Business Funds Are Available

The Finance Authority of Maine (FAME), the Maine Association of Community Banks, and the Maine Bankers Association jointly announced today that Maine’s financial institutions continue to assist businesses with their financing needs.  The banks are well-capitalized and available to offer financial assistance to Maine businesses, despite national economic woes.  FAME provides loan insurance to banks to help them assist borrowers who otherwise might be unable to obtain financing.

"FAME and Maine’s banking industry have the capacity and willingness to make commercial loans, despite these challenging economic times,” stated Beth Bordowitz, Acting CEO of FAME.  "We continue to partner with Maine lending institutions, regional economic development agencies, and businesses in order to strengthen the economy and preserve and grow Maine jobs.” 

At its September monthly meeting in Fort Kent, the FAME Board approved $500,000 in new economic recovery loan funding for Prime Tanning Co., Inc., in Hartland, helping to preserve 258 Maine jobs.  The Board also voted to provide commercial loan insurance on three Bangor Savings Bank loans totaling $2.1 million for the financing of Apothecary by Design, LLC, a Portland-based start-up company that expects to employ 19 workers. 

Since July 1, 2008, FAME has implemented commercial loan insurance for 41 loans, assisting Maine banks in loaning approximately $11 million to Maine businesses to create and retain 840 Maine jobs.

"Maine banks are adequately capitalized and ready to serve our customers,” emphasized Christopher W. Pinkham, President of the Maine Association of Community Banks.  “Unlike some lending institutions in other states, Maine banks are ready, willing and able to meet the needs of our customers.”

Joseph J. Pietroski, Jr., President and Treasurer of the Maine Bankers Association, stated:  "Despite the national upheaval in financial markets, Maine banks are able to lend money at this time due to our prudent lending and reserve policies.  Maine citizens should continue to have confidence in their lending institutions and contact their local banks for their business and personal needs.”

FAME is a quasi-independent state agency that provides innovative financial solutions to help Maine citizens pursue business and educational opportunities.  To learn more about FAME, please visit www.famemaine.com or call (800) 228-3734.

The Maine Association of Community Banks provides community-oriented banks with a forum to exchange valuable industry information; gain maximum representation in state and federal legislative and regulatory matters; receive education, training and staff certification; and wield greater collective purchasing power.  For more information, please visit www.mecb.com or call (207) 791-8400.

The Maine Bankers Association is a financial services industry trade organization representing the interests of Maine's banking industry, trust companies, and financial service providers.  Maine Bankers Association exists to advocate for the industry, to facilitate communication amongst its membership, and to provide educational, training and regulatory services.  For more information, please visit www.mainebankers.com or call (207) 622-6131.