September 2008 Archive

The Finance Authority of Maine (FAME) is displaying the works of two Maine artists, Stan and Barbara Keirstead, who hail from Farmington.  In support of this exhibition, FAME Acting CEO Beth Bordowitz stated:  “We are proud to support and recognize Maine artists and to bring public attention to the arts and artists who enrich our communities.”

After returning from active military duty in France, Stan Keirstead became a self-taught artist in oils.  Later he changed to watercolors and found it to be his preferred medium.  Stan served as principal of Mt. Blue High School for many years, where he taught watercolor classes in the school’s adult education program.  After retiring in 1983, Stan taught watercolor painting at the University of Maine at Farmington.  He subsequently opened his own art gallery and studio for teaching.

Barbara Keirstead also changed her medium of preference from oils to watercolors.  Barbara’s other palette is flowers, the delicate beauty of which fills her many home gardens.  She is an avid reader and works part-time at a dental office.

The Keirsteads frequently exhibit together in Maine, and painting, teaching and framing has been a major part of their lives for the past twenty years.  They have studied under artists Nita Engle, Carlton Plummer, and Carol Sebold.  Their paintings portray the beauty of Maine.  Their Farmington gallery is open by appointment.  They may be contacted at 183 Sewall Drive, Farmington ME  04938 or at (207) 778-4764.

FAME hopes to bring visibility to the achievements of all Maine artists by providing an opportunity to exhibit their artwork and to inspire passion about art in others.  The public may view the Keirstead exhibition Monday through Friday from 8:00 a.m. to 5:00 p.m.  The FAME building is located at 5 Community Drive, Augusta, Exit 112 off I-95.  The exhibit is open to the public through December.

The Board of Directors of the Finance Authority of Maine (FAME) yesterday approved loans and loan insurance to assist a variety of Maine businesses.  FAME’s actions will help create and preserve a total of 277 Maine jobs.  The FAME Board held its monthly meeting in Fort Kent after a two-day tour of Aroostook County businesses. 

The two businesses assisted by the Board’s actions are Prime Tanning Co., Inc. of Hartland, a leather producer that recently ceased operations at its Berwick facility and is in the process of transitioning production to its finishing operations in Hartland; and Apothecary by Design, LLC, a Portland-based start-up company that will operate as a specialized retail pharmacy.

"During these challenging economic times, FAME stands shoulder-to-shoulder with Maine lending institutions and businesses in order to strengthen the economy and grow and preserve Maine jobs,” stated FAME Board Chair Joyce Maker.

Prior to the Board meeting, the FAME Board and staff, as well as area legislators and business leaders, toured various Aroostook County businesses to learn more about the local economy.  Activities included:   tours of the Louisiana Pacific Laminated Strand Lumber Mill in New Limerick and McCain Frozen Foods in Easton; a panel discussion on area economic issues held at the Long Lake Sporting Club in Sinclair; and the FAME Board meeting and presentation by representatives of the Maine Winter Sports Center at the 10th Mountain Lodge in Fort Kent.

The Board approved $500,000 in new Economic Recovery Loan funding for Prime Tanning Co., Inc.  The company produces side-leather for many of the best-known leather brands in the world.  The loan will allow the company to reduce its payables and access much-needed liquidity as it consolidates operations and preserves Maine jobs.  The money approved is in addition to $500,000 in outstanding or already approved FAME loans, and brings funding for the company to the maximum allowed under the program.  In August, the company announced it was closing its Berwick facility and redirecting 75 of 150 jobs to Hartland.  FAME’s actions will help to preserve 258 Maine jobs. 

Bob Moore, Chief Executive Officer of Prime Tanning, stated:  “We are grateful for FAME’s assistance during this period of transition.  Our goal is to preserve as many Maine jobs as possible while competing in a challenging global economy.”

The Board also voted to provide 90% pro rata Commercial Loan Insurance on three Bangor Savings Bank loans totaling $2.1 million for the financing of Apothecary by Design, LLC.  The nascent company, which expects to employ 19 workers, will offer specialized pharmacy services such as pharmaceutical compounding, nutritional health and well being, and specialty disease management   The loans and loan insurance will allow Apothecary by Design to make leasehold improvements at its Portland location and also support its working capital needs.

"FAME’s actions in helping to preserve and grow 277 Maine jobs is consistent with its mission of making business and education work for Maine,” stated Beth Bordowitz, Acting CEO of FAME.  "We wish these businesses success in these challenging economic times.”

On August 22, 2008, the U.S. Department of Education officially notified FAME that it has been awarded funds through the College Access Challenge Grant.  The grant will enable FAME to expand its outreach efforts to help students achieve their postsecondary goals.  The funds--$330,000 per year over two years--will be used to provide information and outreach to Maine students and families regarding financial aid, financial literacy, and debt management.

The grant was established as part of the College Cost Reduction and Access Act, which President Bush signed into law on September 27, 2007.  Available monies are to be used by states on efforts to increase college access and success among underserved student populations.

FAME’s plans for the grant money include:  providing information about the benefits of a college education, college opportunities, and college and career planning; informing students and families about financial aid options for college, financial literacy, and debt management; performing outreach activities for students at risk of not continuing their education; assisting families in completing the Free Application for Federal Student Aid (FAFSA form); and offering professional development for guidance counselors at middle and high schools and financial aid administrators and college admissions counselors at colleges.

FAME already has expanded its current outreach efforts by recently hiring two veteran financial aid professionals who will not only work with high schools but also will coordinate with middle and elementary schools and adult education centers to reach students and parents. The services provided will be available to all Maine citizens, regardless of income.