Projects expected to benefit area businesses and families and help spur economic development

AUGUSTA — At its monthly meeting held remotely on December 17, the board of directors of the Finance Authority of Maine (FAME) approved up to $1.9 million in loan insurance and a $1 million direct loan to help support increased access to broadband in the cities of Belfast and South Portland.

The board approved a request by Arctaris Impact Fund, LP & Arctaris Opportunity Zone Fund, LLC (Arctaris) for 20% leveraged loan insurance on $9.5 million of funding to construct dark fiber networks in South Portland and Belfast. Arctaris Broadband Company, LLC (ABC,) a related entity, will act as the distribution agent and lessor owning the network. Biddeford Internet Corporation, d/b/a GWI, will serve as lessee and build and operate the fiber network in both cities. A $1 million FAME Direct Loan was approved as well, and will be used for post-construction capital expenditures and working capital.

FAME’s financing is expected to benefit numerous businesses and homes in both cities, including low-income families. The action is expected to help retain a total of 51 Maine jobs at GWI and have additional positive impacts on indirect job growth in the areas as projects progress and businesses grow.

Communities with good communications infrastructure are attractive to current and future residents and businesses. Residents with good broadband access enjoy employment opportunities through telecommuting and Cloud-remote offices. They have more educational opportunities through distance learning, and telehealth allows for better and less expensive healthcare access. Remote monitoring promotes “aging in place,” permitting the elderly to remain in their homes longer, as well. There are growing needs for bandwidth on a daily basis. Gigabit fiber infrastructure plays a vital role in addressing these challenges for the long-term.

“High-speed internet access is more important than ever these days, with so many households working and learning from home. Financing this important project will make a huge difference to workers and residents in Belfast and South Portland who will be able to tap into much-needed broadband,” said David Daigler, FAME Board chair. “FAME is pleased to be part of the solution as Maine moves to improve broadband access statewide. The need for this technology will only increase in the future as our economy recovers.”

FAME was provided with information, letters of support, and public testimony from city officials from Belfast and South Portland, as well as ConnectMaine. ConnectMaine is the state’s broadband authority charged with expanding not only broadband connections but also citizen use and understanding of the value of a high-quality broadband connection.

“This is a great project for Maine,” stated Peggy Schaffer, executive director of the ConnectMaine Authority, who submitted a letter of support for the financing. “It will help to connect neighborhoods in Belfast and South Portland with faster, more affordable broadband connections. GWI is making a commitment to ensure that residents can afford this economic tool.”

The expected public benefits of the projects relate to improving the quality and consistent internet accessibility in Belfast and South Portland. Belfast’s city manager spoke of the need for improved access in that city and noted how many residents park in front of city hall and the municipal library in order to obtain access to the internet. 

Belfast City Manager Erin Herbig stated: “It cannot be stressed enough what a tremendous impact this investment will have on students, families, and businesses in our community. Thank you to FAME, Arctaris, and GWI for investing in the public benefit this project will provide to rural Maine!”

Belfast City Councilor Mary Mortier, who spearheaded the city’s broadband efforts for the past eight years and is a member of the local broadband committee, stated: “Our economic development and future success as a thriving small city depend on this absolutely-needed infrastructure of the 21st Century. During this especially challenging time of COVID-19, it’s exciting to learn there is light in our future and it will be delivered by fiber-optics to our homes and businesses.” 

Despite being Maine’s fourth-largest city, South Portland still has areas lacking basic broadband access. One such area is Redbank, which contains low-income and minority, immigrant populations lacking access to quality broadband.

Increasing access to quality, high-speed, affordable broadband is a central goal of the state’s and is discussed at length in recent reports and recommendations included in the Governor’s Ten-Year Strategic Economic Development Plan; the recommendations made by the Governor’s Economic Recovery Committee; as well as the state’s Broadband Action Plan.

Heather Johnson, Commissioner of the Maine Department of Economic and Community Development and a FAME board member, stated: “Access to faster, affordable broadband is key not only to Maine’s short-term economic recovery but also to our long-term economic growth. This project has strong public benefit elements to it.”

Kerem Durdag, President and COO of GWI, commented: “As a B Corp certified fiber-optic broadband internet provider, our focused commitment is to bring choice, affordability, and access to all citizens of Maine. We sincerely thank FAME, Arctaris, the City of Belfast, and the City of South Portland for their input as we press on with all our stakeholders to execute this project.”

FAME’s Commercial Loan Insurance Program insures a portion of a loan to a business made by a participating financial institution or investment firm. For a business, it may mean the difference between obtaining a loan or never getting the opportunity to start a business. 

FAME’s Direct Loan program provides subordinate or gap financing to businesses affected by their current economic situation. This program helps new or existing businesses with flexible gap financing directly from FAME.

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

Arctaris Impact Investors, LP, is an Impact Investment fund manager providing capital to profitable, growth-oriented businesses in underserved regions throughout the United States, with emphasis on inner cities and targeted rural communities. Launched in 2009 and headquartered in Boston, Arctaris has partnered with state government agencies and the U.S. Treasury Department to form fund programs with primary emphasis on economic development and jobs creation. 

GWI: A Maine-owned and operated company since 1994, GWI is a fiber-optic broadband internet service provider headquartered in Biddeford, Maine, that provides residential and business services to customers throughout Maine. The company is committed to providing its customers with the fastest, most reliable internet services available and to protect open access, data privacy, and net neutrality. It is the first B Corporation-certified telecommunications carrier in the United States.

FAME HONORS MAINE BUSINESSES, EDUCATORS, AND LENDERS

Awards Bestowed Virtually in Lieu of Annual Dinner Celebration

Although unable to gather in person over dinner with its diverse partners this year, the Finance Authority of Maine (FAME) nonetheless is honoring its annual awardees in virtual fashion and celebrating its 2020 successful business and educational partnerships.

Showcase Maine, FAME’s annual celebration of its successful partnerships with Maine’s business, lending, governmental, and higher education communities, was cancelled this year due to health and safety concerns related to the pandemic; however, FAME has bestowed awards on some of its partners to recognize their meaningful contributions to the state. The FAME Board and staff recognized this year’s recipients via Zoom technology at today’s monthly board meeting.

“Although we are unable to gather in person this year, FAME nonetheless believes it is vitally important to honor our partners and provide an alternative means to recognize their contributions to Maine’s economic and educational well-being,” said Bruce Wagner, FAME’s Chief Executive Officer. “We are pleased to honor our partners who help to make Maine’s economic and educational futures brighter, especially during these challenging times.”

At today’s FAME Board meeting, FAME presented the awards virtually and enjoyed remarks by officials representing each of the awardees. This year’s award recipients include:

• Business at Work for Maine Award:Origin: Origin is being honored for helping to return manufacturing to Maine by revitalizing old textile mill equipment and manufacturing processes. The company manufactures products for Brazilian Jiu Jitsu, MMA, Grappling and Lifestyle athletes. To accommodate the company’s growth, Origin acquired a new manufacturing space in the heart of Farmington in 2017 with the help of FAME loan insurance and financing through Franklin Savings Bank. The company has continued to expand its product lines into more mainstream apparel including denim jeans and leather boot manufacturing. Origin’s Nutritional Division continues to expand its supplement and energy drink business operations, which is experiencing rapid growth. Origin is planning to make real estate improvements at an additional location in North Jay, where the company will add manufacturing and warehouse space for its operations. The Origin companies now employ more than eighty people in the Farmington area. They were recently recognized on the Inc. 5000 list (number 362) as one of the nation’s fastest growing private companies. Origin continues to grow at a rapid pace and has built a national and international following.
• Education at Work for Maine Award: University of Maine Pulp & Paper Foundation: The University of Maine Pulp & Paper Foundation is being honored for playing an integral role in the transformation and revitalization of the Maine forest products industry. The Foundation helps to create world-class engineers who will become the next great leaders in the industry, while introducing top-notch talent to industry leaders who are looking to hire them. The recent growth of student scholarships, now offering 130 annually to engineering students at the University of Maine who express an interest in pursuing a career in the pulp and paper industry, and the solid support of companies in this space, have created a dynamic and growing organization. Within the next four years, 150 scholarships will be offered annually with the support of nearly seventy corporate sponsors and many more individual donors both in Maine and beyond. The Foundation acts as “matchmaker” between students and employers, as well. This is done throughout the student’s academic career, but most notably at the annual “Paper Days” networking event that now hosts over 350 guests including students, university faculty and staff, government officials, and corporate partners from locations nationwide and globally. Students are required to complete two semesters of paid co-op or internship, where they earn $20-25/hour and build on the skills learned in the classroom. They do so while still graduating in just four years. The Foundation also offers “Consider Engineering”, a four-day immersive residential summer program on the UMaine campus, to introduce high school juniors to engineering annually.  This program is offered free of charge to all students thanks to the financial support of the Foundation’s donors and corporate supporters.
• Lender at Work for Maine Award ($1.5 billion or more in assets): Camden National Bank: This is the bank’s eleventh time as an awardee. Over the past year, Camden National partnered with FAME on 30 loans totaling approximately $3.8 million. This in turn helped to create and retain 408 Maine jobs. In addition to being a top partner in stimulating economic development in Maine, Camden National is actively committed to the communities in which it operates. Founded in 1875, the bank encourages employee volunteerism and makes donations to local nonprofits.
• Lender at Work for Maine Award (less than $1.5 billion in assets): Norway Savings Bank: Founded in 1866, Norway Savings Bank has been supporting generations of Maine families and business owners live unique lives. With locations throughout Maine, the bank fosters a culture of giving by encouraging its employees to find ways to contribute to their communities. Each year an employee is honored with the Extra Mile Award for going above and beyond in their volunteer achievements. This past year, FAME partnered with Norway Savings on 26 loans to Maine companies totaling approximately $2.8 million. This helped to create and retain 279 Maine jobs.
• Lender at Work for Maine Award (most increased partnership): Franklin Savings Bank: A community bank based in Farmington, Franklin Savings conducts business primarily in Western and Central Maine with commercial services offered in Ellsworth. In addition to its main office in Farmington, the bank has branches in Rumford, Rangeley, Skowhegan, Jay, Wilton and Mt. Blue Campus. FAME partnered this year with Franklin Savings on 13 loans totaling approximately $2.1 million. This helped to create and retain 152 Maine jobs. Franklin Savings is being recognized for its increased partnership with FAME this past year utilizing the agency’s commercial loan insurance program. Through its FSB Community Development Foundation, the bank takes pride in its generous support of various causes in the community.

FAME is a quasi-independent state agency that provides financial solutions that help Maine people achieve their business and higher education goals. FAME helps to create a Maine workforce that with good-paying jobs by focusing on the nexus of economic and educational development. FAME recently was recognized for the sixth year in a row as one of the Best Places to Work in Maine. To learn more about FAME, please visit www.famemaine.com.

UMaine Students Papermaking in Lab

Origin Team

Also elects new board officers for 2020-2021

AUGUSTA — At its remote meeting held on November 19, the board of directors of the Finance Authority of Maine (FAME) approved state new markets tax credit financing to benefit Arctaris Saddleback Company, LLC (“Arctaris”), the owner/operator of the Saddleback Ski Resort in Rangeley.

The board approved the issuance of a tax credit certificate related to $1,492,247 in investments through the Maine New Markets Capital Investment Program to help with financing the costs of capital improvements, construction, equipment procurement, and other related improvements at the ski resort. The certificate authorizes the issuance by the state of $581,976 in tax credits through the program.

The board also elected board officers for the year-long period running from now until November of 2021. Officers elected include: David Daigler, chair; Richard Trafton, Esq., vice chair; and Dustin Brooks, Treasurer. Daigler is the President of the Maine Community College System; Trafton is a partner with the law firm of Trafton, Matzen, Belleau & Frenette in Auburn. Brooks is the Assistant Vice President of Global Marketing at Unum, where he leads the market strategy function.

The board approved the Certification Application of PACESETTER CDE XL, LLC (“Pacesetter”) related to a $1,492,247.13 Qualified Equity Investment to be made by ARCTARIS IMPACT FUND, LP in Pacesetter, which will in turn be used by Pacesetter for a Qualified Low Income Community Investment of approximately $1,372,867 in Arctaris Saddleback Equipment Company, LLC or an affiliate thereof under the Maine New Markets Capital Investment Program. This is the second new markets investment by Arctaris Impact Fund, LP and Pacesetter in the Saddleback project. A prior investment totaling $1,326,441.90 was approved by the FAME Board at their March 2020 meeting.

FAME previously approved in January 2020 leveraged loan insurance of 17% (or $2.5 million) on a $14.1 million loan by Arctaris Impact Investors, LP to Arctaris, as well as a $1 million FAME Direct loan to Arctaris. In December of 2019, the Maine Rural Development Authority (MRDA) approved a $1 million loan to Arctaris Saddleback Company, LLC, as well.

FAME has administered the Maine New Markets Capital Investment Program since the Legislature created it in 2011. It does so 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.

“FAME is pleased to help with additional financing for this important project, which will help Saddleback pay for the costs of equipment and construction associated with reopening and operating this season,” stated Dave Daigler, FAME Board chair. “We are happy to help re-start this beloved Maine ski mountain and to help stimulate year-round economic development in Rangeley and Western Maine.”

In addition to helping Arctaris purchase the mountain and resume operations at the ski resort, FAME’s financing is expected to benefit area business and help stimulate the local economy and increase tax revenues. The action is expected to help create seventy-one full-time jobs and one-hundred and thirty-four seasonal ones. Skiing at the mountain had been dormant for the past five seasons, but is resuming this season.

Saddleback Mountain offers a 2,000-foot vertical drop and is one of seven New England mountains with a top-lift elevation of over 4,000 feet. In terms of number of trails, Saddleback is the third-largest ski mountain in Maine and is first of the three mountains in Maine with over 2,000 feet of vertical drop. There are presently three ski lifts and sixty-six trails on Saddleback. The mountain also has a highly regarded seven-acre terrain park, with plans to expand to over twenty acres by the 2020-2021 season.

Saddleback is in the process of making a number of improvements as part of their reopening plan, including construction of a new base lodge; the purchase and installation of a high-speed detachable quad lift; expanded snowmaking; a new grooming fleet; and increased four-season destination programs for weddings and summer outdoor recreations. Additional improvements are planned over the next several years.

“We remain grateful for the ongoing support of FAME. We are looking forward to Saddleback’s grand opening in mid-December and a great season of skiing and other recreation year-round,” stated Uche Osuji, Managing Director at Arctaris Impact Investors, LP.

Plans to open Saddleback have been a group effort. Arctaris has raised approximately $2 million in private donations from condominium owners, philanthropists, and the community at large.

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

Arctaris Impact Investors, LP, is an Impact Investment fund manager providing capital to profitable, growth-oriented businesses in underserved regions throughout the United States, with emphasis on inner cities and targeted rural communities. Launched in 2009 and headquartered in Boston, Arctaris has partnered with state government agencies and the U.S. Treasury Department to form fund programs with primary emphasis on economic development and jobs creation.

Windham-based Anania & Associates acquires Jones & Vining manufacturing plant in Lewiston and relaunches it as Polymer Laboratories and Solutions LLC

The Finance Authority of Maine (FAME) recently approved a $500,000 FAME Direct Loan to help facilitate the purchase of the business assets and commercial real estate of the Lewiston division of Jones & Vining. The action will help to create and retain a total of thirty-nine Maine jobs. The 88,000-square-foot plant is located at 765 Webster St. in Lewiston. Operations have been rebranded Polymer Laboratories and Solutions LLC, d/b/a Poly Labs.

In late July of 2020, Jones & Vining notified its customers that it would be closing its Lewiston facility effective September 30, 2020. The closure was reportedly due to recent reduced production activity caused by the COVID-19 pandemic and the closure of some of the company’s customers. An investment group spearheaded by Windham-based Anania & Associates, Polymer Laboratories & Solutions, LLC, will purchase and operate the facility, thereby avoiding company closure and job layoffs, and also allowing the hiring of additional employees.

The deal was made in partnership with FAME, the city of Lewiston’s economic and community development office, individual investors, company management, and several customers, including audio equipment maker Bose Corp. and manufacturer H.F. Staples.

The new company, Poly Labs, will continue to produce self-skinning, flexible, viscoelastic polyurethane foam products and injection-molded thermoplastic rubber (TPR), thermoplastic elastomer (TPE), and thermoplastic urethane (TPU) products for application in sporting equipment, safety equipment, shoes, and medical devices for commercial, individual consumer, and military use.

FAME’s Direct Loan Program provides subordinate or gap financing to businesses affected by their current economic situation. This program helps new or existing business with flexible gap financing directly from FAME.

“This deal squarely satisfies FAME’s mission, especially during a pandemic, of taking increased risk for public benefit in order to save and grow quality Maine jobs,” stated Bruce Wagner, FAME Chief Executive Officer. “In the absence of this transaction, important Lewiston manufacturing jobs could have been lost and the company shuttered. We are pleased to play a role in supporting Maine’s manufacturing industry and the continuation of a company that is producing high-tech products with growth potential.”

“Polymer Labs is grateful for FAME’s support. This financing will enable us to acquire Jones & Vining’s Lewiston facility and keep business operations up and running. We see great potential for retaining existing customers and growing the business, and also for retaining and hopefully expanding the existing workforce that would have been eliminated as a result of the planned closure,” stated Peter Anania, President of Anania & Associates.

Jones & Vining, a family-owned company headquartered in Brockton, Massachusetts, was established in 1930 as a manufacturer of component parts and tooling for the footwear industry. It opened its Lewiston plant in 1985 and added an industrial division to offer foam parts to other industries, including construction/building materials, consumer electronics, medical, furniture and sporting goods.

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

Maine is an even better place to live and work, thanks to the Harold Alfond Foundation

The Harold Alfond Foundation and the Finance Authority of Maine (FAME) are once again seeking applications for student loan debt relief for Maine residents who are employed by a Maine-based business in the STEM-related fields of science, technology, engineering, and math. Applications are now being accepted through November 15, 2020. The Alfond Leaders program assists Maine employers in attracting and retaining talented STEM professionals by providing student loan debt relief of up to $60,000 per recipient.

The Harold Alfond Foundation recently invested $500 million in making Maine a great place to live, work, and learn. The Alfond Leaders is just one more example of the Foundation’s ongoing investment in the effort to attract and retain qualified STEM workers for Maine’s future.

An applicant must have a higher education degree or certificate, or be graduating by May 31, 2021 in order to apply during this current application collection period.

Applicants will be recruited from across the nation, and current Maine residents are eligible and encouraged to apply.

An Alfond Leaders Advisory Committee assists in the selection of applicants and recommends candidates. Applicants can apply by visiting AlfondLeaders.org.

Who is eligible?

• Maine residents or persons who will become Maine residents upon being hired by a Maine-based employer;
• A person employed, or who will be employed, by a Maine-based employer in a designated STEM occupation;
• An applicant must have a higher education degree or certificate or be graduating by May 31, 2021 to apply in this current application cycle (September 15, 2020 – November 15, 2020)

• An applicant must have outstanding student loan debt;
• Candidates must submit an application, including a written essay, an official college transcript and resume, a statement of intent to live and work in Maine for six years; an employment certification by a Maine-based employer; and disclosure of the amount, source, and terms of the student loan indebtedness.
• Those selected to become Alfond Leaders will receive debt reduction payments made on their behalf, paid in two disbursements after three and six years respectively, of qualifying employment.

To learn more about the program or to apply, please visit: AlfondLeaders.org

155 Alfond Leaders currently employed at 92 Maine companies

Abbott Laboratories
Bachmann Industries, Inc
Baker Design Consultants
BerryDunn
Bigelow Laboratory for Ocean Sciences
Blackhawk Network
Blue Marble Geographics
ByteMap
Casco Systems, LLC
CCB, Inc.
Central Maine Power – AVANGRID
Cerahelix
CES Inc.
Cianbro Corporation
City of Westbrook
Colby Company Engineering
Community Health Options
Consigli
Covetrus
Down East Community Hospital
Eaton Corporation
Elanco Animal Health, Inc.
Enercon Technologies
EnviroLogix Inc.
ESRI
FHC, Inc.
Fiber Materials Inc.
Franklin Community Health Network
General Dynamics Bath Iron Works
Gulf of Maine Research Institute
GZA Geo Environmental, Inc.
Howe and Howe Technologies Inc.
IDEXX Laboratories
ImmuCell Corporation
Jackson Laboratory
Jasper Wyman & Son
Kleinfelder, Inc.
Lanco Integrated
Maine-Dartmouth Family Medicine Residency
Maine Department of Transportation
MaineHealth
MDI Biological Laboratory
MedRhythms
Maine Medical Center Research Institute
MMG Insurance Company
Montalvo Corporation
Molnlycke
ND Paper Old Town Mill
New Balance Athletics
Northern Light Health
Northern Light Mayo Hospital
Nyle Systems. LLC
Onpoint Health Data
Panda Rocket Punch, LLC
Pen Bay Medical Center
Penobscot Community Health Care
Peregrine Turbine Technologies
Pines Health Services
Portsmouth Naval Shipyard
Power Engineers, Inc.
Pratt and Whitney
Ransom Consulting. LLC
Rarebreed Veterinary Partners
RLC Engineering
RxAnte, Inc.
Sappi Limited
Sea & Reef Aquaculture
Sebago Technics
SGC Engineering LLC
Siemens
St. Germain
Stantec
STARC Systems
Stone Coast Fund Services
TD Bank, N.A.
Tyler Technologies
University of Maine
University of New England
Verso Corporation
Waldo County General Hospital
WEX
Wild Ocean Aquaculture LLC
Winxnet
Woodard & Curran
Woodland Pulp LLC
Wrabacon Inc.

The Maine Seed Capital Tax Credit Program has $7 million in tax credit authority available for use by investors and Maine businesses for the remainder of calendar year 2020.

“Many Maine businesses have grown and thrived through this program,” stated Bruce Wagner, FAME CEO. “Thousands of Maine jobs have been created and retained in part due to the Seed Capital Tax Credit, and it has spurred millions in investments in Maine businesses over the years. We encourage interested investors and businesses to consider utilizing the remaining credit availability before it expires on December 31.”

Last winter, the Maine Legislature and Governor Mills approved via Public Law 2020, Chapter 616 (the Supplemental Budget), increased funding for the program, increasing the annual program limits from $5 million per year to $15 million per year. The legislation also made other changes to the program that are designed to make funding available to more Maine companies.

The Maine Seed Capital Tax Credit Program, administered by FAME in conjunction with Maine Revenue Services, is designed to encourage equity and near-equity investments in eligible Maine businesses, directly and through private venture capital funds. FAME may authorize state income tax credits or refundable tax credits to investors for 40 percent of the cash equity they provide to eligible Maine businesses. Investments may be used for fixed assets, research or working capital. The program reduces the risk of a Maine investment, encouraging investors to commit capital to Maine companies that might otherwise be invested outside the state.

FAME now has the authority to issue prior to the end of the year up to $7 million in available remaining tax credits under the program for eligible investments made in eligible companies on or after April 1, 2020. Investments made prior to April 1, 2020 are not eligible, and credits already issued in 2020 for investments made on or about January 2, 2020 will not be adjusted. The new legislation made additional program changes, effective April 1, 2020:

1. Credits are now authorized at 40% (down from 50%) of eligible investment;
2. The maximum cumulative qualified investment in each company has been reduced to $3.5 million dollars (down from $5 million).
3. There is now a limit of qualified investment in any one company in any one year of $2 million dollars.

“The Seed Capital Tax Credit Program has been an effective and useful option for many Maine businesses and their investors as they consider financing options to scale-up and grow,” stated Heather Johnson, Commissioner of the Maine Department of Economic and Community Development and a FAME board member. “Expanding the annual program limits to $15 million was a key recommendation of the state’s ten-year Economic Development Strategy in order to promote innovation.”

For more information about the program, please contact FAME at (207) 623-3263 or visit https://www.famemaine.com/business/programs/equity-capital/maine-seed-capital-tax-credit-program/

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.

FAME Launches Invest in ME Reads Program to Celebrate Financial Planning Month

Free Resources for Young Maine Children to Learn about Financial Wellness

To kick off Financial Planning Month and support school-aged Mainers, the Finance Authority of Maine (FAME) has partnered with the Maine Office of Securities to develop Invest in ME Reads, a program to support family financial education, goal setting, saving, and the value of choice. The program focuses on engaging and teaching kids about money and making choices that boost financial skills early in life. For adults, the program helps to develop skills on making informed choices and preparing for goal achievement, such as paying for higher education. FAME developed the program to help Maine families succeed financially at any life stage.

“Financial education begins as a toddler with the simple task of learning to count,” said Maine Securities Administrator, Judith Shaw. “Developing the skills to make wise and safe choices about managing finances begins early and continues throughout our lives. I am pleased to partner with FAME and provide support for this innovative and creative program.”

To commemorate the start of this program, FAME is sharing a virtual reading of Those Shoes with author Maribeth Boelts. A copy of the book has been mailed to all second graders across the state that attend public school, FAME also created a video to support families in having conversations about financial decision making while reading the book with their children. Knowing that many educators and families are reliant on at-home learning strategies right now, FAME hopes that the videos and book delivery come as welcomed resources.

“At FAME, we recognize that Maine families want the very best for their children, and we want to do our part by providing resources that will support financial education – even as early as elementary school,” said Director of Education Programs, Martha Johnston. “We’re thrilled to have Maribeth Boelts help communicate the importance of financial wellbeing in an engaging and fun way. We hope families across Maine will consider utilizing the Invest in ME Reads program and utilize this free resource during at-home learning time.

About the Book: Those Shoes

‘Those Shoes’ is a story about a young boy realizing that the things he has – warm boots, a loving grandmother, and a good friend – are worth more than the things he wants.

As part of the virtual reading, Boelts shares her inspiration for writing the book and discussing the underlying messages of financial responsibility and the meaning of “want” versus “need” – themes that are undoubtedly echoed in households across our state during these trying times. Jeremy, the main character in the book, discusses with his grandma what it will take to afford the shoes he wants, signifying that purchasing items takes planning and accountability.

“This school year has certainly been challenging, so we were pleasantly surprised when we received a copy of Those Shoes and information about Invest in ME Reads,” said Carrie Faulkingham from Winter Harbor. Her son Carter is in second grade at Peninsula School. “Our kids love books and story time, and I think this is a wonderful way to begin talking with them about money and future goals.”

A Note from the Author: Financial Education can Begin at Any Age

“A child’s financial education can begin simply­–through families, teachers, and caregivers sharing a story and engaging in conversation,” said Maribeth Boelts, author of Those Shoes. “I am so honored that my book is a part of the Invest in ME Reads Program and is included among all 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.

Grant is Part of New National Initiative Supported by the Wells Fargo Foundation in Collaboration with the Center for State and Local Government Excellence, the International Public Management Association for Human Resources, and National Association of State Treasurers’ Foundation

The Finance Authority of Maine (FAME) has been awarded a $25,000 grant to improve its employee financial wellness program. In addition to expanding and strengthening FAME’s existing program, the grant will support expanded research and development of a statewide employee financial wellness toolkit to support other Maine agencies and private employers that are seeking to develop their own programs.

Funded by the Wells Fargo Foundation, this one-year grant comes at a time when many of the nearly 19 million state and local government employees across the U.S. continue to serve on the front lines of the COVID-19 pandemic. Many governments are also confronting unprecedented budget shortfalls, and workers are increasingly concerned about family finances.

This grant is structured as a collaboration between the Center for State and Local Government Excellence (SLGE), The International Public Management Association for Human Resources (IPMA-HR), the National Association of State Treasurers’ Foundation (NASTF), and Wells Fargo. A total of twenty-four state and local government jurisdictions were awarded grants.

In a recent national poll conducted by SLGE, 56 percent of state and local public employees reported that their family has been negatively impacted financially by the crisis, and more than half are worried about their family finances, losing their job, furloughs, and pay and benefit reductions. During the one-year initiative, FAME will employ the funds not only to enhance its own employee wellness program, but also to support the research and development of a statewide employee financial wellness toolkit to support other Maine agencies and private employers that are seeking to develop their own programs.

“We are grateful to have been selected for this grant and look forward to sharing our positive experiences and expertise in this important area with others,” stated Mary Dyer, FAME Financial Education Officer. “As Maine’s higher education financing authority, FAME looks forward to sharing best practices and our own model with other state agencies and private employers to help them benefit, as well.”

In 2019, FAME launched an employee financial wellness program. The incentive-based program was developed using recognized best practices, as well as employee input and surveys. Key elements of the program include:

• Three (3) one-hour, one-on-one, workplace financial coaching sessions, utilizing a certified financial coach. Spouses/partners were invited to participate in the sessions.
• Access to a monthly “Money in the Mornings” workshop series, covering a variety of financial topics such as budgeting, saving for retirement, as well as will preparation and estate planning.
• Access to self-directed e-learning modules delivered through Enrich®

As a result of the program, FAME employees have reported a greater sense of financial freedom, with many having paid-off credit card debt and boosted emergency savings. The program also has helped to foster a workplace culture that supports financial stability and reduced stress.

“Based on previous SLGE research, we know that only 29 percent of state and local government employers offer financial literacy programs to their workforce, while 68 percent of public employees would participate in these programs if they were offered one. This grant program offers a real opportunity for state agencies like FAME to strengthen financial wellness programs for workers who deliver important public services,” said Joshua Franzel, SLGE president and chief executive officer.

“Far too many public sector employees lack access to the financial wellness programs they want and need,” said Shaun Snyder, NAST and the NAST Foundation executive director. “NAST is proud to continue its commitment to financial education through this collaboration with FAME, which will strengthen financial wellness opportunities for public employees.”

Maine State Treasurer Henry Beck, a FAME board member and the Eastern Region Vice President of NAST, stated: “I am pleased to learn of FAME’s selection as a grant recipient. Maine will benefit from greater financial education and wellness, especially during this pandemic and economic downturn when many folks are struggling to make ends meet.”

“IPMA-HR is honored to be part of this initiative, and we look forward to seeing results from FAME’s planned program. We know that state and local employees with financial security are more engaged and better positioned to serve the public, making this initiative all the more vital during these unprecedented times,” said Cara Woodson Welch, IPMA-HR executive director.

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

The Center for State and Local Government Excellence (SLGE) helps local and state governments become knowledgeable and competitive employers so they can attract and retain a talented and committed workforce. SLGE identifies leading practices and conducts research on public retirement plans, health and wellness benefits, workforce demographics and skill set needs, and labor force development. SLGE brings state and local leaders together with respected researchers. Access all SLGE publications and sign up for its newsletter at slge.org and follow @4GovtExcellence on Twitter.

The National Association of State Treasurers’ Foundation promotes and improves the educational initiatives that enable members to pursue and administer sound financial policies and programs benefiting the citizens of the nation. NAST Foundation programs provide for the enhancement of public officials’ understanding of the public financial arena and delivers education to the public about personal financial management. Founded in 2000, the charitable organization is governed by five-member board made up of State Treasurers. For more information, please visit nast.org/foundation/

The International Public Management Association for Human Resources (IPMA-HR) represents the interests of public sector human resource professionals at all levels of government. IPMA-HR provides comprehensive resources and solutions to assist public sector human resource professionals in ensuring that their organizations have the right talent to achieve their missions. The association provides a wide range of programs products and services that include research, professional development, certification, communications, public policy, and assessments. Additional information about IPMA-HR is available at www.ipma-hr.org.

In an effort to continue supporting its customers with their financing needs during the continuing COVID-19 pandemic, the Finance Authority of Maine (FAME) has approved extending by six months the availability of its special COVID-19 business relief programs.

“Due to the lingering economic effects of the pandemic, as well as continued federal, state and regulatory economic stimulus programs, lender partner feedback, and our belief that credit impacts on borrowers are likely to manifest themselves in the coming six months, we have approved an extension of our special COVID relief programs through March 31, 2021,” stated Jay Violette, FAME board chair.

At its September17 meeting, FAME’s board of directors voted to extend by six months the availability of its business relief programs related to loan insurance and direct loans. These programs have limited funding and will sunset on March 31, 2021.

In March of this year, FAME announced that it was partnering with local Maine lenders to offer special, limited-time loans and loan insurance to eligible Maine businesses affected by COVID-19. Since then, FAME has maintained close communication with its lending partners and business customers and received feedback in relation to its product offerings, including suggestions on how it could improve and expand them to further help Maine businesses. In June some modifications were made to the programs based on customer feedback.

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; and up to 75% pro-rata loan insurance on loans up to $250,000.

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

•  COVID-19 Relief Loan Insurance for Lenders: In partnership with lending institutions, FAME will approve ANY Online Assistance (OLA) loan submitted electronically and deemed “COVID-19” at a 50% insurance rate. Some will be eligible using our current standards (and be assessed decreased fees) for 75% coverage. Lending partners will share the risk with FAME and may obtain approval for their loan in an expedited manner. Interested borrowers should contact their local bank or credit union first to see if the lender is offering this program and to apply. Maximum FAME exposure of $250,000 per borrower.
• COVID-19 Relief Refinance of Existing Lender Debt Program: Allows Maine lenders (banks and credit unions) to receive up to 50% pro-rata commercial loan insurance on existing debt that is not currently insured by FAME.
• COVID-19 Relief Business Direct Loan Program: To be utilized when a borrower cannot obtain a loan or OLA from a lending partner. Offers loans up to $50,000 per loan/borrower and a reduced interest rate (WSJ Prime minus 1%) and decreased fee schedule for Maine-based businesses that experience interruption or hardship due to COVID-19.

Through August 31, FAME has committed and/or approved 33 COVID-19 Relief Loan Insurance for Lenders loans totaling $1.1 million in FAME exposure. During that same period, FAME has funded and/or approved 78 COVID-19 Business Direct Loans totaling $2.9 million.

Funds for the above programs are limited. FAME has set aside up to $10 million of its reserves for the loan insurance program, which still has approximately $8.9 million available, and up to $5 million for the direct loan program, which has about $2 million in available funds remaining. FAME makes every effort to work with borrowers on special accommodations for their loans, especially during this challenging time.

FAME’s Commercial Loan Insurance Program insures a portion of a loan to a business made by a participating financial institution or investment firm. For a business, it may mean the difference between obtaining a loan or never getting the opportunity to start a business.

The FAME Direct Loan offers reduced interest rate loans to businesses that may not have been able to secure financing through traditional lenders. This program helps new or existing business with flexible gap financing directly from FAME.

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.

Invest in ME Reads is Coming!

The Finance Authority of Maine (FAME), in partnership with the Maine Office of Securities and the Consumer Financial Protection Bureau (CFPB), is excited to announce the launch of Invest in ME Reads, a new statewide program designed to support family financial education by sparking conversations about future goals, saving money, and the value of choice. The program was originally slated to launch in the spring of 2020, but due to COVID-19 school closures, the launch was rescheduled for this fall.

Invest in ME Reads was developed 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 impacts an individual’s ability to seek employment and ultimately the strength of Maine’s economy. During September, FAME will be distributing copies of the children’s book Those Shoes, which includes themes of saving, giving, and delayed gratification and special content to encourage families to participate. A parent guide, developed by CFPB, and information about Maine’s Section 529 plan, NextGen 529™, will also be included in the book. A supply will be mailed to all Maine elementary schools, and schools have been asked to share the books and materials with their second grade students and teachers. To support the program, a new educational web page, InvestinMEReads.com has also been launched. The website includes fun activities for students and additional financial education resources for adults.

To celebrate the launch, a video recording of Maribeth Boelts, author of Those Shoes, reading the book specifically for Maine students will be made available to schools. FAME has also developed a recorded video for Maine families. Visit InvestinMEReads.com to learn more.