Business News

The Finance Authority of Maine (FAME) was recently notified by the U.S. Department of Education that Maine has been awarded a $1.5 million College Access Challenge Grant for fiscal year 2011.  Available monies are to be used by states on efforts to increase college access and success among underserved student populations. 

In Maine, the grant will be known as the Maine College Access Challenge Grant (MCACG) Program and will be administered by FAME.  The grant will enable FAME to expand its outreach efforts to help students achieve their postsecondary goals.  Funds will be used to provide information and outreach to Maine students and families regarding financial aid, financial education, and debt management.

“FAME is pleased to announce the availability of grant funds for the MCACG Program,” stated Beth Bordowitz, Chief Executive Officer of FAME.  “These much-needed funds will help us strengthen our outreach and financial education efforts to help Maine students and families achieve their postsecondary education goals.” 

The FAME outreach team includes veteran financial aid professionals who not only work with high schools but also coordinate with middle and elementary schools, as well as adult education centers, to reach students and parents.  The free services provided are available to all Maine citizens, regardless of income.

MCACG is part of a federal program designed to significantly increase the number of underrepresented students who enter and remain in postsecondary education.  To accomplish this purpose, MCACG will focus 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.

Funding for grants will be awarded on a competitive basis to eligible non-profit organizations.  Proposals should support the overarching goal of increasing the number of students who are prepared to enter and succeed in postsecondary education, with a focus on preparation, aspiration and success.  The application deadline is September 24, 2010.

Eligibility and application information are available on FAME’s Web site.   Questions about MCACG or the application process should be directed to adostie@famemaine.com.

The Board of Directors of the Finance Authority of Maine (FAME) recently approved the allocation and issuance of a Recovery Zone Facility Bond for a Westbrook-based business in order to help stimulate the economy and preserve and create Maine jobs. 

At its August 19, 2010 meeting, the FAME Board approved low-cost financing through the Recovery Zone Facility Bond Program for SIGCO, Inc. and Lake Creek Properties, LLC of Westbrook.  The two companies jointly submitted an application to obtain a bond allocation in the amount of $2,750,000 for the expansion of a building and the purchase of manufacturing equipment used in SIGCO’s glass fabrication process.  Norway Savings Bank will provide financing for the project.  Cumberland County Commissioners submitted a letter in support of the company’s application.

SIGCO, Inc. is a Westbrook-based glass and architectural metal fabricator and distributor.  Lake Creek Properties, LLC is a related company that owns the real estate on which the company operates.  SIGCO employs ninety-three employees and hopes to grow the workforce to 100 employees next year and to 110 employees the following year.

FAME Board Chair Glenn Lamarr stated:  “FAME is pleased to assist SIGCO, Inc. in accessing lower-cost financing to help with its expansion and purchase of equipment.  We expect the project to help stimulate the local economy and preserve Maine jobs.”

“SIGCO greatly appreciates FAME’s support of our expansion plans and equipment purchase as we grow our business,” stated David McElhinny, President of SIGCO, Inc.  “With FAME’s help, we are able to undertake this expansion project and solidify our position as New England’s premier glass fabricator.”

Last spring, the Maine Legislature enacted and Governor Baldacci signed into law Public Law 2009, Chapter 517, An Act to Facilitate Recovery Zone Facility Bonds, Recovery Zone Economic Development Bonds and Qualified Energy Conservation Bonds.  The law, which became effective March 17, 2010, facilitates low-cost financing for eligible private and public projects state-wide.  The law implements federal recovery act provisions to help Maine businesses, municipalities, counties and others access tax-exempt bond financing for economic development projects. 

Along with Maine counties, FAME and the Maine Municipal Bond Bank help facilitate these opportunities for financing economic development.  FAME and the Bond Bank use their experience and expertise in the issuance of bonds.  FAME helps to facilitate private economic development projects, while the Bond Bank helps with public projects.

Anyone interested in more information may contact FAME (for private projects) at (800) 228-3734 or (for public projects) the Maine Municipal Bond Bank at (800) 821-1113.  Additionally, interested persons may contact their local county officials for more information.  FAME has posted a fact sheet with county contact information at its Web site: http://www.famemaine.com/files/Pages/business/businesses/bonds/Recovery_Zone_Facility_Bonds.aspx

FAME also approved an increase in the maximum dollar amount in its Economic Recovery Loan Program.  The Economic Recovery Loan Program provides subordinate (gap) financing to assist Maine businesses in their efforts to remain viable and/or improve productivity.  Effective August 19, 2010, the new maximum loan amount for a single loan relationship will be increased from $300,000 to $500,000 through June 30, 2011.  The increased loan limit is a result of the June 2010 voter-approved bond question that recapitalized the Economic Recovery Loan Program by $3 million.

Finally, the FAME Board authorized initiation of the rulemaking process for several proposed rules, including the Maine Veterinary Medicine Loan Program and the Maine Food Processing Grant Program.  The veterinary medicine program results from Public Law 2009, Chapter 488, which was enacted during the Second Session of the 124th Maine Legislature.  The law, An Act to Encourage Veterinary Practice in Maine and Make Revisions to Related Medical Education Programs Administered by the Finance Authority of Maine, created the Maine Veterinary Medicine Loan Program to be administered by FAME.  When funded, the program will feature up to two forgivable loans of up to $25,000 per year for Maine veterinary students and will promote veterinarian practice for livestock in areas of the state that are underserved for livestock practitioners.  Loan recipients in the program may receive forgiveness of either 12.5% or 25% annually of their total balance depending on their employment and the level of livestock service they provide.  The Maine Food Processing Grant Program results from the voter-approved June bond measure that authorizes FAME to administer food processing grants fro fishing, agricultural, and dairy enterprises.  The rule is designed to assist Maine food processors, their employees, and Maine communities with grants to support the creation, retention, and growth of such enterprises.  Public hearings on both rules will be held at the Board’s September 16, 2010 meeting in Wells.
         

The Finance Authority of Maine (FAME) is currently displaying the work of Connie Henderson, a watercolor artist from Dixmont, Maine. 

“FAME is pleased to support Maine artists and benefits from the beautiful art adorning our hallways,” stated FAME Chief Executive Officer Beth Bordowitz.   

Henderson was born in Portland, Maine, and began painting during her childhood.  She won her first prize at the age of ten.  She subsequently studied under several well-known artists and earned a degree in fine arts from the University of Maine.  She enjoys passing on to her students what she has learned from her past teachers.   

Henderson has received several awards and was accepted into the juried Senior Festival Show at the University of Maine Hutchinson Center in Belfast.  She also was accepted into the juried part of the Maine Public Broadcasting Network auction. 

Henderson currently exhibits at the Works of Hand Gallery in Winter Harbor, Maine.  She has been offering workshops for over thirty years.  Henderson’s works can be viewed online at www.dirigoroadgallery.com. 

FAME hopes to bring visibility to the achievements of Maine artists by providing an opportunity to exhibit their artwork and to inspire passion about art in others. 

The public may view the exhibition at the FAME office 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 Interstate 95.  The exhibit is open to the public until mid-October.            

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.

FAME is a quasi-independent state agency that provides innovative financial solutions to help Maine people and businesses pursue educational and business opportunities. 

Sebastian Bond of Brunswick, Maine has a head start on his college education thanks to his parents Andrew and Melanie, and the Harold Alfond College Challenge Grant. Bond is the 5,000th Maine baby to receive the Grant.  As with all Maine babies under one year of age, Sebastian was eligible for a $500 grant from the Alfond Scholarship Foundation to start a NextGen College Investing Plan® (NextGen®) account.

Born at 9:30 a.m. on May 6, 2010 at Mid Coast Hospital in Brunswick, Sebastian is one of approximately 13,500 Maine resident babies born each year who can receive the Alfond Grant as long as they sign up before their first birthday.  The Harold Alfond College Challenge was created to help families aspire to and prepare for higher education by starting early.  Since 2008, the Alfond Scholarship Foundation has contributed $2,500,000 to tax-advantaged NextGen college savings accounts.

 “One of the best gifts for us to give as parents is to enable Sebastian to grow up and be what he wants to be, and this is one way for us to help him get started at a very early age,” said Andrew Bond, Sebastian’s father.  “We heard about the Alfond Grant when it originally made the news and it was reinforced as a good idea in our birth classes and at our doctor’s office.”

 “I had to pay for school myself, and knowing how difficult it was for me, I would rather he not have to go through that same struggle,” said Melanie Bond, Sebastian’s mother.

“The Alfond Grant gets you to start thinking about saving early on.  If the money had not been there to start the account, it would have been easier for us to put off saving,” said Andrew Bond.

Harold Alfond, former owner of the Dexter Shoe Company, believed all Maine children deserve the opportunity to succeed.  By establishing this grant program before he passed away in November 2007, he encouraged aspiration and access to higher education for all Maine’s children.

There is no requirement to add personal funds to the accounts, though it was Mr. Alfond’s hope that families, businesses and even communities would invest in these children’s futures.  According to the Finance Authority of Maine (FAME), administrator of the program, 40% of all Maine babies born since January 1, 2009 are being enrolled before their first birthday and over 25% of all families are making additional contributions to their babies’ accounts.

Families may request NextGen application materials be mailed to them directly or they may download them by going to www.500forbaby.org.  Any questions about the Alfond Grant or NextGen should be directed to FAME 1-800-228-3734 or info@500forbaby.org.

The Board of Directors of the Finance Authority of Maine (FAME) today approved commercial loan insurance on separate bank loans for two Maine companies, AS & CB Gould and Sons, Inc. of Cornville, and WahlcoMetroflex of Lewiston.  FAME’s actions help the companies create and retain a total of 131 Maine jobs.

FAME’s Commercial Loan Insurance Program insures a portion of a loan to a business made by a participating financial institution.  Pro-rata insurance covers a certain percentage of a lender’s loss in the event of default and liquidation.

“The approval of loan insurance for these two Maine companies illustrates the diversity of Maine businesses that FAME can assist.  Creating and maintaining jobs in both the forest products and manufacturing sectors are essential to the Maine economy,” stated FAME Chief Executive Officer Beth Bordowitz. 

AS & CB Gould, Inc., formed in 1978, operates three mechanized logging operations in the state.  The company has over thirty employees and includes as customers Dirigo Timberlands, Osito, and Plum Creek.  FAME will provide 90% pro-rata loan insurance on a five-year term loan by Camden National Bank in the amount of $1,153,000, as well as 25% leveraged loan insurance on a fifteen-year loan by the bank in the amount of $117,000.  These facilities are in addition to 90% pro-rata loan insurance on a Camden National term loan in the amount of $325,000 already approved by FAME.  The loan insurance will help the company refinance existing debt and purchase equipment for its tree harvesting operations.  FAME’s actions will help the company create four full-time positions and retain thirty Maine employees.

“Gould appreciates FAME’s swift assistance in the form of loan insurance, as well as its past assistance through other loan insurance.  The new equipment is critical to helping the company improve its cash flow and improve operations going forward,” stated company chief executive officer Michael Gould. 

FAME also approved 80% pro-rata loan insurance on a $1,250,000 Androscoggin Bank line of credit for WahlcoMetroflex in Lewiston.  For over fifty years, the company has been a global leader in designing and manufacturing diverters, dampers and expansion joints.  The underlying insured bank loan will provide a revolving line of credit to help the company secure manufacturing contracts.  FAME’s actions will help the company retain ninety-seven Maine jobs.  FAME has provided previous financing assistance to the company, including past help for the current management team to buy the company out of a former parent company’s bankruptcy. 

“WahlcoMetroflex appreciates FAME’s continued support of our company,” stated John Powell, president and chief executive officer of the company.  “We look forward to a bright future employing our cutting-edge technology and industry knowledge.”

AUGUSTA — The Finance Authority of Maine (FAME) is pleased to announce the recipients of the 2010-2011 Educators for Maine Loans and Robert C. Byrd Honors Scholarships. 

“FAME congratulates this year’s recipients of the Educators for Maine Loan and the Robert C. Byrd Honors Scholarship.  They represent the best of Maine and forecast a bright future for our state as a whole,” stated Beth Bordowitz, FAME’s Chief Executive Officer.

The Educators for Maine Loan Program is a competitive, merit-based loan program for Maine students pursuing careers in teaching, including speech pathology and child development.  The loan may become forgivable for recipients who provide return service as educators in Maine.  The loan is awarded to seniors graduating from high school who are residents of Maine, have demonstrated academic achievement, and intend to become Maine educators after graduating from college.  The loan is also awarded to current college or university students who are residents of Maine, are enrolled in an education program of study, have demonstrated academic achievement, intend to become Maine educators after graduating from college, and do not currently hold state certification.  Students are also evaluated based on their community involvement, awards and specials honors received, as well as the style and content of an essay. 

For the 2010-2011 academic year, forty Maine students were selected to receive the $3,000 loan.  Twenty undergraduate students enrolled in education programs and twenty graduating high school seniors intending to major in education were selected to receive the $3,000 award.  The loan is renewable for each year of study, up to a maximum of $12,000.  Recipients were recently notified by letters personally signed by Governor John E. Baldacci.

FAME is also pleased to announce the recipients of this year’s Robert C. Byrd Honors Scholarship.  The Robert C. Byrd Honors Scholarship program is a highly competitive, merit-based scholarship that is funded by federal dollars and offered to students in all fifty states.  Awards are made to graduating high school seniors who are residents of Maine and have demonstrated significant academic achievement in a rigorous program.  Students are also evaluated based on their community involvement, awards and specials honors received, as well as an essay.  While the number of awards varies from year to year, at least one recipient is selected from each Maine county annually. 

For the 2010-2011 academic year, twenty-seven students were selected to receive the $1,500 Byrd Honors Scholarship.  The award is renewable for up to four years.

FAME has posted more information about the Educators for Maine Loan Program and the Robert C. Byrd Honors Scholarship on its Web site:  www.famemaine.com.  The information includes names of 2010-2011 recipients (who have authorized such disclosure), as well as their high schools and home towns.

The Finance Authority of Maine (FAME) is displaying the work of Alec Hartman, a professional Maine artist specializing in photography. 

FAME CEO Beth Bordowitz stated: “FAME is fortunate to be able to brighten its hallways with beautiful art while simultaneously supporting a young and creative artist like Alec.” 

Hartman currently resides in East Vassalboro and has been photographing nature and wildlife since childhood. He has produced award-winning photography that is displayed in galleries throughout Maine, as well as in London, England.  

Hartman’s work is noted for the human-like expressions of its wildlife subjects and his ability to capture the extraordinary beauty in everyday landscapes. A collection of his photography can be found on his website at www.alecphoto.com.  

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 Hartman exhibition at the FAME office 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 Interstate 95.  The exhibit is open to the public until mid-July.   

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.

The Finance Authority of Maine (FAME) recognized April as Financial Literacy Month by offering a variety of educational workshops and seminars to students across the state.

FAME offered a total of thirty financial literacy and financial aid-related events in April for students ranging from fourth grade to adult learners, despite the fact that one of those weeks involved school vacation.  Serving over 2,000 students, FAME:

• Held thirty-nine “Get A Life” financial literacy game sessions involving 885 students;
• Participated in four college fairs, with approximately 1,035 students attending;
• Conducted a FAFSA-completion computer lab for adult students; and
• Offered six financial aid information sessions – two for adult education students; one for college students; three for high school students – at which a total of 147 students attended.

In 2000, The Jumpstart Coalition for Personal Financial Literacy began promoting April as Financial Literacy for Youth Month.  In 2003, the United States Senate designated April as Financial Literacy for Youth Month, and in March 2004 the Senate officially recognized April as National Financial Literacy Month.

“Maine’s Financial Literacy Month was a great success.  FAME was happy to offer a variety of innovative financial literacy workshops and educational seminars to help Maine students prepare for strong and responsible financial futures,” stated FAME Chief Executive Officer Beth Bordowitz.  “FAME looks forward to actively participating in the upcoming financial literacy summit and consumer protection conference, as well.” 

FAME is also excited to introduce “Cash” and “Max,” the cartoon stars of FAME’s new elementary school financial literacy curriculum.  According to FAME Default Prevention Specialist Mary Dyer, the characters were created to encourage career and college exploration and to introduce money management concepts.  FAME recently released its new Money Management Tool Kit, designed to provide valuable money management information to high school, college and adult students.  Along with the new publications, a money management section was recently added to the FAME Web site. 

A financial literacy summit for Maine teachers, administrators, counselors and others, “Fostering Financial Literacy in Maine Schools:  Best Practices, Innovative Approaches,” will be held at the Augusta Civic Center on May 7, 2010 from 8:00 a.m. to 3:30 p.m.  FAME helped plan the summit and will be presenting at the event, which is designed to help Maine students and youth understand the basics of earning, saving, spending and investing money.

For more information on Friday’s summit, please visit:  http://www.state.me.us/education/documents/FLSmarketing1.pdf

Additionally, a free consumer protection conference sponsored by The New England Consumer Advisory Group (NESCAG) at the Federal Reserve Bank of Boston and the Maine Bureau of Consumer Credit Protection will be offered Tuesday, May 11, 2010 from 10:00 a.m. to 1:00 p.m. at the University of Maine Augusta’s Jewett Hall.

The event will feature a variety of speakers, topics, free handouts, and light refreshments.  The topics include: Smart Credit Card Usage; The Secrets of Auto Buying and Financing; Understanding Student Loans (FAME to present); How Bank Debit Cards Work; Elder Financial Protection; Identity Theft; and Saving Your Home from Foreclosure.
For more information on the conference, please visit:  http://www.maine.gov/pfr/consumercredit/events.htm

AUGUSTA — The Board of Directors of the Finance Authority of Maine (FAME) approved on April 15, 2010 90% pro-rata commercial loan insurance for a $1,140,000 Gorham Savings Bank loan to Count & Crush, LLC d/b/a Clynk. 

The loan will help the company fund the acquisition of new sorting equipment.  FAME’s actions will help the company create four full-time positions and retain fifty-one full and part-time Maine employees.

Clynk employs a new technology for the redemption and recycling process using a patented, card-based system.  Customers may efficiently redeem bottles and cans at redemption centers located at participating Hannaford Supermarkets in Maine. The cardholder receives credit for their bottles and cans by printing out a receipt at the Clynk kiosk located inside the store; the receipt can be redeemed at checkout.

Clynk offers redemption services at twenty-five locations and is scheduled to open an additional sixteen locations in 2010. The company estimates that between 25,000 and 30,000 Maine customers visit their facilities each month.

“FAME is pleased to support the growth of this Maine-based company which is a global pioneer of redemption and sorting technology,” stated FAME Board Chair Glenn Lamarr. “The company’s innovative technology and commitment to recycling and improving the environment are important elements of Maine’s economic and energy future.”

FAME’s Commercial Loan Insurance Program insures a portion of a loan to a business made by a participating financial institution, in this case Gorham Savings Bank. Pro-rata insurance covers a certain percentage of a lender’s loss in the event of default and liquidation, in this case up to 90%.
 
“Clynk appreciates FAME’s swift assistance in the form of loan insurance, as well as its past assistance through loan insurance and the Maine Seed Capital Tax Credit Program. The new equipment is critical to taking Clynk to the next step and creating and retaining Maine jobs,” stated company chief executive officer Clayton Kyle. “We are eager to move forward and grow our business.”

The Finance Authority of Maine (FAME) announces the availability of low-cost economic development financing for certain eligible projects made available through the American Recovery and Reinvestment Act of 2009 (ARRA). 

The Maine Legislature recently enacted and Governor Baldacci has signed into law important economic development legislation that will facilitate low-cost financing for eligible private and public projects state-wide.  Public Law 2009, Chapter 517, An Act to Facilitate Recovery Zone Facility Bonds, Recovery Zone Economic Development Bonds and Qualified Energy Conservation Bonds, became effective March 17, 2010. 

The legislation implements federal recovery act provisions and ensures that Maine will be able to take advantage of these one-time opportunities.  The initiatives will help Maine businesses, municipalities, counties and others access tax-exempt bond financing for economic development projects. 

FAME Chief Executive Officer Elizabeth Bordowitz stated:  “FAME is pleased to offer lower-cost financing opportunities for eligible private projects that meet the guidelines set forth by the federal government.  To be eligible to access this tax-exempt financing opportunity, projects must be ‘shovel ready’ and creditworthy, with commitments in place from underwriters, banks or others to buy the bonds once issued.”

The bill was sponsored by Senate President Libby Mitchell at the request of FAME.  The Legislature’s Business, Research, and Economic Development Committee worked closely with President Mitchell and various stakeholders, including FAME, the Baldacci administration, the Maine Municipal Bond Bank, and Maine counties to reach consensus and not miss out on this crucial economic development opportunity.  

The purpose of ARRA and the bonds is to provide immediate economic benefit and stimulus to the states.  Most of the opportunities contained in the new law expire December 31, 2010.  Along with Maine counties, FAME and the Maine Municipal Bond Bank will help facilitate these opportunities for financing economic development.  FAME and the Bond Bank will use their experience and expertise in the issuance of bonds.  FAME will help facilitate private economic development projects, while the Bond Bank will help with public projects.

Anyone interested in more information may contact FAME (for private projects) at (800) 228-3734 or (for public projects) the Maine Municipal Bond Bank at (800) 821-1113.  Additionally, interested persons may contact their local county officials for more information.  Click here for more information on this program.

Items of Interest for February,  2010:

FAME Commerical Loan Activity

Underound Oil Storage and Tank Replacement Program

Legislative Update

The Finance Authority of Maine (FAME), which administers state and federal college grants and scholarships, is urging Maine residents of all ages who are interested in college or post secondary education to explore all free resources before paying for private services.

Some local and national organizations are charging hundreds of dollars for seminars or individual assistance to research scholarships, loans or to complete the Free Application for Federal Student Aid (FAFSA), which is required by most educational institutions. FAME maintains that, due to the abundance of reliable, free help from professionals who work in college financing statewide, there is no need for families or students to pay for services.

“College can be an expensive undertaking. We encourage Maine families and students to take advantage of the extensive free assistance and resources available before paying for similar services,” says FAME Chief Executive Officer Beth Bordowitz. 

High school guidance counselors and college financial aid offices can be very helpful with the financial aid application process. FAME’s education counselors offer advice free of charge, as well as a free Financial Aid Toolkit on request. The free publication includes scholarship information, which can also be researched using free web-based search engines.

FAME will once again sponsor free College Goal Sunday seminars at twenty-two locations throughout the state on January 31, 2010 at 2 p.m.  College Goal Sunday provides line-by-line assistance with the FAFSA by financial aid professionals from many Maine colleges and universities. The FAFSA form is required by most schools for financial aid consideration.

Four of the sites will rely on the state’s interactive television (ITV) system to broadcast the free program for public viewing. Some sites will use computer labs, allowing participants to access and complete the FAFSA online during the seminar. All attendees are encouraged to bring recent tax information or estimates. Individual questions can be addressed following the group presentation.

Financial assistance can come from a variety of resources, including grants, scholarships, federal student loans, campus work study jobs and private or alternative loans. Application deadlines vary at each school. Students are urged to contact schools directly about filing deadlines. “Applying for aid on time and as early as possible is as important as ever,” added Bordowitz.

To learn more about the program, or for directions to a convenient location, please visit "http://www.collegegoalsundaymaine.com/" or call FAME toll free at 1-800-228-3734.

The Finance Authority of Maine (FAME) was recognized as a regional winner at The Bond Buyer’s 2009 Deal of the Year Awards ceremony held December 1 in New York City.

FAME was selected as a Northeast regional finalist through a competitive process as part of the newspaper’s eighth annual Deal of the Year Award.  All regional finalists were considered for the publication’s overall Deal of the Year Award, as well, which FAME did not win.

The awards recognize some of the nation’s most innovative municipal bond issuers.  The 2009 awards considered deals that closed between October 1, 2008 and September 30, 2009.  Over sixty nominations were submitted.  Two finalists were selected from each region covered by the paper:  a large issuer and, in FAME’s case, a small issuer of bonds.

 Award entries were evaluated by The Bond Buyer’s editors and bureau chiefs, who considered innovation, efforts by government issuers to accomplish their goals in challenging times, the ability for a deal to serve as a model for other financing, and the public purpose for which a transaction’s proceeds were used.

FAME was recognized for its role issuing $14,495,000 in taxable waste motor-oil revenue bonds to help finance important environmental clean-up at a variety of Maine waste-oil disposal sites.  The Maine Legislature imposed premiums on certain motor vehicle oil transactions to fund the costs of bond payments. 

From approximately 1969 to 1980, a waste oil recycling business improperly disposed of oil at various Maine sites, contaminating soil and groundwater.  The federal and state governments have negotiated response cost recovery and liability settlements with a number of parties.  The bonds will be used to pay a portion of the remediation costs.

“FAME’s financing through the waste oil clean-up program helped our company meet its obligations under the law and the unexpected costs that resulted from waste oil disposal,” stated John B. Darling, Chairman of the Board of Darling’s automotive group in Brewer.  “The recent issuance of bonds will help clean the environment and assist Maine businesses in paying the costs of remediation.”

“We are honored to accept this award on behalf of the State of Maine,” stated Beth Bordowitz, FAME’s Chief Executive Officer.  “FAME was pleased to collaborate with many statewide partners to address environmental damage and financially assist numerous, well-intentioned Maine towns, school districts, and businesses left responsible for the clean-up.  The award recognizes innovative bond financing in challenging economic times, and we are pleased to have played a role in that.”

The Bond Buyer is SourceMedia’s 118-year-old daily newspaper covering the municipal finance industry.  For more information on the paper, please visit www.bondbuyer.com

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.

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.

FAME's annual meeting, Showcase Maine, will be held on November 10, 2009 at the Holiday Inn By the Bay.  We are pleased to have Dr. Sandy Baum as the keynote speaker this year.  Her topic will be Investing in Higher Education: The Future of Our Economy.  Dr. Baum is a Senior Policy Analyst at the College Board and former Professor of Economics at Skidmore College.  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.

Dr. Baum is the co-author of Trends in Student Aid, Trends in College Pricing, and Education Pays: The Benefits of Higher Education for Individuals and Society for the College Board. Other recent work includes studies of setting benchmarks for manageable student debt levels and of tuition discounting in public and private colleges and universities. She co-chaired the Rethinking Student Aid study group, which recently issued comprehensive proposals for reform of the federal student aid system.

More details and registration will be available soon.

FAME is pleased to introduce our newly re-designed Web site.  This grant-funded initiative represents our commitment to providing Maine citizens with easy-to-find information and resources.  This is only the first stage of our re-design, however, as we also will be including new functionality and features during the coming months.  Please share comments or suggestions at info@famemaine.com.

The Finance Authority of Maine (FAME) announced that recent improvements to its Regional Economic Development Revolving Loan Program (REDLP) will take effect September 14, 2009.  The modifications result from enactment last spring by the Legislature and Governor John E. Baldacci of Public Law 2009, Chapter 131, An Act to Modify the Regional Economic Development Revolving Loan Program.

REDLP, created by the Legislature in 1993, is designed to make loans through Maine’s regional economic development agencies for the purpose of creating or retaining jobs.  FAME makes disbursements to regional economic development agencies and the agencies, in turn, make loans to eligible borrowers.

“FAME is pleased to offer an enhanced REDLP to better meet the needs of Maine’s regional economic development agencies and the businesses they serve,” stated FAME Chief Executive Officer Beth Bordowitz.  “FAME is committed to partnering with these local agencies and supporting Maine’s small businesses in this challenging economy.”

The new law has two components.  The first is geared toward meeting the credit needs of businesses in this challenging economy.  Through June 30, 2010, participating regional agencies will be able to make loans to almost any eligible Maine business, regardless of size or sector, with certain limited exceptions.  Commencing July 1, 2010, the program will revert back to its original purposes, with modifications to update the program.

The changes include:  increased maximum fund disbursements to regional economic development agencies; amended financing terms and conditions; expanded eligibility for projects, especially Maine’s targeted cluster industries such as composites, energy, and marine and biotechnology; and expanded business eligibility for program funds. 

The program enhancements, which won broad support in the Legislature, result from the combined input of various Maine regional economic development agencies.

“These sensible, no-cost changes to REDLP are ways by which FAME, in partnership with regional economic development agencies, is addressing the capital needs of Maine’s small businesses during these challenging economic times,” stated Will Armitage, Executive Director of Biddeford-Saco Area Economic Development Corporation, which participates in the program.

From 1996 through 2007, REDLP provided 535 loans totaling $27 million.  These loans in turn leveraged an additional $218.1 million in investments and created and retained a total of 9,104 Maine jobs.  Interested parties should contact their regional agency for information and applications regarding REDLP.