beth Bordowitz, FAME’s Acting CEO.  “We recognize the unprecedented challenges facing this traditional industry and the need to take immediate measures to help maintain its viability.”

The Finance Authority of Maine (FAME) celebrated its 25th Anniversary with a dinner and awards banquet Tuesday, November 18, 2008, at Portland’s Holiday Inn By the Bay.  The event, Showcase Maine, featured awards, a retrospective of FAME’s accomplishments over the years, and a keynote address by famed Maine cabinetmaker Thomas Moser.

"We enjoyed celebrating with our various business and higher education partners twenty-five years of FAME’s contributions to the State of Maine,” stated Beth Bordowitz, FAME’s Acting CEO.  "Together we’ve made business and education work for Maine, and we look forward to confronting the challenges of this tough economy and continuing to succeed together.”

In addition to showcasing various Maine business and educational organizations, FAME recognized a number of organizations and individuals with awards.  This year’s award recipients included:  Industry and Energy Associates, LLC (Business at Work for Maine Award), a Portland company that provides engineering, project management, and construction management services for the energy marketplace; Cianbro Corp. (Education at Work for Maine Award), an employee-owned company that provides construction and service solutions throughout North America, and offers a wide range of innovative educational opportunities for employees; Jack Cashman (Dirigo Award for Business), Commissioner at the Maine Public Utilities Commission and former senior economic advisor to Governor John E. Baldacci and former Commissioner of the Maine Department of Economic and Community Development; Scott Voisine (Dirigo Award for Education), Director of Student Affairs at the University of Maine at Fort Kent; and Farm Credit of Maine (Financial Institution of the Year Award), a member-owned financial institution that provides commercial credit to family businesses in Maine’s farming, forestry, and fishing industries, as well as the state’s rural communities.

Thomas Moser, President and Founder of Thos. Moser Cabinetmakers, delivered an upbeat keynote address on Maine’s economic potential entitled “The Piscataqua River Bridge:  Gateway to the Future.”  Moser, a former FAME customer, launched his company with his wife, Mary, in April 1972 via an advertisement in Down East magazine.  He recounted his company’s remarkable journey from a two-person operation to a world-renown Maine-based business that employs more than 120 people, and has residential, professional and academic customers worldwide.