FAME Board Approves Financial Assistance for Jasper Wyman & Son and Northport LLC/The Erickson Foundation.
The Board of Directors of the Finance Authority of Maine (FAME) yesterday approved two tax-exempt bond financings, one to assist blueberry grower Jasper Wyman & Son, and the other to assist Northport, LLC/The Erickson Foundation, Inc. FAME’s actions will help Jasper Wyman & Son construct and equip a new cold storage/processing facility for blueberries and other fruits, and will help Northport, LLC/The Erickson Foundation facilitate its acquisition of various properties, including the former “Point Lookout” conference facility in Northport for use as a training center.
"We are pleased to assist Jasper Wyman & Son and Northport, LLC/The Erickson Foundation by our actions,” stated FAME Board Chair Joyce Maker. “Jasper Wyman & Son has a long history in Maine’s blueberry industry and we are glad to see further economic development in Washington County. We are happy, as well, to welcome Northport, LLC/The Erickson Foundation and good paying jobs to Waldo and Knox Counties.”
The FAME Board approved a bond resolution for blueberry grower Jasper Wyman & Son to finance the design, construction, and equipping of a new cold storage/processing facility in Deblois. FAME will issue non-recourse or conduit tax-exempt bonds in the amount of up to $8,385,000 to finance the undertaking. The securities will be purchased by TD Banknorth, N.A.
"We are appreciative of FAME’s assistance with this project, which will help create up to 22 jobs in Washington County and will allow our business to continue to expand and innovate,” stated Robert Mancini, Vice President and Chief Financial Officer of Jasper Wyman & Son.
The Board also approved a bond resolution in favor of Northport, LLC/The Erickson Foundation for the issuance of non-recourse bonds to finance the purchase of various properties in Waldo and Knox Counties, including acquisition and renovation of “Point Lookout,” the conference facility in Northport formerly owned by MBNA (now owned by Bank of America). The company plans to use the facility as an education and training center related to the aging process and caring for the elderly. The total amount of financing approved is $30,000,000.
"FAME, and the state as a whole, have strong interests in supporting one of Maine’s leading blueberry producers as it innovates and creates jobs in Washington County,” stated Beth Bordowitz, Acting CEO of FAME. “We also are happy to help Northport LLC/The Erickson Foundation create 52 jobs and make productive once again the formerly vacant ‘Point Lookout’ facility in Northport.”
"We deeply appreciate FAME’s assistance as we move forward on our plans to make this extraordinary Maine property active once again,” stated Lenora L. Booth, Executive Vice President of Developing Enterprises at Erickson Retirement Communities. “In addition to helping us create good Maine jobs, FAME’s actions will help us help others age successfully and enhance the quality of their lives. Northport, LLC/The Erickson Foundation looks forward to being good neighbors and participants in the local community.”
FAME Earns Second-Highest Guarantor Recovery Rate in Nation.
The U.S. Department of Education recently announced the guarantor recovery rates in the Federal Family Education Loan Program (FFELP) for the federal fiscal year ending September 30, 2007. The Finance Authority of Maine (FAME) earned the second-highest recovery rate in the nation, just behind Arkansas.
According to data recently released by the Department, FAME’s guaranty agency recovery rate was 46.41% of collections for Fiscal Year 2007.
"We are proud of our high recovery rate, which is well above the national average. It demonstrates our commitment to helping Maine borrowers get back on track with their loan payments and improve their credit history” stated FAME’s Acting CEO Beth Bordowitz.
Through FAME’s recovery efforts, borrowers who are in default on their Federal Family Education Loans can restore their loans to good standing and, as a result, avoid many of the negative aspects of default such as damaged credit and loss of Title IV aid eligibility.
"FAME believes that all defaulted borrowers deserve a second chance and, through a combination of efforts, including active student outreach and education, FAME provides them with that opportunity,” commented Mary Dyer, FAME’s Default Prevention Specialist.
Nearly 44% of FAME’s total recoveries were resolved through loan rehabilitation, removing the default status from the credit history of over 500 borrowers.
Works by Two Maine Artists Displayed at FAME.
The Finance Authority of Maine (FAME) currently is displaying the work of two Maine artists, Marcia Baker and Vi Eastman. “We are proud to support and recognize these Maine artists, and to bring public attention to the arts and to those who enrich our society and strengthen our communities,” stated FAME Acting CEO Beth Bordowitz.
MARCIA BAKER regularly receives awards for her work, including a first-place prize at the Maine State Sportsman Wildlife Show, for her sporting paintings. She creates energetic and vibrant watercolors that represent her connection with the woods and coast of Maine. Baker recently has expanded into oils and pastels, and has created reflections of her experiences on the Amazon River and in Alaska and Newfoundland. Her work can be viewed on her website at www.marciabaker.com. Baker lives in Rangeley with her family.
VI EASTMAN, an award-winning artist and photographer, concentrates on the wildlife and wildflowers of Maine. She holds a degree from the Washington School of Art for Complete Art. Her mediums of choice are oils, photography, scratchboard, and an Italian glazing technique for oils, her primary medium of choice. Eastman studied the Italian glazing technique with a master artist and has taken watercolor classes with local artists over the years. Her photographs are used as a basis for quality oil paintings that seem to glow with the complementary colors peeking through the top layers of colors. Eastman’s work can be viewed on her website at www.geocities.com/vieastman.
FAME hopes to bring visibility to the achievements of all Maine artists by providing a forum to exhibit their artwork and to inspire passion about art in others. The public may view this current exhibition Monday through Friday from 8:00 a.m. to 5:00 p.m. at the FAME Office. An opening reception will take place on December 13, 2007 from 5:00 p.m. to 7:00 pm. at FAME. The FAME building is located at 5 Community Drive, Augusta, off Exit 112 of 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, contact FAME at 1-800-228-3734 or visit its website at www.famemaine.com.
Late Philanthropist Harold Alfond Launches Nation's First Statewide College Grant Program: All Newborns in Maine to Receive First Funds Toward Higher Education.
Continuing the late Harold Alfond’s lifelong commitment to education and driven by his deep passion for improving the prospects of Maine residents, the Harold Alfond Foundation today announced the launch of an unprecedented college grant program that will provide the first funds for college and post secondary education to all infants born in the state.
Founded by late philanthropist Harold Alfond, the Foundation will provide a $500 scholarship gift to be invested in a NextGen College Investing Plan® account for each newborn Maine resident. The first phase of this Harold Alfond College Challenge will launch January 1, 2008 at MaineGeneral Health. By January of 2009 the program will expand statewide. There were 14,152 births in Maine in 2006.
"This ambitious program represents Harold Alfond’s deep affection for the people of Maine, and his firm belief that every citizen in the 21st century has the right and responsibility to higher education,” said Gregory Powell, chairman of the board of trustees of the Harold Alfond Foundation and president and chief executive officer of Dexter Enterprises, which administers the Harold Alfond Foundation. “Mr. Alfond’s dream was to educationally prepare all Maine residents to lead productive and rewarding lives. As we mourn his recent passing, we take comfort in knowing Mr. Alfond’s legacy will endure in the young adults whose educational pursuits were launched, literally in their infancy, by this building block.”
"Harold Alfond was a successful businessman who was deeply devoted to his family and a tremendous benefactor to Maine people and communities," Maine Governor John Baldacci said. "Harold's philanthropy has touched countless lives in Maine already. But his generosity goes beyond just gifts. Harold built partnerships, encouraged people to do their best and empowered them to take charge of their own futures. The Harold Alfond College Challenge will continue that mission and will spread hope to thousands of new Mainers every year."
The College Challenge will be administered and sponsored by the newly created "Alfond Scholarship Foundation” a non-profit corporation established specifically to support the Harold Alfond College Challenge. This new foundation is a partnership of organizations and individuals who truly embrace Mr. Alfond’s philosophy, and includes representatives from the Maine Compact for Higher Education, the Finance Authority of Maine (FAME), the University of Maine System, the Maine Community Foundation, the Mitchell Institute, and at large members that would include representatives from MaineGeneral Health and the Maine Hospital Association.
How the Harold Alfond College Challenge Will Work
Working in partnership with FAME and MaineGeneral Health, the Alfond Foundation will provide a $500 grant to be invested in a NextGen account opened for newborn Maine residents, with enrollment eligible through the child’s first birthday. NextGen is the State of Maine’s college savings program. All accounts must be opened before the baby’s first birthday.
Through the power of compounding, it is estimated that in 18 years at eight percent interest this $500 grant, without any additional contribution, would grow to $2,000 (Source: FAME). However, Mr. Alfond purposefully named this grant a “challenge,” with the hope and expectation that the families of young people will contribute more funds, no matter how modest, to make the most of the gift’s potential. The same $500 down payment with a continuing family contribution of $50 per month and earnings over 18 years could reach $25,000 in earnings (Source: FAME).
"FAME is pleased to be working with the Alfond Foundation on this remarkable initiative, which puts families on the path to educational success,” said Elizabeth Bordowitz, Acting Chief Executive Officer of FAME. “A secondary degree is an increasingly essential element to a successful career for Maine citizens and to the economic well-being of Maine. We hope this generous gift will inspire families to begin preparing for college early.”
MaineGeneral Health will inaugurate the first phase of the program in 2008. Education and encouragement to enroll will be provided to parents throughout their prenatal care. They will be encouraged to complete account applications prior to departing the hospital with their new baby. Accounts may, however, be opened throughout the child’s first year through a financial advisor or directly through FAME.
"We are honored that Mr. Alfond entrusted MaineGeneral to launch his legacy gift of education,” said Scott Bullock, chief executive officer of MaineGeneral Health. "Mr. Alfond recognized the integral relationship between education and personal health. He understood that through knowledge one could improve his or her total well being, and with this gift allows our young people to maximize their whole potential.”
To maintain the family’s enthusiasm in the program and encourage further participation, all parents of Alfond Scholarship Account holders will receive quarterly communications that share factual and aspirational information about the value of continuing education, college savings and other related topics. The gift is not restricted to students attending college either, but includes university, college, community college and trade/technical schools certified by Title IV.
"This wonderful grant program is invaluable in that it not only makes available the necessary funds to start a NexGen College savings account, it also gives parents the understanding and encouragement needed to embark on the rigorous college savings process,” said Richard L. Pattenaude, chancellor of the University of Maine System. “It opens the doors of possibility for parents who might have never thought they could help their children pay for college.”
About the Harold Alfond College Challenge
The Harold Alfond College Challenge will provide a $500 grant to be invested in a NextGen college savings account opened for the benefit of all newborns in Maine. The program will be modeled beginning on January 1, 2008 with all children born at MaineGeneral Medical Center, and extending statewide January 1, 2009.
During the 2008 model phase of the program, all babies born at MaineGeneral who are Maine residents will be eligible to receive the $500 grant. The NextGen account must be opened by the child’s parent or guardian, and name the child as the beneficiary, before his or her first birthday. Only one $500 grant will be awarded per baby.
The grant can be used as the initial contribution to open the account and no other initial contribution will be required, though it was Mr. Alfond’s hope that parents and extended families would continue contributing to their child’s NextGen account.
For more information on the Alfond College Challenge please call 800-228-3734 or visit www.famemaine.com.
FAME's Mary Dyer Recipient of Candace Johnson Vinette Award for Distinquished Service
Mary Dyer from the Finance Authority of Maine was named as the latest recipient of the Candance Johnson Vinette Award at the recent MASFAA Fall Conference.
Mary is an active member of the Maine Association of Student Financial Aid Administrators and serves as the MASFAA Training Committee Chair. Mary has been instrumental in creating and planning such events as the popular “Support Staff Development Day” that is held on an annual basis for MASFAA members.
Mary currently serves as the Default Prevention Specialist for the Finance Authority of Maine. Before joining FAME, Mary served as Assistant Director of Financial Aid at the University of Maine and prior to that, was the Assistant Director of Financial Aid at College of the Atlantic in Bar Harbor.
In being selected for this service award, Mila Tappen, MASFAA President noted that Mary is “an exceptionally deserving recipient as she embodies the qualities (outlined in the original MASFAA resolution below)…..she has inspired me to think “big” and imagine the way things might be for students”.
This award is given periodically to an individual who has made special contributions of energy, spirit and dedication to increase access to higher education for the citizens of Maine; and who has, by example, inspired others to greater professionalism in the Financial Aid community. (Note membership in MASFAA is not a criterion for receipt of this award.)
Information on Bond Question 2 on November Ballot
On Tuesday, November 6, 2007, Maine voters will be asked to vote on several items on the statewide ballot. In some municipalities, voters also will decide local ballot issues and candidate elections.
One item on the statewide ballot, Question 2, is directly relevant to FAME and its mission of providing innovative financial solutions to help Maine citizens pursue business and educational opportunities.
Question 2 asks: "Do you favor a bond issue to stimulate economic development and job creation that would provide $5,000,000 in loans and grant funds and would provide $50,000,000 in research, development and commercialization funds for targeted technology sectors, awarded after a competitive process administered by the Maine Technology Institute, and will leverage at least $50,000,000 in other funds?”
Question 2 is a bond issue that would provide $55 million (through state borrowing) to stimulate Maine’s economy. It includes $3.5 million for FAME programs, and $1.5 million for the Maine Rural Development Authority. These funds would be made available to support additional economic development initiatives.
The major part of the funds, $50 million, would be available to a state-affiliated agency, the Maine Technology Institute (MTI). If the bond passes, MTI would award, on a competitive basis, research grants for projects related to advancing specific aspects of Maine’s economy.
Below is a list of FAME’s plans for the potential funds:
$1.5 million to FAME’s Economic Recovery Loan Program (ERLP): ERLP provides subordinate (gap) financing to assist businesses in their efforts to remain viable and/or improve productivity. Much-needed new bond money would be added to the pool of money for companies that are in need of additional capital. Some of the existing money is reserved for high-tech companies that are on the brink of commercialization of a product or service. These monies are most often loaned in amounts up to $200,000.
$1 million to FAME’s Regional Economic Development Revolving Loan Program (REDRLP): REDRLP is designed to make loans through Regional Economic Development Agencies for the purpose of creating or retaining jobs. FAME makes disbursements to these agencies that, in turn, make loans to eligible borrowers. FAME plans to consolidate the new bond monies with an existing pool and redeploy these monies to various agencies throughout Maine. Many of these agencies have completely loaned their previously received bond funds, and have a need for the additional funds to continue their work in communities. Some of this additional money will be shared with at least one new contractor in Washington County.
$1,000,000 to the Agricultural Marketing Loan Fund (AMLF): AMLF is a program of the Maine Department of Agriculture, Food and Rural Resources jointly administered by the Finance Authority of Maine and the Department. The funds will be used to provide loans to Maine businesses engaged in commercial growing or harvesting of plants, raising animals, aquaculture, or processing, storing, packaging or marketing products produced by those businesses. Loans may be used for the design, construction or improvement of commodity and storage buildings and packing and marketing facilities, or for the construction, renovation or acquisition of land, buildings, equipment, docks, wharves, piers, or vessels, located in the State of Maine and used in connection with an agricultural enterprise. Below is a link to the Secretary of State’s web site, which lists the actual wording of the bond questions:
http://www.maine.gov/sos/cec/elec/2007/questions-nov-6.htm
Please vote on Tuesday, November 6, 2007!
FAME's ANNUAL MEETING, “SHOWCASE MAINE,” TO BE HELD NOVEMBER 13, 2007 AT PORTLAND’S HOLIDAY INN BY THE BAY
AUGUSTA — The Finance Authority of Maine (FAME) today announced that its annual meeting and awards event, Showcase Maine, will be held on Tuesday, November 13, 2007 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 years with Maine’s business and higher education communities. The evening will feature a reception, including displays by various business and educational organizations that partner with FAME; an awards presentation; and a keynote speech by Linda Greenlaw, Maine’s own best-selling author and lobster boat captain.
"We look forward to another celebration of FAME’s many partnerships,” stated Beth Bordowitz, FAME’s Acting CEO. “Crucial to FAME’s success in providing innovative financial solutions to Maine’s business and higher education communities are the diverse partnerships we’ve forged over the years. Together we make business and education work for Maine’s economy, and Showcase Maine is a great opportunity to highlight these successes.”
In addition to the reception showcasing various Maine business and educational organizations, the evening will involve the presentation of a number of awards by FAME. This year’s recipients include: WahlcoMetroflex, Inc. (Business at Work for Maine Award), a Lewiston company that is a world-leading designer and manufacturer of diverters, dampers, and expansion joints; Partnerships for Success (Education at Work for Maine Award), a program of the University of Maine at Farmington that provides college access and readiness programs to young people in Western Maine; Mary McAleney (Dirigo Award), former District Director of the U.S. Small Business Administration; Joe Foley (Dirigo Award), Senior Vice President and Chief Marketing Officer of Unum; and Bar Harbor Bank & Trust (Bank of the Year Award), a community bank found in 1887 that has twelve branches in Downeast Maine.
Linda Greenlaw, best-selling author and lobster boat captain, will deliver a keynote speech entitled “Lessons of the Sea.” She is the author of four best-selling books, including The Hungry Ocean (1999) and her most recent murder mystery, Slipknot. According to Sebastian Junger, author of The Perfect Storm, Greenlaw was “one of the best swordboat captains, period, on the East Coast.” A book-signing by Greenlaw will follow her speech. Those interested in attending Showcase Maine may register online at www.famemaine.com or may contact FAME at (800) 228-3734.
FAME's Beth Bordowitz Appointed Acting CEO
AUGUSTA — Beth Bordowitz, FAME’s General Counsel, has been appointed by Governor John E. Baldacci to serve as Acting Chief Executive Officer.
She has been with FAME since 1989, most recently as General Counsel for the past twelve years. Prior to joining FAME's legal division in March 1989, Beth was associated with a Portland law firm. She holds a B.A. and M.A. in Political Science from Rutgers College and Rutgers University, respectively, and is a graduate of Rutgers School of Law-Camden.
The Governor is expected to nominate a permanent CEO for consideration by the Legislature when it reconvenes in January 2008.
FAME's Mary Dyer Recognized by EASFAA as Co-Volunteer of the Month
AUGUSTA — The Finance Authority of Maine (FAME) recently announced that Mary Dyer, Default Prevention Specialist, has been recognized by the Eastern Association of Student Financial Aid Administrators (EASFAA) as its Regional Co-Volunteer for the Month of October.
“We are proud that Mary’s good work in Maine’s financial aid community is being recognized by EASFAA and congratulate her on this impressive honor,” stated FAME CEO John Witherspoon. “We are pleased to have Mary working with us at FAME. She brings over 15 years of experience in the higher education finance industry, and will help expand FAME’s default prevention services for Maine schools and students,” he added.
Dyer is an active member of the Maine Association of Student Financial Aid Administrators (MASFAA) and has served as MASFAA Training Chair of the last four years. In her role as training chair, she has developed and planned many successful training events, such as "Support Staff Development Day." She also has presented at several state and regional conferences and served as a NASFAA trainer.
Dyer has worked in higher education for over 15 years and recently began working at FAME as its Default Prevention Specialist, where her goal is to expand default prevention services to schools and students throughout Maine.
Prior to joining FAME, Dyer served as Assistant Director of Financial Aid at the University of Maine for seven years. Prior to that, she was Assistant Director of Financial Aid at College of the Atlantic in Bar Harbor, and also worked at the University of Maine at Augusta. She received her Bachelor of Arts in English from the University of Maine at Augusta. She resides in Glenburn with her husband and two children.
Maine Artist's Paintings on Display at FAME
AUGUSTA, ME – The Finance Authority of Maine (FAME) is currently displaying the work of J. Donna Asmussen, a professional Maine artist specializing in watercolor, with additional focus in printmaking. FAME strives 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. FAME CEO John Witherspoon stated: “We are proud to support and recognize Maine artists like Donna and to bring public attention to the arts and artists who enrich our society and strengthen our communities.”
A painter and printmaker, Asmussen works mainly from her home studio in Smithfield, Maine. Before becoming involved in the arts, she worked in public education as a teacher, school administrator, and consultant for many years in Rhode Island and Maine. She studied oil painting with various teachers in Rhode Island. Asmussen currently studies watercolor with Stan Keirstead in western Maine and printmaking with Scott Reed at Colby College.
Donna Asmussen’s background in education has led her to continue connections with local schools and libraries through her art, and she loans original works to children’s rooms of local libraries to encourage more children to experiment with art. Her works can be viewed on her website at www.artjourneyer.com.
Asmussen’s artwork currently displayed at FAME includes original watercolors and prints inspired by the ever-changing seasonal beauty of both inland and coastal Maine. Asmussen will present a second exhibit at FAME in the summer of 2008, featuring limited edition prints and monoprints.
The public may view the Asmussen exhibition Monday through Friday from 8:00 a.m. to 5:00 p.m. The exhibit is open to the public through November 30, 2007. Limited prints and original works are available for purchase. The FAME building is located at 5 Community Drive, Augusta, Exit 112 off 95.
FAME Welcomes New Board Members
AUGUSTA —The Maine Senate recently voted to unanimously confirm four new members to the Finance Authority of Maine (FAME) Board of Directors. The four individuals are: Brent Cross of Bangor; Terence J. MacTaggart of Hampden; Patrick O. Murphy of Portland; and Susan B. Snowden of Scarborough. Upon swearing in, the new members will join the fifteen-member FAME Board.
Governor John E. Baldacci nominated the individuals in late August. Public hearings on the nominations were held by the Legislature’s Joint Standing Committee on Business, Research and Economic Development in early September. The Committee forwarded its favorable recommendations to the Senate, which in turn held a confirmation session on September 20, 2007. The FAME Board nominees were approved unanimously by those state senators present for the vote that day.
FAME CEO John Witherspoon stated: “FAME welcomes the newest Board members and looks forward to working with them to make business and education work for Maine. We are fortunate to have such capable and committed individuals join our Board.”
Brent Cross is Vice President of Cross Insurance Company, one of New England’s largest insurers. He is a native of Bangor and a graduate of Husson College, where he received his B.S. and his Masters in Business Administration. Cross also is an adjunct faculty member at Husson College, where he teaches risk management and other insurance classes.
Terry MacTaggart, the former Chancellor of the University of Maine System, currently serves as an educational consultant to various colleges and universities. He possesses numerous degrees, including a Doctorate in English Literature and a Masters of Business Administration. His consulting and research work focuses on higher education leadership and policy and strategic planning. MacTaggart is a former member of the Maine Commission on Elections and Government Ethics. He lives in Hampden.
Patrick Murphy is the founder and president of Pan Atlantic SMS Group in Portland. The company engages in national and international market research, management consulting, and strategic planning. He has lived and worked extensively in the U.S. and international markets, including Europe, the Middle East, and Asia. He served for six years as a member of the U.S. Small Business Administration National Advisory Council and also was chairman of the Maine delegation to the last White House Conference on Small Business. Murphy holds a Masters in Economics from Trinity College, Dublin University. He is a former chair and trustee of the board at Maine College of Art and lives in Portland.
Susan Snowden is a Senior Vice President and small business financial services manager at Bangor Savings Bank. She has over twenty-one years’ experience in the commercial banking industry. She received her undergraduate degree at the University of Maine in Orono and her Masters in Business Administration from Bentley College. Snowden is the former board chair of the Make A Wish Foundation and currently serves in an advisor capacity at the Spurwink Institute. She resides in Scarborough.
FAME CEO John Witherspoon Announces Departure
AUGUSTA —John C. Witherspoon, the Chief Executive Officer of the Finance Authority of Maine (FAME), recently announced his intention to depart FAME at the end of October to assume a new position in the private sector. Witherspoon will become the President and CEO of Skowhegan Savings Bank, a mutual savings bank based in Skowhegan, Maine. Witherspoon has been CEO at FAME since April 2004. He was appointed by Governor John E. Baldacci.
"We are sorry to see John leave. He has done an excellent job at taking FAME to the next level of providing superior financial solutions for Maine businesses and students,” stated FAME Board Chair Joyce Maker. “We thank him for his many contributions to improving FAME and wish him well at his new position.”
FAME is a quasi-independent state agency that develops and administers programs related to the financing of both higher education and business in the State of Maine. Its primary goal is to provide targeted financing tools, information and solutions to enable Maine citizens and businesses to take advantage of opportunities to further their education and grow Maine's economy.
The CEO of FAME is appointed by the Governor, subject to review by the Legislature’s Joint Standing Committee on Business, Research and Economic Development, as well as confirmation by the Maine Senate. The CEO supervises the administrative affairs and technical activities of the agency, consulting regularly with the Board of Directors, the Governor’s Office, other state agencies, and Maine’s business and higher education communities.
In announcing his departure, Witherspoon commented: “Although I leave FAME with mixed emotions, I am confident that it is well-positioned to achieve even greater success in strengthening and growing Maine’s economy. I am grateful to the excellent staff and Board at FAME, for whom I have the utmost respect.”
Witherspoon earned a B.S. degree in Business from the University of Maine at Orono in 1979 and is a graduate of the National School of Banking. He is a past President of the Maine Association of Community Banks, as well as a former director for the Maine Bankers Association. He resides in Kingfield with his wife, Cathy. The couple has three grown children.
Commenting on Witherspoon’s departure, Governor John E. Baldacci stated: “I have appreciated John’s forthright, business-savvy leadership at FAME over the years. Together we have worked successfully on a variety of business and education initiatives to better serve Mainers. Under John’s leadership, FAME has expanded efficiencies while improving services to make business and education work for Maine. I thank him for his successful service and wish him well with his new position at Skowhegan Savings.”
The Governor will appoint an Acting CEO to manage the day-to-day affairs of FAME until a successor is nominated and confirmed.
FAME Loan Insurance Enables Moosehead Manufacturing to Resume Operations
AUGUSTA —The Finance Authority of Maine (FAME) recently approved commercial loan insurance on two Machias Savings Bank loans to help reopen the former Moosehead Manufacturing facility in Monson. FAME’s efforts will help the company to continue making fine furniture and reemploy approximately forty workers in the near future.
FAME has agreed to provide 90% pro-rata insurance on two Machias Savings Bank loans provided to Tardy-Connors Group, LLC, successor to the former owners of Moosehead Manufacturing. The first bank loan, in the amount of $665,000, includes funds to purchase the assets of the former company, including real estate, equipment, and business assets. The second loan by the bank, in the amount of $100,000, is for a line of credit to be used to fund short-term working capital needs. The company will continue to manufacture solid, hardwood furniture at the facility.
“We are pleased to assist Moosehead Manufacturing as it resumes fine furniture manufacturing at the Monson facility and puts highly skilled Mainers back to work in Piscataquis County,” stated FAME CEO John Witherspoon.
Moosehead Manufacturing announced in February 2007 that it was closing its doors after sixty years in business. The group that purchased the company includes principals Josh Tardy, a Newport attorney and state legislator; Dana Connors, Executive Director of the Maine Chamber of Commerce and former Commissioner of the Maine Department of Transportation; and Ed Skovron, a financier from Rhode Island.
“We are excited about the resumption of operations at Moosehead and appreciate FAME’s assistance in helping to make this business opportunity possible,” stated Rep. Josh Tardy. “FAME’s actions today will help us maintain and create good Maine jobs. Moosehead Manufacturing has a great history and now, thanks in part to FAME, a good future, as well.”
The company plans to resume its operations in Monson within thirty days.
9/14/07
FAME Posts Record-Low Default Rate in FFELP
AUGUSTA —The Finance Authority of Maine (FAME) has recorded another decline in its student loan default rate. According to data recently released by the U.S. Department of Education, FAME’s default rate fell to 3.8% of borrowers who entered repayment during federal fiscal year 2005, a decline from the 5.0% FAME posted for the previous cohort of borrowers.
The new figure is well below the national average rate of 4.6% for all guarantors. It also represents the lowest default rate in FAME’s history, and marks the third year in a row that FAME has improved its default rate as a guarantor in the Federal Family Education Loan Program (FFELP).
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 by the end of the following fiscal year. FAME’s low default rate is the result of its active outreach efforts to support financial aid offices and educate borrowers.
“We are proud of our low default rate, which is well below the national average. It demonstrates that our emphasis on default prevention rather than on post-default collection is the right one for guarantors, schools, lenders and taxpayers,” stated FAME CEO John Witherspoon. “FAME’s business model puts the needs of student loan borrowers first, where they should be,” he added.
FAME’s ability to maintain a low claims rate saves Maine taxpayers millions of dollars each year by reducing claim payments from the U.S. Department of Education. It also directly benefits borrowers, schools and lenders.
Governor Baldacci Proclaims September as College Savings Month in Maine
AUGUSTA — Governor John E. Baldacci today issued a proclamation declaring September as College Savings Month in Maine. He presented the proclamation to FAME CEO John Witherspoon and Maine State Treasurer David Lemoine at a ceremony in the Cabinet Room. Both FAME and the State Treasurer help oversee the NextGen College Investing Plan®, Maine’s Section 529 college savings plan.
"My Administration has vigorously promoted access to postsecondary education for all Mainers. We must provide our children with the education and skills they need to compete and succeed in the global economy of the 21st Century. I urge Maine citizens to begin saving now for their children’s education. It is never too late,” stated Governor Baldacci.
"It has never been more important to save for college,” noted FAME CEO John Witherspoon. “When Maine people think about saving for college, they should think about NextGen, Maine’s own 529 Plan. We’re proud of the success of NextGen and appreciate the Governor’s strong support of the plan over the years.”
"The critical linkage between the attainment of a higher education and the well-being of Maine citizens and the State’s economy is clear,” said State Treasurer David Lemoine. He added, “Replacing debt with savings in a college savings plan like NextGen is a wise investment.”
The Proclamation issued by the Governor reads in part:
"Whereas , it is in the State’s interest to promote access to postsecondary education for our children; and Whereas [e]ncouraging parents to save for their children’s education promotes that public purpose; and Whereas, the State of Maine has created the NextGen College Investing Plan, . . . I, John Elias Baldacci, Governor of the State of Maine, do hereby proclaim September 2007 as College Savings Month. In doing so, I urge our State to recognize the benefit of attaining a higher education and urge the citizens of Maine to save for their children’s education".
NextGen provides an opportunity for Maine residents to prepare for higher education expenses while enjoying tax advantages. It is now the 5th –largest college savings plan in the nation, with over $5 billion in assets. NextGen was created by the Maine Legislature in 1999 as a qualified tuition program under Section 529 of the Internal Revenue Code. It is a tax-advantaged investing program administered by FAME designed to help families prepare for higher education expenses. Investment oversight is provided by the Maine State Treasurer. Merrill Lynch is the program manager and underwriter of the plan. Anyone can open an account, regardless of income or residency, and assets may be used at any accredited U.S. post-secondary institution. Matching grants are available to eligible families.
Martha Johnston Joins FAME as New Director of Education Products and Relationships
AUGUSTA — The Finance Authority of Maine (FAME) recently announced the hiring of Martha H. Johnston as its new Director of Education Products and Relationships. Johnston will be responsible for developing and maintaining FAME’s strong customer relationships; maintaining industry knowledge to help FAME develop products and strategic initiatives relevant to its higher education services; as well as coordinating FAME’s marketing and branding efforts. Johnston will begin her new position on September 5, 2007.
“We are excited to welcome Martha to the FAME team,” stated FAME CEO John Witherspoon. “She brings over 17 years of experience in the higher education finance industry, and will enhance our efforts to increase access to higher education for Maine people,” he added.
Johnston possesses over ten years of professional experience in the administration of federal, state, and institutional student aid programs at a variety of public and private post-secondary institutions in Maine and elsewhere. Her prior employment experiences include serving as a financial aid administrator at several Maine colleges and, most recently, as Assistant Northeast Regional Sales Manager for Citizens Bank. At Citizens Bank, Johnston was recognized in 2005 as Most Valuable Player in Education Finance.
Johnston is a member of a variety of professional organizations, including the Maine Association of Student Financial Aid Administrators and the Eastern Association of Student Financial Aid Administrators.
“I look forward to joining FAME and directing its education products and relationships, as well as leading its marketing efforts,” stated Johnston. “I believe my lengthy experience and expertise in financial aid administration, as well as my sales and marketing background, will help FAME take its education products and relationships to the next level,” she added.
Johnston received her Bachelor of Arts from Mount Holyoke College. She is married to Brian Farr. The couple has two children.
FAME BOARD APPROVES MODIFICATIONS TO RSE PULP AND CHEMICAL, LLC LOAN INSURANCE; LOOKS FORWARD TO SITE VISIT NEXT WEEK
AUGUSTA — The Board of Directors of the Finance Authority of Maine (FAME) yesterday approved modifications to the terms of loan insurance it previously approved for RSE Pulp and Chemical, LLC (RSE Pulp). “We hope that our flexibility and rapid response to RSE Pulp’s dynamic challenges will enable the Old Town project to satisfy its operational needs and ultimately to flourish,” stated FAME Board Chair Joyce Maker. The Board further announced that, as part of its planned meeting in Lincoln next week, it will tour the RSE Pulp plant in Old Town to see firsthand how operations are progressing.
Due to a change in circumstances, RSE Pulp requested an amendment to the conditions of its FAME loan insurance. FAME is providing 90% insurance on a $1,800,000 Chittenden Bank loan. The original financing approved by the FAME Board in April was to enable RSE Pulp to purchase and install equipment that would improve the mill’s efficiency, as well as to purchase some rolling stock and computer equipment. Today the Board approved RSE Pulp’s request to modify the terms and conditions of the loan insurance to allow proceeds of the loan to cover start-up expenses, as well as the purchase of additional equipment.
In November 2006, Red Shield Environmental, LLC (RSE) acquired the former Georgia Pacific Old Town mill with the assistance of the State of Maine. RSE is the majority shareholder of RSE Pulp. RSE has reactivated the mill’s
16-megawatt biomass boiler and is currently selling electricity to RSE Pulp from the plant’s hydroelectric and biomass facilities. RSE Pulp has resumed pulp production at the plant. The company thus far has reemployed over 180 former GP mill employees. RSE is in the process of attracting industrial tenants to the site.
“We appreciate FAME’s openness to and patience with the changing dynamics of the project, as well as its willingness to partner with us to enable this important venture to succeed,” stated Edward Paslawski, Chairman and CEO of Red Shield Environmental, LLC and RSE Pulp. “Without FAME’s help, this project would not have proceeded so quickly, and fewer workers would have been able to return to full-time employment at the site.”
The FAME Board and staff also announced yesterday that they will be touring RSE Pulp’s Old Town plant at 10 a.m. on Wednesday, June 20. FAME CEO John Witherspoon noted that “the Board and staff are anxious to see firsthand the progress to the site that has resulted from our investment.” Since the project’s inception, FAME has approved a $1,000,000 economic recovery loan to RSE and 90% commercial loan insurance on Chittenden Bank’s $1,800,000 term loan to RSE Pulp. The pulp mill has resumed operations and is producing pulp, employing former mill workers and providing economic benefits to the economy of eastern Maine.
FAME CEO RECOGNIZED WITH SBA AWARD AS 2007 FINANCIAL SERVICES CHAMPION OF THE YEAR
FAME CEO John C. Witherspoon has been named Maine’s 2007 Financial Services Champion by the U.S. Small Business Administration (SBA). He was presented with the award recently at the SBA annual award dinner in Waterville. The award recognizes Witherspoon’s leadership when, last spring, Southern Maine was struck by severe flooding and FAME designed a loan program to provide financing to affected businesses in the York area. The communities needed money to bridge the gap until the SBA disaster funds became available.
In receiving the award, Witherspoon stated: “FAME and I are honored to be recognized by one of our frequent partners, the SBA, for our role in making business and education work for Maine’s economy. I proudly share this award with the FAME staff, who work tirelessly each day to strengthen and grow Maine’s economy by providing Maine students and businesses with the financial tools they need to succeed.”
This year, FAME again is offering storm assistance relief, this time to aid businesses in Federal Emergency Management Agency (FEMA)-designated disaster areas that have been negatively affected by the intense Patriots Day storm. For more information on these programs, please visit www.famemaine.com.
NEW STUDENT LOAN INTEREST RATES ANNOUNCED
AUGUSTA, ME – The results of yesterday's U.S. 91-day Treasury Bill auction will cause interest rates to increase for Stafford and PLUS loans that were disbursed prior to July 1, 2006. Stafford loans in repayment or forbearance will increase from 7.14 to 7.22 percent. Stafford loans in an in-school, deferment or grace period will increase from 6.54 to 6.62 percent. The interest rate for PLUS loans will increase from 7.94 to 8.02 percent.
Stafford loans disbursed on or after July 1, 2006 will retain a fixed interest rate of 6.8 percent. Interest rates for PLUS loans in the Direct Loan Program will remain fixed at 7.9 percent. PLUS loans in the Federal Family Education Loan Program will remain at 8.5 percent, which is in accordance with the Higher Education Reconciliation Act (HERA).
These slight increases will have limited effects for most borrowers. For example, a borrower with $20,000 of Stafford loan debt will see a monthly increase of less than $1 per month, totaling approximately $100 over the life of the loan.
05/22/2007
AUGUSTA, ME – The Finance Authority of Maine (FAME) recently recognized Machias Savings Bank with its Maine Bank of the Year Award. FAME CEO John Witherspoon presented the award to Edward L. Hennessey, Jr., President and CEO of Machias Savings, at the bank’s annual meeting in Machias. The dinner meeting was held at the bank’s new training center.
The annual award is made by FAME to a financial institution that has utilized FAME programs to help their business customers realize opportunities, and, in so doing, have contributed to local economic growth. In presenting the award, Witherspoon noted that he had known and worked with the team at Machias Savings since the 1970s, when he was a banker.
Over the past several years, FAME and Machias Savings have been working closely together to help meet the needs of the bank’s trading area, which is expanding rapidly. FAME’s two largest loan insurance exposures are with Machias customers. Recently, FAME was able to assist the bank through loan insurance in financing a company involved in providing increased broadband availability to Washington County.
“We are proud of our partnership with Machias Savings. This award is richly deserved and a testament to the bank’s commitment to economic growth in Washington County,” stated FAME CEO John Witherspoon.
Machias Savings President and CEO Ed Hennessey noted: “Our collaboration with FAME has resulted in direct assistance to both our customers and to the local economy. We greatly appreciate this recognition and look forward to continued partnership with FAME and its business services team.”
AUGUSTA, ME – The Finance Authority of Maine (FAME) is displaying the work of Nancy Jacob, a professional Maine artist specializing in a variety of media, including oils and wilderness photography. “We are proud to support and recognize Maine artists, and to bring public attention to the arts and to artists like Nancy, who enrich our society and strengthen our communities,” stated FAME CEO John Witherspoon.
Ms. Jacob hails from Hallowell and is the creator of collections including the Dri-Ki Collection, panoramas of Maine woods roads, Hawaii, Alaska, the fairy houses of Monhegan Island, Mines of Solomon, and Baxter Park and Mount Katahdin photography.
The Dri-Ki Collection is a group of images from the Nancy Jacob Archives, photographed from 1980-1982 in the North Maine Woods. “Dri-Ki” is a term loggers coined to refer to the scraps they leave behind after harvesting – short for “dry kindling.” Over the years, these weathered scraps have come to resemble driftwood. Ms. Jacob has taken these photos in the belief that the beauty and power of nature is never lost. The complete Dri-Ki Collection and other works may be viewed at Nancy’s website www.nancyjacobarchives.com.
FAME hopes to bring visibility to the achievements of all Maine artists by providing a forum for exhibiting their artwork. In doing so, FAME hopes to inspire passion about art in others. The public may view the exhibition at FAME’s offices Monday through Friday from 8:00 a.m. to 5:00 p.m. The FAME building is located at 5 Community Drive, Augusta, off Exit 112 of I-95, near the Augusta Civic Center. The exhibit is open to the public through August 16, 2007, with an opening reception to be held on Thursday, May 24, from 5-7 p.m.
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 or visit its website at www.famemaine.com.
AUGUSTA, ME - The Finance Authority of Maine (FAME) today cautioned Maine students to avoid paying too much for their educational loans. With recent national news of alleged education lender financial abuses at the cost of students, FAME urges Maine citizens to be wary of higher education funding options that are not in the best interests of students and their families.
“Maine students are increasingly bombarded with mail and phone calls by lenders using high pressure tactics,” stated FAME CEO John Witherspoon. “It is imperative that students and families truly understand the consequences of supposed lender ‘benefits’ that may actually result in lender profits instead of student savings.”
FAME recommends that Maine students and families follow four key principles to ensure they do not pay more than necessary for student loans:
1) Are loan benefits automatic, or do I have to qualify for them?
2) Are benefits annual or one-time only?
3) What percent of your borrowers obtain the advertised rate discount, fee waiver, or other benefit?
4) Do I forfeit the benefit if I make a late payment?
5) What percent of your borrowers default on their loans?
How a lender responds to these questions can help Maine students avoid a costly mistake.
In light of recent national investigations into alleged industry wrong-doing, Witherspoon emphasized that “this is an opportunity for all of us to understand how important it is for students to work with their Maine financial aid professionals to choose the best loan and best lender for their long-term needs.” Witherspoon added that Maine’s financial aid officers work closely to ensure that students do not spend more money than necessary.
“The bottom line,” Witherspoon concluded, “is to borrow wisely by becoming an informed consumer. Ask questions and obtain answers in writing. Finally, do not sign anything you do not fully understand.”
AUGUSTA, ME - The Finance Authority of Maine (FAME) Board of Directors has approved broadening the maximum family adjusted gross income eligibility range to receive a NextGen College Investing Plan® Matching Grant from $57,000 to $75,000. As a result, 83% of Maine taxpayers now are eligible to participate in the NextGen Matching Grant Program.
“We are pleased to be able to increase availability of the NextGen Matching Grant for account holders. It has never been more important to start saving for college, and this incentive should help further promote the concept of replacing debt with savings,” stated FAME Board Chair Joyce Maker.
While there are no income limits to open a NextGen account, FAME established the NextGen Matching Grant Program to provide an incentive for lower to moderate income families to save for college expenses. “Savings always place families in a better position when it comes to paying for college costs. Any amount of money people save today is money that won’t have to be borrowed later to pay for college,” noted FAME CEO John Witherspoon.
The NextGen Matching Grant Program works as follows: If either the NextGen account owner or the NextGen account beneficiary is a Maine resident, and if the account owner’s family adjusted gross income was $75,000 or less in 2006, the account owner may apply for a matching grant. There are two components to the Matching Grant Program: the Initial Matching Grant and the Annual Matching Grant.
The Initial Matching Grant Program provides a one-time $200 matching grant when an individual opens a new NextGen account with at least a $50 initial contribution. The Annual Matching Grant Program provides a 50% matching grant on contributions made the previous calendar year to an existing NextGen account up to an annual award of $200.
FAME also provides other unique benefits for Maine residents saving for college through the NextGen College Investing Plan, such as the First Step Grant Program. Through the First Step Program, a $50 grant is now available to each child born or adopted in Maine to help open their first college savings account, regardless of family income. Every Maine family that has a child born this year will be mailed an announcement that explains how to obtain $50 for use in a NextGen account opened for their newborn. If the family’s adjusted income in 2006 was $75,000 or less, the family may combine the $50 First Step Grant with the $200 Initial Matching Grant and receive a $250 contribution to open their NextGen account.
NextGen is a Section 529 plan administered by the Finance Authority of Maine. Investment oversight is provided by the Maine State Treasurer. Merrill Lynch is the Program Manager and underwriter of the plan.
All businesses that suffered damages due to the Patriot’s Day Storm should report its damage and loss to their town or county emergency management office. This is a crucial step for gathering information to help the government agencies to determine what counties will qualify for federal assistance. Businesses should report both physical and economic damage.
In addition to reporting losses to their town or county emergency management office, businesses should call their insurance company, contact their lender, take pictures, and keep receipts of all expenditures. Until the data is collected and the designated disaster areas are declared, businesses needing financial assistance resulting from the disaster should be contacting and working with their lender.
The SBA also has programs to help businesses in times of need. www.sba.gov/me
04/23/2007
The Board of Directors of the Finance Authority of Maine (FAME) approved on April 19, 2007 90% commercial loan insurance on a $1,800,000 Chittenden Bank loan for Red Shield Environmental Pulp and Chemical, LLC (RSE Pulp and Chemical) to help finance the start-up of the former Georgia Pacific pulp operation at its Old Town plant.
"We are pleased to assist RSE Pulp and Chemical with loan insurance to complement the assistance approved by the Board in February to its sister company, Red Shield Environmental, LLC. FAME has worked in close partnership with the Governor’s Office, the Department of Economic and Community Development, and RSE Pulp and Chemical to help finance the restarting of the pulp operation at the Old Town facility," stated FAME Board Chair Joyce Maker.
RSE Pulp and Chemical expects to manufacture 200,000 tons of hardwood kraft market pulp annually. All of the pulp produced will be sold to a pulp distributor. Pulp is a globally traded commodity used in the paper making process.
"The Board determined that an extraordinary public benefit will result from the project, helping to strengthen and grow Eastern Maine’s economy," stated FAME CEO John Witherspoon. "Today’s Board vote on RSE Pulp and Chemical, together with the Board’s prior action in February concerning the related business, Red Shield Environmental, LLC, will help create and preserve approximately 185 jobs in Old Town," noted Witherspoon.
"We are grateful for FAME’s continued flexibility and assistance," stated Edward Paslawski, Chairman and CEO of RSE Pulp and Chemical. "FAME’s actions will enable this worthwhile venture to proceed, helping to maintain and create good jobs in Maine," added Paslawski.
AUGUSTA - The Board of Directors of the Finance Authority of Maine (FAME) today unanimously voted to approve two programs to aid businesses in Federal Emergency Management Agency (FEMA)-designated disaster areas that have been negatively affected by recent flooding as a result of the intense spring storm. Effective immediately, FAME will provide lower cost, short-term bridge financing to affected businesses via its direct loan and its commercial loan insurance programs. Click here to view press release.
Loan programs for Maine-based businesses located in the FEMA designated disaster areas that have been directly impacted from the April 2007 rain storm.
Click here for Fact Sheet and Application for Direct Loan through FAME's Economic Recovery Loan Program.
Click here for Fact Sheet on Loan Insurance for loans through participating lenders.
AUGUSTA - On Thursday, March 15, 2007, the Board of Directors of the Finance Authority of Maine (FAME) approved a $600,000 Direct Loan and 90% commercial loan insurance on a $3.5 million Maine Bank & Trust loan to Oxford Aviation to help finance a 68,000 square foot aircraft refurbishment facility in Sanford. The total cost of the project is estimated to be $8.3 million. "We are pleased to assist Oxford Aviation as it strives to capitalize on the business jet market and create good paying jobs in Maine," stated FAME Board Chair Joyce Maker.
Oxford Aviation was established in 1988 with two employees and an 8,000 square foot facility in Oxford, Maine. The company is engaged primarily in the refurbishment of aircraft, which includes painting, design services, interior refurbishment, manufacture of custom cabinetry and seats, and maintenance and avionics services. Oxford Aviation has completed over 4,000 refurbishment jobs during its 18-year existence. The company has overseen two previous expansions and presently operates from a 40,000 square foot facility at the Oxford County Regional Airport, employing approximately 60 workers. In 2004 the company opened a maintenance and flight training division in Fryeburg.
The company plans to continue its operations in Oxford and Fryeburg after the Sanford facility is built and in operation. The new facility will provide access to a 6,000 foot airstrip, thereby increasing the size and number of aircraft that Oxford Aviation can refurbish to include the business jet market, up to the size of a Gulfstream V or Global Express. The Sanford facility is expected to employ 60 people when it first opens in December 2007, increasing to 100 workers by the end of 2008, and, ultimately to approximately 200 new jobs. The jobs being created are expected to include an above-average starting pay, plus benefits.
"We are pleased to help enable the growth of Oxford Aviation, and, in turn, the growth of the Maine economy," stated FAME CEO John Witherspoon.
"We are grateful for FAME's support," stated James L. Horowitz, President of Oxford Aviation. "FAME's actions today will help us
create good jobs in Maine tomorrow as the loan and insurance make it possible for us to expand into the larger business jet
market by constructing a new facility in Sanford." Horowitz noted that 99% of his company's revenues come from out-of-state
customers, so it will be new money for Maine's economy.
AUGUSTA - Governor John E. Baldacci today awarded 11-month-old Juliana Frappier and her parents, William and Kathleen Frappier of Scarborough, a $1,000 NextGen First Step Scholarship at the Augusta offices of the Finance Authority of Maine (FAME). Also present were State Treasurer David Lemoine, FAME CEO John Witherspoon, members of the FAME Board of Directors, and several legislators.
The annual scholarship award is part of the First Step Grant. This is the second year in which the $1,000 scholarship has been awarded.
Each year, the NextGen College Investing Plan® offers the families of every Maine resident baby a $50 First Step Grant toward opening a
NextGen account for their newborn's higher education. Juliana's name was randomly selected from those Maine babies who received a $50
First Step Grant in 2006. Every Maine family who has a child born this year will be mailed an announcement by FAME that explains how to
receive a $50 grant for use in a NextGen account opened for their newborn.
For more information click here.
The Board of Directors of the Finance Authority of Maine (FAME) today approved a $1 million Economic Recovery Loan to Red Shield Environmental, LLC (Red Shield) to help finance working capital needs at its Old Town plant. "We are pleased to assist Red Shield as it strives to maintain and attract good paying jobs in the Old Town area," stated FAME Board Chair Joyce Maker. She added: "The Board determined that an extraordinary public benefit will result from the project, helping to strengthen and grow Eastern Maine's economy."
In November 2006, Red Shield acquired the former Georgia Pacific Old Town Mill with the assistance of the State of Maine. Assets acquired in the transaction included 810,000 square feet of industrial space; an intact pulp facility; 45 megawatts of power generating equipment; approximately 180 acres of land in Old Town and Orono; a 28,000,000 gallon per day waste water treatment plant; and three off-site chip mills. Since that time, Red Shield has reactivated the mill's 16-megawatt biomass boiler and is currently delivering electricity to the grid from the plant's hydroelectric and biomass facilities. The company has thus far reemployed over 50 former GP mill employees. Red Shield is in the process of attracting industrial tenants to the site by providing electricity to its tenants at reduced rates.
"FAME's actions will enable this valuable project to succeed, helping to maintain and create good jobs.
We are grateful for FAME's flexibility and assistance," stated Edward Paslawski, Chairman and CEO of Red
Shield Environmental, LLC.
The Finance Authority of Maine (FAME) is displaying the works of Priscilla (Penny) Markley, a professional Maine artist specializing in a
variety of media, including watercolor, pastel, oil, and acrylics.
FAME CEO John Witherspoon stated: "We are proud to support and recognize Maine artists such as Penny Markley, and are pleased to bring public
attention to the arts and to local artists who enrich our society and strengthen our communities."
For more information click here.
AUGUSTA, ME - The Board of Directors of the Finance Authority of Maine (FAME) yesterday approved fee reductions and other
enhancements to the NextGen College Investing Plan. The modifications create a new Client Direct Series within NextGen that will provide
self-directed investors with a more simplified offering and a variety of options at a lower cost. Depending on the investor's chosen investment
option, the annual asset-based fees in the Plan will range from .20% to .96%. When these changes are in effect, they will result in fee
reductions averaging 40%. Also, the account maintenance fee, already waived for Maine resident account holders, will be reduced from $50
to $25 for all other account holders. These changes will become effective during the 2nd Quarter of 2007.
Click here for more information.
02/01/2007
The 2007- 2008 Education Application for the Robert C. Byrd, Educators for Maine, Quality Child Care Scholarship, and Tuition Waiver Programs is now available.
Click here to access the 2007- 2008 Education Applications and Forms.
While the majority of funding for the State of Maine Grant Program comes from state appropriations, FAME also provides
grants through revenues generated by Maine’s College Savings Program, the NextGen College Investing Plan®.
During the calendar year 2006, you received a grant from FAME’s NextGen Scholarship account. Accordingly, you
were designated as a beneficiary on the account. As a result, you have received the 1099Q from Maine College
Savings Program. Click here for more information.
For more information and locations, go to www.collegegoalsundaymaine.com.
The Finance Authority of Maine (FAME) today reminded all students seeking financial aid for college of the
importance of filing the 2007-2008 Free Application for Federal Student Aid (FAFSA) form, and also invited all Maine
students and families to attend College Goal Sunday on January 28, 2007 for assistance in completing the form.
Click here for more information.
