Tuesday, September 27, 2011
The Finance Authority of Maine (FAME) recently notified fifteen Maine schools and non-profit education organizations that they have been chosen to receive sub-grants totaling $674,748 through the Maine College Access Challenge Grant (MCACG) administered by FAME.
The grants were awarded on a competitive basis to eligible Maine schools and non-profit organizations. Successful proposals support the overall goal of increasing the number of Maine students who are prepared to enter and succeed in postsecondary education, with a focus on preparation, aspiration and success. All recipients and their project descriptions are listed online at FAME’s Web site: www.famemaine.com
Grant recipients include Eastern Maine Community College in Bangor, which will offer free placement assessment and academic skill development opportunities to underprepared high school seniors at rural high schools in Penobscot, Piscataquis, Waldo, and Hancock Counties; Franklin County Adult Education, which will address growing wait lists of residents seeking to enter their college access system; and the Maine Development Foundation, which will expand its Maine Employers’ Initiative to increase services linking employers and their employees to education resources and to encourage Maine’s working adults to take advantage of educational opportunities, including degree completion.
In August, FAME was notified by the U.S. Department of Education that Maine had been awarded a $1.5 million College Access Challenge Grant for Fiscal Year 2012. Available monies are to be used by states on efforts to increase college access and success among underserved student populations. FAME will provide a one-third required match, which equals $750,000 per year. For the 2011-2012 academic year, the funds will be divided between college access services and sub-grants to various partner organizations across the state.
“FAME is pleased to announce these sub-grants for the MCACG Program,” stated Beth Bordowitz, Chief Executive Officer of FAME. “These much-needed funds will help FAME and its partners throughout Maine strengthen our college access and financial education efforts to help Maine students and families achieve their postsecondary education goals.
To accomplish its purposes, MCACG focuses on three key components: (1) college access and completion services and programs; (2) competitive grants to organizations providing college access and/or completion services or programs; and (3) scholarships for low-income students to enroll in early college courses.
The FAME college access and financial education team includes professionals who not only work with high schools, middle schools and elementary schools, but also coordinate with colleges, adult education centers, and college access programs to reach students and parents. The free services provided are available to all Maine citizens, regardless of income.
Friday, September 16, 2011
On September 16, 2011, the U.S. Department of the Treasury and Maine Governor Paul LePage announced the approval of Maine’s State Small Business Credit Initiative (SSBCI) application (Governor’s press release). The $13.2 million in funds will help create new private sector jobs and spur more than $132 million in additional small-businesses lending in that state. The funding will take place in three stages, with the first allocation of $4.3 million now taking place.
The SSBCI funds will be used to recapitalize three existing, successful programs:
1. $7 million will be available to a group of 15 regional economic development agencies to make loans to businesses in their area. See FAME’s Regional Economic Development Revolving Loan Program.
2. $3.2 million will be allocated to FAME for the Economic Recovery Loan Program – loans of up to $1 million that meet the program’s underwriting requirements, which can be used statewide;
3. $3 million will be allocated to the Small Enterprise Growth Fund – Maine’s state-run venture capital fund.
For more information, please contact FAME’s Bob Corey at (207) 620-3524.