November 2009 Archive

The Finance Authority of Maine (FAME) currently is displaying the work of J. Donna Asmussen, a professional Maine artist specializing in watercolor, with additional focus in printmaking. 

FAME Customer Service Associate Becky MacKenzie, who helped organize the display, stated:  “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.” 

A painter and printmaker, Ms. Asmussen works mainly from her home studio in Smithfield.  Before becoming involved in the arts, she worked in education as a teacher, school administrator, and consultant for many years in Rhode Island and Maine.  She studied oil painting briefly in Rhode Island while a public school teacher and currently studies watercolor with Stan Keirstead in Western Maine and printmaking with Scott Reed at Colby College.    

Ms. Asmussen’s background in education has led her to continue her connections with local schools and libraries, loaning them original works to encourage children to experiment with art.  A variety of her works can be viewed on her website at www.artjourneyer.com. 

Artwork currently displayed at FAME includes original watercolors and prints inspired by the ever-changing seasonal beauty of both inland and coastal Maine; and a series of small pen and ink images, washed with watercolor, capturing local landmarks in the Belgrade lakes area.  Prints and cards for purchase are available in the FAME lobby, as well.

The public may view the exhibition Monday through Friday from 8:00 AM to 5:00 PM.  The FAME building is located at 5 Community Drive, Augusta, Exit 112 off 95.  The exhibit is open to the public through December 31, 2009, with a reception planned for December 3rd from 5-7PM.

To learn more about FAME Art Exhibits and openings, or if you are an artist who would like to have your work considered for exhibition, contact FAME at 1-800-228-3734.

The FAME Board held its annual meeting Tuesday, November 10, 2009, 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 2010 are:  Glenn Lamarr of Fort Kent, Chair; Susan Snowden of Scarborough, Vice Chair; and Cheri Walker of Portland, Treasurer.

The Board also approved several proposals to assist Maine businesses during these challenging economic times.

The Board approved commercial loan insurance on two loans from Farm Credit of Maine totaling $2.15 million for LMJ Enterprises, LLC.  The insurance will help the company, which produces pine shavings for large animal bedding, construct a manufacturing facility in Lincoln.  LMJ plans to create ten jobs. 

Also approved was an economic recovery loan of $500,000 to Montreal, Maine & Atlantic Railway, Ltd.  The loan will help fund working capital and approximately 200 miles of track maintenance in Maine.  Until the track resurfacing occurs, train speeds will remain lowered and delays in freight transportation will continue.  A total of 210 jobs will be retained as a result of FAME’s action.

“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 Glenn Lamarr.

The Board also approved a new round of investments totaling $985,000 as part of the Maine Economic Development Venture Capital Revolving Investment Fund Program (VRIP).   Created by the Legislature in 1995, VRIP allows the state to invest as an equal partner in eligible private venture capital funds to support emerging and early-growth businesses in Maine.  It utilizes experienced, professional fund managers to increase the probability of successful investments in Maine companies.  FAME approved applications for investments in the Borealis Fund III, LP and Coastal Ventures III, LP.  Since 2000, FAME has invested $3 million in five separate venture capital funds.  These funds have, in turn, collectively invested almost $13 million in various Maine companies. 

FAME Chief Executive Officer Beth Bordowitz stated:  “FAME is pleased to facilitate further participation in the VRIP program using returns from successful past investments.  FAME is committed to supporting emerging and early-stage Maine businesses, especially in this challenging economy.”

Also on November 10, FAME held its annual dinner and awards program, “Showcase Maine.”  Approximately 250 leaders in government, business and higher education attended the event.  In addition to hosting a reception showcasing various Maine business and educational organizations, FAME presented a number of awards to Maine business and higher education leaders.  This year’s recipients included:  Western Mountains Charitable Foundation, also known as Maine Huts & Trails (Business at Work for Maine Award), a nonprofit entity working to build and operate a year-round, 180-mile recreational corridor in Western Maine; Maine College Transitions Program (Education at Work for Maine Award), a comprehensive program of adult education study, career planning and coaching to encourage enrollment in postsecondary institutions; John Burns, fund manager of the Small Enterprise Growth Fund (Dirigo Business Award), a state-sponsored venture capital fund, who has assisted numerous Maine start up companies in obtaining capital; Carolyn Dorrity, former head of the Acadia Health Education Coalition (Dirigo Education Award), who introduced health careers to Maine students and worked tirelessly to create and support opportunities for clinical mentorships; and Camden National Bank (Financial Institution of the Year Award), which has  worked closely with FAME to provide numerous insured loans to Maine’s small businesses, including the fishing and tourism industries.

Dr. Sandy Baum, a senior policy analyst at the College Board, delivered a keynote speech entitled “Investing in Higher Education:  The Future of Our Economy.”  Dr. Baum, an expert on student aid policy and higher education finance, underscored the value of investing in higher education in a challenging economy.

Items of interest for the November 10, 2009 edition:

Get A Life Expanded

Outreach Update

Future Faces of Maine

FAME is excited to announce the creation of a high school version of its popular “Get a Life” game.  This interactive financial literacy game was originally created primarily for middle school students and has now been expanded to teach high school students the basics of money management. 

Through this game, students learn about potential career options, college aspirations and financial education; including budgeting, wants vs. needs and the consequences of making choices.  Most importantly, “Get a Life” encourages conversation among students regarding career goals and aspirations, while emphasizing the importance of making the right choices in order to have as many options in life as possible. 

Both versions have also been updated to reflect current median salary in Maine, as well as important additions to the career selections.  The new version has already been introduced to the high school audience and has proven to be a great success.  For more information, please contact Angela Dostie.

The Finance Authority of Maine (FAME) has announced that its annual meeting and awards event, Showcase Maine, will be held Tuesday, November 10, 2009, from 4:30 p.m. to 7:45 p.m. at Portland’s Holiday Inn By the Bay.

Showcase Maine is a celebration of the many successful partnerships FAME has forged over the past twenty-six years with Maine’s business and higher education communities. 

The evening will feature a reception, including displays by Maine businesses and educational organizations that partner with FAME; a dinner and awards presentation; and a keynote speech entitled “Investing in Higher Education:  The Future of Our Economy” by Sandy Baum, Ph.D, a senior policy analyst with the College Board.  Dr. Baum is the co-author of the College Board publications Trends in Student Aid, Trends in College Pricing, and Education Pays:  The Benefits of Higher Education for Individuals and Society.  She has written extensively on issues relating to college access, college pricing, student aid policy, student debt, affordability, and other aspects of higher education finance.

“We look forward to celebrating FAME’s many partnerships that will help Maine endure this challenging economic time and come out stronger,” stated Beth Bordowitz, FAME’s CEO.  “Crucial to FAME’s success in providing innovative financial solutions to Maine’s business and higher education communities are the relationships we’ve forged over the years.  Together we make business and education work for Maine’s economy.”

In addition to the reception showcasing various Maine business and educational organizations, the evening will feature the presentation of a number of awards by FAME.  This year’s award recipients include:  Western Maine Charitable Foundation, also known as Maine Huts & Trails (Business at Work for Maine Award), a nonprofit entity working to build and operate a year-round, 180-mile recreational corridor in Western Maine; Maine College Transitions Program (Education at Work for Maine Award), a comprehensive program of adult education study, career planning and coaching to encourage enrollment in postsecondary institutions; John Burns, fund manager of the Small Enterprise Growth Fund (Dirigo Award), a state-sponsored venture capital fund; Carolyn Dorrity, former head of the Acadia Health Education Coalition (Dirigo Award), who introduced health careers to countless Maine students and worked tirelessly to create and support opportunities for clinical mentorships; and Camden National Bank (Financial Institution of the Year Award), which has worked closely with FAME to provide numerous insured loan products to Maine’s small businesses.