Recent News Posts


  • Monday, March 23, 2015 10:13 AM

    At its March 19, 2015 meeting, the Board of Directors of the Finance Authority of Maine (FAME) approved 90% loan insurance on a $4 million loan by Camden National Bank to Redzone Wireless, LLC (“Redzone”), which is located in Camden. The financing will be used for capital for the company’s start-up operations. FAME’s action is expected to help spur development of wireless broadband service that may dramatically improve broadband Internet speeds and ultimately reach over 90% of the state’s population. FAME’s financing also is expected to help Redzone create and retain approximately 18 Maine jobs in the near future.

    “FAME is pleased to support Redzone with its plans to develop improved access to broadband Internet for Maine homes and businesses,” stated FAME Chief Executive Officer Bruce Wagner. “We know how important Internet access and speed are to Maine’s economic development and to its citizens in both rural and urban areas. FAME’s financing should help provide a much-needed boost for development of this important infrastructure.”

    “We are honored to be partnering with FAME and Camden National Bank on this important financing,” said Jim McKenna, Redzone President & CEO. “This approval will allow us to demonstrate the potential of our wireless technology, the strength of our business model, and our alignment with the broadband and economic development goals of the state of Maine.”

    Redzone was formed to provide premium wireless broadband services to residential and business customers in the state of Maine. The company is developing a powerful state-of- the-art 4G Long-Term Evolution (LTE) advanced high-performance wireless broadband network operating on a Federal Communications Commission (FCC)-licensed Educational Broadband Services (EBS) spectrum. Redzone has entered into an exclusive long-term agreement with the University of Maine to access its spectrum and expand 4G LTE wireless Internet service to University locations statewide.

    Redzone Wireless will begin offering broadband service plans via its website (www.redzonewireless.com) within selected coverage areas in April of 2015. All Redzone 4G LTE broadband subscribers will have access to plan choices that meet or exceed the latest broadband speed standards of both the FCC and ConnectME Authority.


  • Monday, February 09, 2015 11:03 AM

    The Finance Authority of Maine (FAME) is pleased to announce that SALT™, an innovative online program designed to empower students to confidently manage their money and build financial skills for life, is now available to high school students across the state.  Created by American Student Assistance (ASA), SALT offers interactive money management lessons, a scholarship search tool, and numerous resources to assist in planning and paying for college. FAME offers SALT to all Maine high school students through a partnership with ASA.

     

    Maine has become a national leader in its statewide efforts to promote financial education. Colleges and universities across the state have engaged thousands of students to utilize SALT, which offers well-timed, neutral financial education resources, advice, and self-paced courses designed from the student’s point of view. College students also have access to live one-on-one counseling from trained advisors who can answer students’ questions objectively and help advocate on their behalf.

     

    “Maine students often try to navigate the college financing and loan repayment waters with inadequate knowledge of the process and without thinking through the consequences of their indebtedness,” said FAME Chief Executive Officer Bruce Wagner. “By expanding SALT to Maine high school students, FAME is providing another, earlier opportunity for Maine students to be better prepared to plan their futures. 85 percent of college students in Maine have access to SALT, and now 100 percent of all high school students will, as well.”  

     

    By collaborating with ASA, FAME fulfills its mission to support Maine students, recognizing that an educated and financially capable student leads to economic stability statewide. Since FAME launched the SALT college pilot in 2012, 14,000 Maine students have activated their accounts. Also, there have been a total of 31,101 total visits to the site, as well as approximately 328,000 page visits.

     

    In addition, FAME is excited to launch a new financial literacy guide, titled, Managing Your Money. This publication was created to provide students of all ages with essential tips and tools for building lifelong money management skills. was ced to provide students of all ages with essential tips and tools for building lifelong money management skills.


  • Friday, January 23, 2015 8:00 AM

    Maine’s 529 Plan increases grants to encourage investing in your child’s higher education!

     

    The Finance Authority of Maine (FAME) has announced that it has increased the amounts of NextGen College Investing Plan® matching grants to help Maine families that invest in education after high school. The annual NextStep Matching Grant is now up to $300 maximum and the Automated Funding Grant has doubled to $100.  NextGen® is Maine’s 529 college savings plan and has been providing families across the state matching grant funds since 2002. NextGen is administered by FAME in conjunction with Program Manager Merrill Lynch, Pierce, Fenner & Smith Incorporated.

    “Planning for education after high school – whether it be technical school or college – is something we hope every Maine family will consider,” said Bruce Wagner, Chief Executive Officer at FAME. “Now, with these increases in matching grants, there is an even more compelling reason to open an account or contribute to an existing one.”


    FAME understands that setting aside money for higher education can feel daunting to many families, but it’s important to remember that every dollar in a college investing account at tuition time is one that does not need to be borrowed and repaid with interest later. “The amount that someone sets aside may be less important than the actual act of regularly investing in your child’s future," said Wagner.  “Children with savings are seven times more likely to pursue higher education."


    NextGen offers generous matching grants to Maine residents:

    • A $200 Initial Matching Grant is available to eligible Maine accounts that are opened with as little as $25 in the Client Direct Series or $50 in the Client Select Series.

     

    • NextStep Matching Grant increases to $300 maximum annually

    The NextStep Matching Grant provides a 50% match on eligible contributions per calendar year, now up to a $300 (previously $100) match per year. For example:

      

     
    $50 Contributions = $25 Grant
    $100 Contributions = $50 Grant
    $200 Contributions = $100 Grant
    $300 Contributions = $150 Grant
    $600 Contributions = $300 Grant

     

     

    • $100 Automated Funding Grant 

    The Automated Funding Grant will increase to $100 (previously $50) for those eligible accounts that have automatic contributions set up through a payroll deduction plan or from a checking or savings account. The Automated Funding Grant is a one-time grant and will be awarded after six consecutive automated contributions no less than quarterly in frequency.


    Account owners can download forms to sign up for automated funding or payroll deduction at FAMEmaine.com/NextGen

     

    Children who are eligible for the $500 Harold Alfond College Challenge Grant may open a NextGen account without making an initial contribution and receive NextStep Matching and Automated Funding Grants for additional contributions, if eligible. For every baby born a Maine resident since 2013, the Alfond Scholarship Foundation invests a $500 Alfond Grant for his or her future qualified higher education expenses.

    FAME created this robust set of grants in an effort to help inspire Maine families to invest in their children’s future. So far, over 35,000 Maine children have NextGen accounts.

    “NextGen’s generous matching grants were just the push we needed to open accounts for our own child and our niece and nephew,” said Mike Dovinsky, an account holder living in West Gardiner. “How can we pass up hundreds of dollars a year in grant money that automatically comes along for doing the right thing for our kids? It was a no-brainer.”

    These grant increases became effective January 1, 2015 and are a great opportunity for families who make automated contributions or want to set up an account. NextGen contributions also make fantastic holiday and birthday gifts, and any contributions made to eligible accounts by friends and family will also count toward the matching grant.

    1 Elliott & Beverly, 2011; American Journal of Education.

    2 Dollar Cost Averaging - Dollar cost averaging and other periodic investments do not ensure a profit and do not protect against loss in declining markets. Such a plan involves continuous investment in securities, regardless of fluctuating price levels of such securities. Investors should consider their financial ability to continue their purchases through periods of high or low price levels.

    3 Children born as Maine residents since January 1, 2013 or who are Maine residents at account opening and under the age of one.

    See Terms and Conditions of Maine Grant Programs for other conditions and restrictions that apply. Grants are subject to change.

    About NextGen
    NextGen is a Section 529 plan administered by the Finance Authority of Maine (FAME). Before you invest in NextGen, request a NextGen Program Description from your Merrill Lynch Financial Advisor or Maine Distribution Agent or call Merrill Edge at 1-877-4-NEXTGEN (877-463-9843) and read it carefully. The Program Description contains more complete information, including investment objectives, charges, expenses and risks of investing in NextGen, which you should carefully consider before investing. You also should consider whether your or your designated beneficiary’s home state offers any state tax or other benefits that are only available for investments in such state’s Section 529 plan.  Merrill Lynch, Pierce, Fenner & Smith Incorporated, a registered broker-dealer, member SIPC, is the program manager and underwriter.

    About the Finance Authority of Maine
    FAME is a quasi-independent state agency that expands business and educational opportunities to help Maine people and businesses succeed. To learn more about FAME, please visit FAMEmaine.com


  • Thursday, January 08, 2015 9:11 AM

    The Finance Authority of Maine (FAME) has announced that the NextGen College Investing Plan®, Maine’s Section 529 college savings plan, will eliminate the $50 annual account fee for all clients in the advisor-sold (Client Select) series effective January 1, 2015. 

     

    With this change, the NextGen Client Select Series becomes one of only ten advisor-sold 529 college savings plans in the country that does not charge an annual account fee. Annual account fees were already eliminated for all NextGen Direct Series (direct-sold) clients and have always been waived for all Maine resident NextGen account owners and beneficiaries.

     

    The NextGen advisor-sold series is now the nation’s second-largest advisor-sold Section 529 college savings plan, according to Strategic Insight, a mutual fund industry research firm.1 It is the sixth-largest 529 college savings plan overall in the nation. Administered by FAME in conjunction with Program Manager Merrill Lynch, Pierce, Fenner & Smith, NextGen has over $8.2 billion in assets under management between the advisor-sold plan and the direct-sold plan as of November 30, 2014.

     

    This fee reduction in the advisor-sold program follows other fee reductions recently 

    implemented in NextGen’s direct-sold plan. Effective June 9, 2014, NextGen significantly decreased asset-based fees in the Client Direct Series. Total annual asset-based fees were reduced in most Client Direct Series portfolios by up to ten basis points. 

     

    “We are pleased to again be reducing fees within NextGen,” stated FAME Chief Executive Officer Bruce Wagner. “We are able to offer these enhancements due to the program’s success, and we’re grateful to Merrill Lynch, the Program Manager, for their cooperation in reducing their fees. It is important for the program to remain competitive with other Section 529 plans around the nation while offering a variety of choices for investors. FAME and its Advisory Committee on College Savings, which is chaired by the Maine State Treasurer, continually evaluate NextGen to identify opportunities to enhance and improve the plan.”

     

    Another positive development concerning 529 savings plans occurred at the federal level recently. Congress passed and President Obama signed into law the Achieving a Better Life Experience (ABLE) Act of 2014. One of the provisions of the law pertains to 529 college savings accounts. As a result, effective January 1, 2015, all 529 college savings plan participants will be permitted to change how their existing investments are allocated twice per calendar year instead of the former once per calendar year rule. It is important to note, however, that account owners can change how their new contributions in a 529 savings plan are invested as often as they want. 

     

    NextGen was created by the Maine Legislature in 1999 as a qualified tuition program under Section 529 of the Internal Revenue Code. NextGen is a tax-advantaged investing program designed to help families prepare for qualified higher education expenses. Anyone at least age eighteen years of age can open an account, regardless of income or state residency, and assets can be used at most accredited U.S. post-secondary institutions. Matching grants are available to eligible accounts.

     

    To learn more about NextGen, please visit www.nextgenplan.com. For information specific to the benefits available to Maine residents for NextGen accounts, please contact FAME at 1-800-228-3734 or visit FAMEmaine.com/NextGen.

     


  • Tuesday, November 18, 2014 10:38 AM

    The Finance Authority of Maine (FAME) celebrated another year of successful business and educational partnerships at its annual meeting and awards event, Showcase Maine, which was held on November 13, 2014, at Portland’s Holiday Inn By The Bay.

     

    The evening featured a reception, including a showcase of exhibits by Maine businesses and educational organizations that partner with FAME; a dinner and awards presentation; and a keynote speech by Bull Moose founder Brett Wickard. 

     

    “FAME enjoyed celebrating the successes of the past year with our partners in Maine’s business and higher education communities,” said Bruce Wagner, FAME’s Chief Executive Officer. “We were pleased to recognize key partners with awards and to unveil our future plans for growth as we seek to enhance and expand Maine’s economy.”

     

    This year’s award recipients included:  

     

    St. Croix Tissue, Inc. (Business at Work for Maine Award): St. Croix Tissue, Inc. was recognized for its innovation and adaptability over the years, which is particularly noteworthy considering the challenges facing Maine’s historic papermaking industry. In September of this year, FAME and St. Croix Tissue, Inc. finalized a deal to have FAME issue a $7.5 million bond through FAME’s Major Business Expansion Program. The financing, which benefits the mill in Baileyville, as well as the surrounding economy in Washington County, will help St. Croix and a related company, Woodland Pulp, LLC, create and retain approximately 400 Maine jobs.

     

    Martin Richard of St. Croix Tissue, Inc. accepting FAME's Business at Work for Maine award.

    Photo by Brian Peterson.

     

    Harold Alfond® College Challenge (Education at Work for Maine Award): The Harold Alfond College Challenge (HACC) is a first-of-its-kind legacy gift to help Maine families save for and aspire to higher education. The program awards a $500 grant for qualified higher education expenses to eligible Maine children. More than $20 million has been invested for over 40,000 Maine children since the program’s inception. In 2014, the grant became more broadly available, with the Alfond Scholarship Foundation now making the $500 grant (plus any earnings) available to all children born as Maine residents.  

     

    Travis Cummings, Colleen Quint and Greg Powell of the Harold Alfond® College Challenge

    accepting FAME's Education at Work for Maine award. Photo by Brian Peterson.

     

    Camden National Bank (Financial Institution of the Year Award): Camden National Bank was honored with an award for a fifth time. Over the past year, Camden National partnered with FAME on 67 loans totaling over $13.8 million. This in turn helped to create 209 Maine jobs and retain an additional 657 jobs. The bank also is committed to the communities it serves, supporting a variety of business, community, and non-profit organizations. 

     

    Hon. Brian Langley of Hancock County (Dirigo Legislative Champion Award):  Langley, a state senator representing Hancock County, is also a chef, entrepreneur, and former educator. He serves on the Legislature’s Joint Standing Committee on Education and Cultural Affairs. Sen. Langley has been an active supporter of the Bridge Year Program, a collaborative effort involving the faculty and teamwork of Hermon High School; the United Technologies Center in Bangor; Eastern Maine Community College; and the University of Maine.

     

    Prior to the dinner and awards ceremony, the FAME Board met for its monthly meeting and approved financing for two Maine businesses involved in the natural resources sector: North Atlantic, Inc., a Portland-based wholesale importer and distributor of frozen seafood; and Lincoln Paper & Tissue, LLC, a Lincoln-based manufacturer of commodity and specialty tissue products. The board approved the renewal of loan insurance on a Bangor Savings Bank $5 million line of credit for North Atlantic.  FAME has supported the company’s financing needs since 2009, and the board’s action will help the company retain seven jobs. The board also approved a $1 million direct loan to Lincoln Paper & Tissue for working capital needs following a fire and flood at the facility in recent years. FAME’s actions will help the mill retain 175 direct jobs and hundreds more indirect jobs in the local economy. 

     

    “Lincoln Paper & Tissue greatly appreciates FAME’s swift assistance and commitment to the success of the mill,” stated Keith Van Scotter, President & CEO. “FAME’s efforts and commitment to the region will go a long way toward helping to retain good-paying jobs in the area and to a bright future for the facility.”

     

    Finally, the board also elected new officers for the 2015 year:  Raymond Nowak was re-elected to serve as chair; James Violette, Jr. was elected as vice-chair; and Cheri Walker was re-elected as treasurer.  

     


  • Thursday, November 06, 2014 9:27 AM

    The Finance Authority of Maine (FAME) will celebrate another year of successful business and educational partnerships at its annual meeting and awards event, Showcase Maine, on Thursday, November 13, 2014, beginning at 4:30 p.m. at Portland’s Holiday Inn By The Bay.

     

    Showcase Maine is FAME’s annual celebration of its successful partnerships with Maine’s business, lending, and higher education communities. The evening will feature a reception, including a showcase of exhibits by Maine businesses and educational organizations that partner with FAME; a dinner and awards presentation; and a keynote speech by Bull Moose founder Brett Wickard.

     

    Wickard founded Bull Moose in 1989 following his junior year at Bowdoin College. What began as a makeshift CD store with a cash register on a cardboard box has grown to be the largest retailer of music, movies, books, and videogames in Maine and seacoast New Hampshire, operating eleven stores and employing 200 people.

     

    “FAME looks forward to celebrating the successes of the past year with our partners in Maine’s business and higher education communities,” said Bruce Wagner, FAME’s Chief Executive Officer. “We are eager to showcase our current partnerships with Maine businesses and educational organizations, and to unveil our future plans for growth as we seek to enhance and expand Maine’s economy.”

     

    This year’s award recipients include: 

    • St. Croix Tissue, Inc. (Business at Work for Maine Award): St. Croix Tissue, Inc. is being recognized for its innovation and adaptability over the years, which is particularly noteworthy considering the challenges facing Maine’s historic papermaking industry. In September of this year, FAME and St. Croix Tissue, Inc. finalized a deal to have FAME issue a $7.5 million bond through FAME’s Major Business Expansion Program. The financing, which benefits the mill in Baileyville, as well as the surrounding economy in Washington County, will help St. Croix and a related company, Woodland Pulp, LLC, create and retain approximately 400 Maine jobs.
    • Harold Alfond College Challenge (Education at Work for Maine Award):The Harold Alfond College Challenge (HACC) is a first-of-its-kind legacy gift to help Maine families save for and aspire to higher education. The program awards a $500 grant for qualified higher education expenses to eligible Maine children. More than $20 million has been invested for over 40,000 Maine children since the program’s inception. In 2014, the grant became more broadly available, with the Alfond Scholarship Foundation now making the $500 grant (plus any earnings) available to all children born as Maine residents.  
    • Camden National Bank (Financial Institution of the Year Award): Camden National Bank will be honored with an award for a fifth time. Over the past year, Camden National partnered with FAME on 67 loans totaling over $13.8 million. This in turn helped to create 209 Maine jobs and retain an additional 657 jobs. The bank also is committed to the communities it serves, supporting a variety of business, community, and non-profit organizations.
    • Hon. Brian Langley of Hancock County (Dirigo Legislative Champion Award):  Langley, a state senator representing Hancock County, is also a chef, entrepreneur, and former educator. He serves on the Legislature’s Joint Standing Committee on Education and Cultural Affairs. He is a strong supporter of FAME’s mission, especially with respect to providing higher education opportunities for all Maine students. Sen. Langley has been an active supporter of the Bridge Year Program, a collaborative effort involving the faculty and teamwork of Hermon High School; the United Technologies Center in Bangor; Eastern Maine Community College; and the University of Maine.

     

    Posted in: FAME News

  • Friday, October 24, 2014 9:28 AM

    The Finance Authority of Maine (FAME) is currently displaying artwork by Catherine Gram of Fairfield. The exhibit is called Flowers Galore (…and a wee bit more). FAME strives to bring visibility to the achievements of Maine artists by providing opportunities to exhibit their artwork and to inspire passion about art in others. 

     

    Gram works in watercolors with occasional use of pen and ink. She finds delight in her immediate natural world and likes to challenge herself by duplicating that delight on paper. Rather than striving for a truly realistic replication of what she sees, Gram is more a follower of the philosophy expressed by Picasso: “Art is the lie that enables us to realize the truth.” Gram’s watercolor paintings, while whimsical, are carefully composed to play with color and motion. “What I love most about watercolor is the dialogue between the medium and the painter. It is a true conversation and the final product is sometimes a bit of a surprise.”

     

    Gram has lived in Maine for nearly thirty years and has been inspired by the great natural beauty of the state. She is concurrently exhibiting another series of watercolor paintings called Seaside Galore (...and a wee bit more) at the Skidompha Library in Damariscotta.

     

    Gram’s childhood was divided between time spent in upstate New York and in France. She studied Art History at Vassar and Hamilton Colleges and also completed an internship at the world-renowned Jeu de Paume and l’Orangerie museums in Paris, France. As she studied the works of other artists, Gram worked on her own artistic expression whenever time allowed. “Since the 1990s, it has been a dream of mine to have a body of work worthy of sharing with the public," she explains. 

     

    The public may view Gram’s exhibition for free at FAME’s Augusta office through November 28, 2014. FAME is open Mondays through Fridays from 8:00 a.m. to 5:00 p.m.  FAME’s office is located near the Augusta Civic Center at 5 Community Drive, Augusta, Exit 112 off I-95.       

     

     

    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, please contact FAME at 1-800-228-3734.

    Posted in: FAME News

  • Thursday, October 09, 2014 10:52 AM

    The Finance Authority of Maine (FAME) is pleased to announce a statewide expansion of the SALT program in Maine. Created by American Student Assistance (ASA), SALT is an innovative program designed to empower college students and alumni to confidently approach, manage, and pay back their student loans while gaining financial skills for life. 

     

    In 2012, FAME and ASA launched SALT as a pilot program at ten participating Maine colleges and universities. As a result of the pilot, Maine has become a national leader in its statewide efforts to promote financial literacy. Colleges and universities across the state have engaged thousands of students to utilize SALT, which offers well-timed, neutral financial education resources, advice, and self-paced courses designed from the student’s point of view. Students also have access to live one-on-one counseling from trained advisors who can answer students’ questions objectively and advocate on their behalf.

     

    FAME’s newest effort will extend SALT in Maine for an additional two years, and will be offered at all interested Maine colleges at a reduced sponsorship level, made possible by financial support from FAME and ASA. In addition, all Maine high school students will have access to a customized saltmoney.org site, including interactive money management lessons, a scholarship search tool, and resources to assist in college planning.

     

    “Maine students often try to navigate the college financing and loan repayment waters with inadequate knowledge of the process and without thinking through the consequences of their indebtedness,” said FAME Chief Executive Officer Bruce Wagner. “FAME already offers many services to support students in their pursuit of higher education. With the statewide launch of SALT, FAME is providing another opportunity for Maine students to be better prepared to plan their futures.” 

     

     

    Through this first of its kind collaboration with ASA and Maine colleges, FAME will continue to fulfill its mission to support Maine students, recognizing that an educated and financially capable student leads to economic stability statewide.


  • Monday, October 06, 2014 10:53 AM

    The Finance Authority of Maine (FAME) continues to maintain impressively low cohort default rates for Maine student loan borrowers. According to data recently released by the U.S. Department of Education, FAME’s federal Fiscal Year 2011 three-year cohort default rate was 7.1 percent of borrowers. This represents nearly a full percentage point decrease compared to last year’s rate of 8.0 percent. By comparison, the national three-year average was 13.7 percent, which represents a one-point drop from last year’s national average of 14.7 percent. The cumulative rate for other guaranty agencies like FAME was 9.4 percent. Maine’s official rate was 12.8 percent, but this represents the addition of federal direct loan borrowers to the cohort. Direct loan borrowers interact with the U.S. Department of Education regarding their loans, and not with FAME.

     

    Cohort Default Rates measure the percentage of all federal Stafford Loan borrowers entering repayment in a given federal fiscal year who default on their loans prior to the end of the second following fiscal year. This is the first year that only a three-year rate is being released by the U.S. Department of Education. A three-year cohort default rate is the percentage of a school's borrowers who enter repayment on certain Federal Family Education Loan (FFEL) Program or William D. Ford Federal Direct Loan (Direct Loan) Program loans during a particular federal fiscal year, October 1 to September 30, and default or meet other specified conditions prior to the end of the second following fiscal year.
     
    “FAME’s ability to maintain a low default rate benefits lenders, schools, and, most importantly, Maine students,” stated FAME Board Chair Ray Nowak. “FAME’s default rate is the result of expanded college access, financial education and debt management services that support financial aid offices and educate borrowers.”
     
    “These results show the value of the personalized financial education and default prevention efforts of FAME and our lender partners. FAME’s emphasis on default prevention is the right one for Maine students and families,” stated FAME Chief Executive Officer Bruce Wagner.
     
    FAME believes that financial education is the cornerstone of debt management and default prevention. Two years ago, FAME launched SALT, a collaboration with American Student Assistance that delivers financial education and debt management services free-of-charge to Maine students and alumni. The vast majority of Maine college students now have access to SALT’s proactive debt management services, and FAME recently secured an agreement to expand SALT statewide.

     

    In 2015, FAME will continue its commitment to providing financial education in Maine by co-sponsoring “Fostering Financial Education in Maine Schools,” a financial literacy conference for Maine teachers, administrators, counselors and others. 

     


  • Thursday, October 02, 2014 8:49 AM

    At its September 18, 2014 meeting, the Board of Directors of the Finance Authority of Maine (FAME) approved approximately $3 million in financing for a variety of Maine businesses, including a Scarborough-based day care; a machinery manufacturer in Benton; a specialized pharmacy in Portland; and a specialty sawmill operator in Jefferson. FAME’s actions will help to create and retain more than 339 jobs in the state.

     

    FAME approved a total of $1.3 million in commercial loan insurance for Toddle Inn Day Care, Inc., of Scarborough, which operates six daycare facilities in Westbrook, Gorham, South Portland, Cumberland Foreside, Saco, and Scarborough. The FAME insurance supports a mortgage and direct loan provided to the company by Camden National Bank, and will help the company restructure existing debt and improve company cash flow. The financing is expected to help create up to eight new jobs and retain 142 existing jobs.  

     

    “FAME’s assistance will help our company to improve and expand our services,” stated Cheryl Carrier, President of Toddle Inn Day Care, Inc.

     

    FAME also renewed 90% pro rata loan insurance on a $550,000 line of credit provided by Androscoggin Bank to B&B Precise Products, Inc., of Benton. The company manufactures machined parts and assembled components. The financing will help the company add six to ten jobs and retain another fifty existing jobs.

     

    Apothecary by Design, LLC, is a specialty pharmacy based in Portland. FAME renewed insurance on an $850,000 line of credit provided to the company by Bangor Savings Bank.  FAME’s actions will help the company retain sixty-three jobs.

     

    Finally, FAME approved the restructuring of four loans by People’s United Bank that it insures to N.C. Hunt, Inc., of Jefferson. The company operates a specialty sawmill in Jefferson and makes sales to both retail and wholesale customers throughout New England and Canada.  FAME’s actions will help the company to retain sixty-six jobs.

     

    "FAME is pleased to be able to partner with others in these transactions to assist these Maine companies, along with the many other businesses our staff works with on an ongoing basis. Helping to retain and create good jobs is an important part of our overall mission to help foster a stronger Maine economy,” stated FAME Board Chair Ray Nowak.  

     

    Posted in: FAME News, Business News