Board Elects New Officers, Assists Maine Businesses, and Honors Various Maine Leaders

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.