Annual “At Work” awards bestowed virtually

Although FAME did not host its annual Showcase Maine event in person this year, it bestowed the annual “At Work for Maine” awards virtually. FAME presented the awards to business, lending, and higher education partners in order to recognize their meaningful contributions to the state. Video profiles of each of the honorees are posted on FAME’s website, as are recorded remarks by Governor Janet T. Mills, who was slated to give the keynote address had an in-person event occurred.

“Although we were unable to gather in person this year, FAME wishes to thank and recognize so many of our partners for their contributions to Maine’s economic and educational well-being,” said Carlos Mello, FAME’s Acting Chief Executive Officer. “We are pleased to honor these select partners who help to make Maine’s economic and educational futures brighter, especially during these challenging times.”

In her recorded message, Governor Mills stated: “Organizations like FAME, which are able to make education more affordable, able to make good-paying jobs available, and able to support local businesses, are more important now than ever before.” The Governor congratulated the various award winners in addition to FAME: “On behalf of all Maine people I want to thank the staff and board of directors of FAME . . . for all your hard work.”

This year’s awards recipients include: 

• Business at Work for Maine Award: Arctaris Impact Investors, LLC: In recognition of their efforts at resuming operations at Saddleback Mountain and benefitting area businesses and the local economy, FAME is recognizing Arctaris Impact Investors, LLC (Arctaris). Saddleback Mountain reopened in December 2020 thanks in large part to Arctaris, an impact investment firm, and multiple state and local financing agencies, including FAME. The mountain enjoyed a successful first year of resumed operations and has made significant improvements to the ski lifts and the lodge. The resort also has extended area hiking trails and added new mountain bike terrain trails, as well.

• Education at Work for Maine Award: Awarded jointly to Rosa Redonnett, Associate Vice Chancellor for Student Success and Credential Attainment, University of Maine System and Janet Sortor, Vice President and Chief Academic Officer, Maine Community College System: Chosen in recognition of their shared vision and commitment to working collaboratively to support Maine students transforming their lives through education, Rosa and Janet have been motivated by a deep belief in the power of education to transform lives. The pair has partnered for decades working tirelessly to reduce barriers to higher education and help countless students succeed. Their shared vision and their commitment to working collaboratively in the best interests of students has led to far more seamless academic pathways between Maine’s community colleges and universities, among many other accomplishments.

• Lender at Work for Maine Award ($1.5 billion or more in assets): Farm Credit East: In recognition of their outstanding commitment to providing credit and other services to Maine’s agricultural and related industries, FAME is recognizing Farm Credit East as its top lending partner of 2021 in the category of lenders with $1.5 billion or more in assets. Over the past fiscal year, Farm Credit East partnered with FAME on thirty-eight loans totaling approximately $9.2 million. This in turn helped to create and retain 131 Maine jobs.

• Lender at Work for Maine Award (less than $1.5 billion in assets): Skowhegan Savings: FAME is honoring Skowhegan Savings in recognition of their outstanding commitment to making Maine’s communities better places in which to live and work. They were the top lending partner of FAME’s in the category of lenders with less than $1.5 billion in assets. Over the past year, Skowhegan Savings partnered with FAME on thirteen loans totaling approximately $3.9 million. This in turn helped to create and retain seventy-seven Maine jobs. Examples of businesses FAME assisted in partnership with Skowhegan Savings include: Bell Holdings; FHF Realty; MooMoo’s Playcare Center; Northern Lights Maine; and Ranger Contracting.

• Lender at Work for Maine Award (most increased partnership): Bath Savings: In recognition of their increased partnership with FAME and commitment to Maine people and businesses through innovative financial solutions and community engagement, FAME is pleased to recognize Bath Savings this year. Over the past year, Bath Savings partnered with FAME on four loans totaling approximately $2.5 million. This in turn helped to create and retain 128 Maine jobs. Examples of businesses assisted in partnership with Bath Savings: Oxbow Brewing Co; Ray Labbe & Sons Contractors; and Windham Pie.

• Dirigo Lifetime Achievement Award #1: John Burns, longtime Managing Director, Maine Venture Fund: In recognition of his many years of dedicated service at Maine Venture Fund supporting dynamic Maine businesses that have the potential for significant growth and impact, John is honored with a Dirigo Lifetime Achievement Award. John has led Maine Venture Fund for twenty years, growing it from a small, unknown quasi-governmental organization mandated with investing in early-stage Maine companies to a cornerstone of the state’s innovation ecosystem. To date, Maine Venture Fund has invested in approximately eighty-one companies and experienced several successful exits.

• Dirigo Lifetime Achievement Award #2: Steve Levesque, Executive Director, Midcoast Regional Redevelopment Authority (MRRA): In recognition of his many years of dedicated service to successful economic development in Maine, both at the Midcoast Regional Redevelopment Authority (MRRA) and as former Commissioner of the Maine Department of Economic and Community Development, FAME is pleased to honor Steve with a Dirigo Lifetime Achievement Award. Steve has been MRRA’s only Executive Director since its formation in 2008. MRRA has met or exceeded all of its original goals and objectives and is nationally recognized for being one of the most successful base re-use initiatives. Steve’s professional career has spanned over forty-one years in both the private and public sectors in the areas of economic and community development, land use planning, and environmental services. FAME has helped to finance some of the companies located at Brunswick Landing, including SaviLinx, Molynlycke, and Blue Dog Daycare. FAME also has supported the students at the campuses of University of Maine System and Maine Community College System located there.

In recognition of October as Financial Planning Month and to strengthen financial capability in Maine, the Finance Authority of Maine (FAME) has once again partnered with the Consumer Financial Protection Bureau (CFPB) to offer Invest in ME Reads, a program to support family financial education by empowering families to engage in conversations about future goals, saving money, and the value of choice.

Unlike many financial education programs that focus on high school students, Invest in ME Reads engages children early in elementary school to help them begin to learn about money and financial decision making. FAME launched the program in 2020 to serve all Maine second graders and this year has expanded it to provide free resources to all public second and third grade students.

Through the Invest in ME Reads program, students will receive from FAME a collection of educational resources, including free books and bookmarks that encourage saving, giving, and delayed gratification. Families will also be given materials to use at home, including a parent guide, information to help kick-start their focus on college savings, and special content to encourage them to visit InvestinMeReads.com, an interactive web page with fun activities and resources for students and their families.

“The Invest in ME program has become a yearly event here at the Etna-Dixmont School”, said Jane York, who serves as Principal of the school. “Our second grade students and teachers have enjoyed reading the book, having a virtual visit with the author, Maribeth Boelts, and discussing the importance of friendship, caring, and helping others. The financial information for the parents has sparked conversations about saving, needs and wants and also giving back. It is a great program and we are thrilled that the third grade was included this year. The experience they had with the book and the parent connection last year has now been reaffirmed. Thank you for this wonderful program.”

The program helps to support Maine’s statewide goal to produce an educated and skilled workforce. For many Mainers, a lack of financial capability can be a significant barrier to pursuing education and training after high school, which in turn can have an impact on an individual’s ability to seek employment and, ultimately, the strength of Maine’s economy.

“At FAME, we recognize that financial capability is a key ingredient for lifelong success and we want to do our part by providing resources that will support financial education – even as early as elementary school,” said FAME Director of Education Martha Johnston. “Schools across Maine have embraced the program and we look forward this year to expanding the program to reach both second and third grade students and their families.”

In November, FAME will offer a virtual reading featuring one of the books, Those Shoes, read by the author Maribeth Boelts. One elementary school will be chosen to bring Maribeth into their classroom for a special virtual visit. “A child’s financial education can begin simply­ through families, teachers, and caregivers sharing a story and engaging in conversation,” said Boelts. “I am so honored that my book is a part of the Invest in ME Reads Program and is included among the many helpful and rich resources provided on FAME’s website.”

For more information about how FAME can support your family’s financial goals, please visit the Invest in ME Reads website.

To better serve Maine lenders and businesses, loan insurance up to $1.5 million now faster and easier to process

The Finance Authority of Maine (FAME) recently doubled the limit on applying for commercial loan insurance through the online answer (OLA) process. The online answer process allows a lender to apply and receive an immediate answer. The limit was previously up to $750,000 for commercial loan insurance.  The new limit allows lenders to easily and quickly submit applications for commercial loan insurance up to $1.5 million.

“We are committed to Maine business successes,” said Carlos Mello, FAME’s acting CEO. “We routinely ask our lender partners how we can better serve Maine businesses. They asked us to increase OLA limits to help more businesses faster, so we made the change.”

Using OnLine Answer (OLA), which is a secure web application, lenders can apply for commercial loan insurance online by entering a limited amount of data to receive a decision in seconds. OLA is provided by FAME to financial institutions that have signed both the master Loan Insurance Agreement and the Addendum to Loan Insurance Agreement with FAME. For commercial loan insurance (CLI) over $1.5 million, FAME provides a traditional application process.

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Full-time awards increased to $2,500; part-time awards increased to $1,250

Good news on three fronts for Maine students planning to attend college this fall: Maine State Grant funds remain available and awards have been increased! Also, for students who missed the Maine State Grant filing deadline of May 1, the Finance Authority of Maine (FAME) has extended the deadline for this academic year.

Thanks to a $10 million increase in funding from the Legislature and the Governor this past session, the Maine State Grant award has increased from $1,500 to $2,500 for full-time students and from $750 to $1,250 for half- or three-quarter time students.

Students should immediately file the 2021-2022 Free Application for Federal Student Aid (FAFSA) to apply as grant funds are limited and will be awarded on a first-come, first-served basis.

The deadline extension includes adult learners returning to school. The action is being taken in light of the continuing pandemic and the uncertainty that continues to exist.

“We know there is uncertainty surrounding some students’ enrollment plans for this year, but we don’t want individuals who are thinking of pursuing education or training to miss out on this opportunity. Interested students should file their 2021-2022 FAFSA as soon as possible to determine their eligibility for the Maine State Grant and other financial aid funds, including Federal Pell Grants. Knowing what funding is available will help students finalize their plans to attend college this year,” stated Carlos Mello, Acting FAME CEO.

The Maine State Grant Program is the state’s undergraduate grant program. It is funded largely through state appropriations. The grant is awarded annually to approximately 12,500 Maine students. Students are considered for the grant simply by filing the FAFSA.

At their July 15, 2021 meeting, the board of directors of the Finance Authority of Maine (FAME) approved state new markets tax credit financing to benefit MedRhythms, Inc., a digital therapeutics company located in Portland. The board also approved bond financing for Vertical Harvest, L3C, a company planning to operate a vertical hydroponic greenhouse in Westbrook.

The board approved the issuance of tax credit certificates related to approximately $2,818,690 in investments through the Maine New Markets Capital Investment Program to assist MedRhythms, Inc. with financing the costs of developing and executing a commercialization strategy for a stroke rehabilitation digital therapeutic device, as well as additional R & D expenses. The certificates authorize the issuance by the state of approximately $1.1 million in tax credits through the program.

“We are pleased to support MedRhythms’ plans to advance their digital therapeutic for stroke rehabilitation, as well as additional research and development,” stated David Daigler, Chair of the FAME Board. “Digital therapeutics are a cutting-edge field that can help to improve the everyday lives of Mainers and other patients who will benefit from the company’s technology.”

“Digital therapeutics are the future of healthcare, and we appreciate the support of FAME. We are eager to advance our pipeline of prescription digital therapeutics targeting rehabilitation and prevention in areas of neurologic injury and disease,” said Brian Harris, CEO and Founder of MedRhythms, Inc.

MedRhythms, Inc. is a digital therapeutics company that uses sensors, music, and software to build evidence-based, neurologic interventions to measure and improve walking. The company, which currently employs eighteen individuals, with thirteen full-time employees in Maine, hopes to triple its workforce in the next few years.

The board approved the Certification Applications of Advantage Capital Community Development Fund XXXIII, LLC (ACC) and Midwest Community Development Fund XIII, LLC (MCD), both affiliates of Advantage Capital Community Fund, LLC. They relate to a $1,326,441.90 Qualified Equity Investment to be used for a Qualified Low Income Community Investment (QLICI) by MCD, and to a $1,492,248 Qualified Equity Investment to be used for a QLICI by ACC, in MedRythms, Inc.

The transactions involve investment proceeds to be used for prospective costs only, and no more refinancing of prior costs than permitted by rule. The transactions do not involve any “one-day” loans.

FAME administers the Maine New Markets Capital Investment Program in cooperation with Maine Revenue Services. The program is designed to attract investment in economically distressed areas of the state. It allows eligible investors to claim tax credits against state taxes in amounts up to 39 percent of a project’s total cost. The maximum aggregate amount of tax credit investment authority is set forth at $250 million, which equates to approximately $100 million of tax credits, of which after today approximately $550,000 in credits remains.

Also at the July meeting, the board approved up to $45 million in conduit bond financing for Vertical Harvest, L3C, a company formed to build, equip and operate a vertical hydroponic greenhouse in Westbrook. The company plans to produce over one million pounds of produce annually to sell to local consumers.

FAME’s funds will be used by the company to finance a portion of the construction costs to build the facility, including the acquisition of equipment, materials, and other eligible costs of the business. The project ultimately is expected to create approximately fifty full and part-time jobs at the company, many of which are expected to be performed by individuals with disabilities. The project is part of a larger master-planned development that is expected to include affordable housing and parking in downtown Westbrook.

“We appreciate FAME’s support for the agricultural component of this project,” stated Greg Day, President of TDB, LLC, developer of the project. “This master-planned program establishes a compelling business model for food production in an urban core that our firm is expanding to other communities throughout New England and the nation.”

FAME’s utilization of tax-exempt private activity bonds has helped to create and retain thousands of Maine jobs over the past five years alone. Such bonding, commonly referred to as “conduit bonds” due to their pass-through nature, are authorized by the Internal Revenue Code in order to stimulate economic development in certain targeted industries. The projects financed in recent years range from not-for-profit health and higher education projects to solid waste improvements, public infrastructure, and manufacturing.

FAME’s Revenue Obligations Securities Program provides tax-exempt bond financing to eligible borrowers without any recourse or obligation on the part of the state. The bonds carry no liability or credit enhancement on the part of FAME or the state. FAME acts as a conduit for borrowers in order to allow them to access favorable interest rates and to help stimulate the economy and create and retain Maine jobs. Because this project will treat wastewater as an exempt facility, all or a portion of the bonds will be eligible for tax-exempt treatment under federal tax law.

Maine State Grant money still available!

Good news for students who missed the 2021-2022 Maine State Grant filing deadline of May 1: the Finance Authority of Maine (FAME) has extended the deadline for this academic year only. Students should immediately file the 2021-2022 Free Application for Federal Student Aid (FAFSA) to apply, however, as grant funds are limited and will be awarded on a first-come, first-served basis.

The deadline extension includes adult learners returning to school. The action is being taken in light of the continuing pandemic and the uncertainty surrounding some students’ plans for enrolling in the fall.

“We are taking this step in order to help as many students as possible who may have missed the May 1 deadline due to the uncertainty of their plans caused by the pandemic,” stated Carlos Mello, Acting FAME CEO. “This extension includes adult learners who may find themselves wishing to return to school, as well.”

The Maine State Grant Program is the state’s need-based undergraduate grant program. It is funded largely through state appropriations. The grant is awarded annually to approximately 12,500 Maine students. Students are considered for the grant simply by filing the FAFSA. Award levels for academic year 2021-22 are $1,500 for full-time enrollment at Maine institutions (public and private) and $750 for part-time enrollment. The grant may be used at eligible Maine institutions of higher education or in association with New England Board of Higher Education (NEBHE) Tuition Break Programs at eligible New England institutions.

Interested students are encouraged to file their 2021-2022 FAFSA as soon as possible as funds are limited.

“The grant is an essential piece of the financial aid package for many students and families, and we are pleased to make awards available to students who are still considering college. Extending the deadline for filing a FAFSA presents a good opportunity for those students to get financial aid and enroll now,” stated David Daigler, President of the Maine Community College System and Chair of the FAME Board of Directors. “We understand that many Maine families are facing significant challenges during the pandemic and the additional time will help them to afford and attend college.”

University of Maine System Chancellor Dannel P. Malloy added: “Making sure you are eligible for as many grants and scholarships as possible is the smartest decision an incoming student or returning adult learner can make. We have been working all year to keep Mainers on track for college. There is still time for students planning to attend one of our University of Maine System universities to file the FAFSA and qualify for a Maine State Grant award to cover college and reduce future student debt.”

A study undertaken by FAME in 2016 found that Maine State Grant recipients had higher rates of degree completion than did their peers in Maine and in the nation. Students who receive the Maine State Grant to attend a four-year college complete their degree at a rate of 61% compared to an overall state completion average of approximately 48%.

“Thomas College is absolutely thrilled that FAME will be extending the eligibility timeframe for the Maine State Grant during this extraordinarily difficult year. As many in Higher Education know, FAFSA filing for the state of Maine is down this year, though less than nationally, due to the upheaval and stress of the pandemic. Since the FAFSA filing is a prerequisite for receiving this very important financial support, extending the eligibility timeframe is a critically important step towards ensuring that our shared goal of making the dream of a college degree a reality for all Maine students is met,” said Thomas College President Laurie Lachance.

Two years ago, additional Maine State Grant funding for adult learners became available thanks to support from Governor Janet Mills and the Maine Legislature. This funding provides the opportunity for Maine adult learners to return to school and obtain the skills they seek and are needed to help address Maine’s workforce needs. This effort supports Maine’s statewide goal that by 2025, 60% of Mainers will hold a credential of value to support workforce needs.

FAME is a quasi-independent state agency that provides innovative financial solutions to help Maine citizens pursue businesses and educational opportunities. FAME helps to lead the creation of quality jobs for Maine citizens by working at the nexus of economic and workforce development. To learn more about FAME, please visit www.famemaine.com.

$135 million in bond financing to help fund resort in Piscataquis County

Biodiversity Research Institute also approved for financing

At their April 15, 2021 meeting, the board of directors of the Finance Authority of Maine (FAME) approved up to $135 million in conduit bond financing for Provident Group-Moosehead Lake L3C ( “Provident”). The funds will be used to finance a portion of the costs related to the acquisition, rehabilitation, design, construction and equipping of a resort located in Big Moose Township,Piscataquis County, including, but not limited to, the following: chairlift, surface lifts, base lodge and conference center with a connecting restaurant/pub, snowmaking system, Zip Tour system, hotel and restaurant, marina, trail system improvements, observatory, event center, ski area grooming equipment and maintenance garage. The project ultimately is expected to create approximately 380 full and part-time jobs in Piscataquis County.

FAME’s utilization of tax-exempt private activity bonds has helped to create and retain thousands of Maine jobs over the past five years alone. Such bonding, commonly referred to as “conduit bonds” due to their pass-through nature, are authorized by the Internal Revenue Code in order to stimulate economic development in certain targeted industries. The projects financed in recent years range from not-for-profit health and higher education projects to solid waste improvements, public infrastructure, and manufacturing.

The board determined the project, located near Greenville at the former Big Squaw Mountain ski resort, will make a significant contribution to the economic growth of the state by investing millions of dollars into the construction of the facility, and significantly increasing employment in the region, both from a construction standpoint and ongoing operations. This is expected to lead to significant employment tax revenue, as well as the benefit of down-stream spending in the region by those on the payroll, as well as tourists attracted to the Greenville area to visit the resort.

FAME’s Revenue Obligations Securities Program provides tax-exempt bond financing to eligible borrowers without any recourse or obligation on the part of the state. The bonds carry no liability or credit enhancement on the part of FAME or the state. FAME acts as a conduit for borrowers in order to allow them to access favorable interest rates and to help stimulate the economy and create and retain Maine jobs. Because this project will involve a recreational enterprise, the bonds will be eligible for tax-exempt treatment under federal tax law.

“We are pleased to provide support for Provident’s project in Piscataquis County,” stated David Daigler, chair of the FAME Board. “Plans for the re-birth of the now-dormant ski resort into a four-season recreation destination is promising news for the Greenville area, and we wish the developers the best of luck as they proceed with construction.”

“We deeply appreciate the support of FAME. We are eager to get to work to revitalize this once-popular ski mountain and to expand area offerings year-round so as to help stimulate continued economic development in the Greenville area,” stated Steve Hicks, Chairman & CEO of Provident Resources Group Inc.

In other action, the board approved up to $1,706,250 in conduit bond financing for the Biodiversity Research Institute, which is located in Portland. The Institute’s mission is to assess emerging threats to wildlife and ecosystems through collaborative research, and to use scientific findings to advance environmental awareness and inform decision-makers. The financing will allow the organization to purchase its current facility at 276 Canco Road in Portland. The transaction is expected to help the company with its planned growth and help it continue to employ at least thirty-three employees.

The Finance Authority of Maine (FAME) is a quasi-independent state agency that provides innovative financial solutions to help Maine citizens pursue business and educational opportunities. FAME helps to lead the creation of good paying jobs for Maine citizens by working at the nexus between economic and workforce development. To learn more about FAME, please visit www.FAMEmaine.com

Claim Your Future – financial education and career exploration like you’ve never seen it – now available nationwide!

With educators across the country seeking high-quality, engaging lesson plans for online learning, the creators of Claim Your Future (CYF) are making the career planning and financial education program available for FREE to students across the country. According to the Council for Economic Education, more than 1 in 6 students in the U.S. do not meet the baseline level of proficiency in financial literacy. CYF was designed to empower middle and high school students to explore the return on investment of various career pathways and financial decisions.

“There’s never been a more urgent need for programs like this,” said Mary Dyer, FAME Financial Education Officer, who led the creation of Claim Your Future. Originally designed as a teacher facilitated classroom kit with game wheels and worksheets, the program was expanded into an adaptable digital platform. Recently, the game was deployed with two enhanced editions – Middle School and Younger and High School and Beyond. To date, hundreds of thousands of students have played CYF in all 50 states and in 90 countries worldwide.

Dyer cited the increase in remote and hybrid classroom learning as one reason that educators, whom she described, as “desperately seeking online resources that are adaptable for all students, is turnkey, easy to execute, and engaging.” Dyer believes the success of CYF is attributable to the fact that it provides students with memorable, real-life lessons. CYF is adaptable and ideal for remote learning, hybrid classrooms, and independent lessons. It is exactly the tool that educators and students need, right now. Through the game, students learn life skills, and begin to understand the strong connection between the choices they make today and their opportunities in the future. They will also learn that higher education leads to more career options and higher-paying jobs.

The online version of CYF is available for use by anyone for FREE. Since April is National Financial Capability Month – educators and sponsors can order CYF Game Kits by May 31, 2021, and use the coupon code: APR100 to save $100 off the price of each game kit.

$85 million in bond financing to help fund start-up at former Madison paper mill in Somerset County

At yesterday’s monthly meeting, the board of directors of the Finance Authority of Maine (FAME) approved up to $85 million in conduit bond financing for GO Lab, Inc. The funds will be used to finance a portion of the construction costs to renovate the former Madison paper mill, purchase equipment, and other eligible costs of the business. The company plans to recycle wood fiber biomass to produce wood fiber-based building insulation products. The project is expected to create approximately 114 well-paying jobs in Somerset County.

FAME’s Revenue Obligations Securities Program provides tax-exempt bond financing to eligible borrowers without any recourse or obligation on the part of the state. The bonds carry no liability or credit enhancement on the part of FAME or the state. FAME acts as a conduit for borrowers in order to allow them to access favorable interest rates and to help stimulate the economy and create and retain Maine jobs. Because this project will involve both manufacturing and solid waste activities, the bonds will be eligible for tax-exempt treatment under federal tax law.

FAME’s utilization of tax-exempt private activity bonds has helped to create and retain thousands of Maine jobs over the past five years alone. Such bonding, commonly referred to as “conduit bonds” due to their relatively risk-free, pass-through nature, are authorized by the Internal Revenue Code in order to stimulate economic development in certain targeted industries. The projects financed in recent years range from not-for-profit health and higher education projects to solid waste improvements, public infrastructure, and manufacturing.

“We are pleased to provide additional support for GO Lab’s project in Madison,” stated David Daigler, chair of the FAME Board. “Finding new uses for wood fiber, including innovative building materials, has the potential of re-vitalizing the forest products industry in Maine and is a key recommendation of the state’s Ten-Year Economic Development Strategy.”

In addition to today’s bond financing, FAME has approved approximately $860,000 in Seed Capital Tax Credit financing for the company, as well as a FAME Direct Loan totaling $1,200,000, with FAME as lead lender at $500,000. Other partners in the loan include Coastal Enterprises Inc. (CEI) at $250,000, and Maine Technology Institute (MTI) at $200,000. Eastern Maine Development Corporation (EMDC) also has approved a $250,000 loan to round out the early-stage financing.

Other key Maine financing entities have partnered to provide critical financing needed to complete the purchase and begin the refurbishment of the now-vacant Madison mill, as well as to purchase the necessary production equipment and transport it to the United States from Germany. The Maine Rural Development Authority (MRDA) has approved $500,000 for the project, while the Town of Madison has authorized a $400,000 loan, which includes a Community Development Block Grant Program (CDBG) contribution through the DECD of $300,000, which will be used for engineering costs. Additionally, the Somerset Economic Development Corp. (SEDC) has authorized a $300,000 loan for the project.

“We are grateful for the continued support of FAME. GO Lab, Inc. plans to revitalize the Madison mill and provide approximately 114 well-paying jobs, which will help stimulate the local economy, the forest practices industry, and the state of Maine as a whole,” stated Dr. Joshua Henry, Go Lab, Inc. President.

Also at today’s board meeting, the board approved another three-month extension of FAME’s special COVID relief programs through June 30, 2021. In March of 2019, FAME announced that it would be partnering with local Maine lenders to offer special, limited-time loans and loan insurance for eligible Maine businesses affected by COVID-19. Since then, FAME has maintained close communication with its lending partners and business customers and received feedback regarding its product offerings, including suggestions on how to improve and expand them.

FAME and participating lenders have made special terms available to Maine-based businesses that have experienced interruption or hardship due to COVID-19. Benefits include: loans up to $50,000 offered at reduced interest rates; interest-only payments; up to 75% pro-rata loan insurance on loans up to $250,000; and refinancing of existing lender debt.

The FAME COVID-19 business response programs are outlined in greater detail at FAME’s website, www.FAMEmaine.com

“During this key period of transition as the Maine economy enters its recovery phase, FAME is pleased to extend our COVID-relief programs to enable us and our lending partners to meet the needs of Maine businesses as they prepare for the summer tourist season,” stated Carlos Mello, Acting CEO of FAME.

FAME Chief Risk Officer Carlos Mello to assume role of Acting CEO

FAME Chief Executive Officer Bruce Wagner recently announced his intention to retire on February 5, 2021. He will be replaced on an interim basis by FAME’s Chief Risk Officer, Carlos Mello. The FAME Board of Directors will begin an immediate, national search for his successor.

“On behalf of the people of Maine, I thank Bruce for his leadership of FAME and for his partnership, particularly in the development of the State’s Ten Year Strategic Economic Development Plan,” said Governor Mills. “I wish Bruce well in his future endeavors and I look forward to working with FAME’s Board of Directors to identify a potential successor for this important role.”

“We will miss Bruce and his leadership and wish him an enjoyable and well-deserved retirement,” stated David Daigler, chair of FAME’s board of directors and President of the Maine Community College System. “His contributions to FAME over the past seven years have been remarkable, and, as we seek a suitable successor to recommend to Governor Mills, we will seek to find someone capable of continuing his work while elevating the agency’s impact for the benefit of Maine people and businesses.”

Wagner’s contributions to the agency include leading FAME through two intensive strategic planning exercises; a focused approach to taking on financial risk for public benefit; and FAME being named one of Maine’s Best Places to Work for six years in a row. Additionally, Wagner led FAME’s efforts to improve customer satisfaction and grow the agency’s business and education offerings significantly.

Wagner helped to lead the Governor’s Ten-Year Economic Strategic Plan effort in partnership with DECD Commissioner Heather Johnson and, more recently, led FAME’s efforts to provide COVID relief to its customers, both commercial and education, such as loan deferrals, modified terms/interest rates, and other special programs.

FAME Chief Risk Officer Carlos Mello will begin transitioning to the role of Acting Chief Executive Officer immediately. Mello is a senior member of FAME’s management team and has been with the agency for the past eight years. He is a former president and chief executive officer of Prudential Bank and Trust, FSB, in Hartford, Connecticut; a certified financial planner; and holds a Bachelor of Science degree in accounting from Boston College.

The Governor is expected to name a permanent chief executive officer, subject to legislative confirmation, following a search process led by the FAME Board of Directors.

The Finance Authority of Maine (FAME) is a quasi-independent state agency that provides innovative financial solutions to help Maine citizens pursue business and educational opportunities. FAME helps to lead the creation of good paying jobs for Maine citizens by working at the nexus between economic and workforce development. To learn more about FAME, please visit www.famemaine.com.