History of the Finance Authority of Maine
The Finance Authority of Maine was established as Maine’s business finance agency in 1983, charged with supporting the start-up, expansion, and growth plans of Maine’s business community. The agency began working closely with Maine’s lending community to improve access to capital as well as to help fill gaps in the state’s capital delivery system.
To meet the financing needs of Maine’s business community, FAME offers a wide array of business assistance programs, ranging from traditional loan insurance programs for both small and larger businesses, to investment tax credits. FAME has also established taxable and tax-exempt bond financing programs that allow strong, creditworthy firms in Maine to access capital at favorable rates and terms.
In April of 1990, FAME’s mission was significantly expanded when the agency assumed responsibility for administering the state’s higher education finance programs. Through a variety of loan, grant, and scholarship programs, FAME helps Maine students and families meet the costs associated with higher education. To aid in this important effort, FAME also oversees an extensive outreach and counseling program that is designed to encourage young people to aspire to and pursue higher education. FAME is also the administrator for the state’s Section 529 Plan – the NextGen College Investing Plan®.
FAME is committed to innovative, flexible solutions that address the needs of Maine individuals and companies in a changing economic landscape. With a core competency in finance and a highly experienced staff, FAME is the place to turn to for resources that build success.