News Archive - Page 12 of 19

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.

Improvements made to OLA loan limits and pro-rata insurance for existing debt refinancing for Maine businesses affected by COVID-19

In an effort to keep pace with the evolving financing needs of its customers during the pandemic, the Finance Authority of Maine (FAME) recently approved additional changes to its special COVID-19-related program offerings.

At its June 18 meeting, FAME’s board of directors approved an increase in loan limits for its COVID-designated OnLine Answer (OLA) loan insurance program from $100,000 to $250,000 per lender loan and also approved an increase in its pro- rata insurance coverage for refinancing existing debt from 40% to 50%. For the refi program, paper applications only will be accepted, and there are specific criteria outlined at FAME’s COVID-19 Relief Programs webpage.

These two programs, as well as other COVID-relief programs outlined below, have limited funding and will sunset on September 30, 2020, unless extended by the FAME Board.

In March of this year, FAME announced that it is 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.

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 $100,000. 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.
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 and a decreased interest rate and decreased fee schedule for Maine-based businesses that experience interruption or hardship due to COVID-19.

“During this extraordinary time, FAME is continually re-evaluating our COVID-relief programs to ensure they are meeting the needs of our customers, our lending partners as well as affected Maine businesses,” stated Jay Violette, chair of the FAME Board. “We greatly value the input of our customers and are pleased to offer these changes to our OLA and regular loan insurance programs.”

As noted above, 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 $8.5 million available, and up to $5 million for the direct loan program, which has about $2 million in available funds remaining. FAME estimates that the above programs could help to provide $15 million in economic support for approximately 300 small to mid-sized businesses in the state. 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.

Alfond Leaders Program Seeking More Applicants for Student Loan Debt Relief

Funded by the Harold Alfond Foundation, the Maine program aims to stimulate economic growth in key industries by attracting and retaining STEM graduates and professionals

The Harold Alfond Foundation and the Finance Authority of Maine (FAME) opened up and expanded a new application cycle to provide 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 June 30, 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 grants are awarded through a competitive application process and, to date, 133 applicants have been selected to become Alfond Leaders. Cumulatively, awards now total just under $4.2 million and the average award is about $31,000.

New in 2020, students who will complete their degree or certificate before September 1, 2020 are welcome to apply. Awards made to graduating students, will be finalized once they have begun a STEM position in Maine and, if new to Maine, have relocated to the state. Selected awardees will have until July 1, 2021 to relocate to Maine and begin their STEM employment for a Maine-based employer.

An applicant must have a higher education degree or certificate, or be graduating by September 1, 2020 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 September 1, 2020 to apply in this current application cycle (March 15-June 30, 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

About the Harold Alfond Foundation:

The Harold Alfond Foundation furthers the legacy of Harold Alfond by investing in education, healthcare, youth development, and other philanthropic charitable causes that hold the promise of making enduring transformative contributions to the community and state of Maine. To learn more about the Harold Alfond Foundation, please visit www.haroldalfondfoundation.org.

Saco-based Maine Molecular Quality Controls, Inc. is growing and helping to battle the COVID-19 pandemic

At its remotely-held meeting today, the board of directors of the Finance Authority of Maine (FAME) approved 90% pro rata loan insurance on a $2.2 million loan by Saco & Biddeford Savings Institution to Saco-based Maine Molecular Quality Controls, Inc.

The FAME funds will be used to refinance an existing mortgage and enable the construction of a 37,500 square-foot expansion to their existing building, which will allow the growing company to create and retain a total of forty-six Maine jobs. The approval fits squarely within FAME’s mission of helping a growing business in the biotechnology sector that will create additional good-paying jobs.

Maine Molecular Quality Controls, Inc., established in 2000, is a medical device company based in Saco that designs and markets molecular controls for use in testing for inherited diseases, infectious diseases, as well as for oncology and pharmacogenetics. Among other things, the company manufactures quality controls that are currently being used in battling the COVID-19 pandemic. The company is expanding its facilities to meet the growing demand for its products, high-caliber controls uniquely suited to monitor all phases of molecular testing, which provide confidence in laboratory test results.

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.

“We are pleased to help with the continued growth of this remarkable Maine company,” stated Jay Violette, Chair of the FAME Board of Directors. “In these challenging times, we realize more than ever how important the field of medical research and testing is to the health and well-being of not only our state, but of our country and world as a whole.”

“Maine Molecular Quality Controls, Inc. is grateful for the support of FAME. This financing will enable our company to meet the current and future demand for high-caliber quality controls to ensure the accuracy of clinical laboratory testing,” stated Joan Gordon, MT (ASCP), President.

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.

Special loans and loan insurance available for eligible Maine small businesses affected by COVID-19

FAME and participating lenders will make special terms available to Maine-based businesses that have experienced interruption or hardship due to COVID-19. Various 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 $100,000; interim financing in conjunction with the SBA wherein FAME makes loan proceeds available while approved SBA borrowers await federal funding.

As it has in the past, FAME is partnering with the U.S. Small Business Administration (SBA) to provide interim loan funding since, following approval from the SBA, additional documentation from the borrower may be required prior to full disbursement of the SBA loan. To allow access to those funds immediately, FAME will provide an interim loan to be paid-off with the SBA loan funds. Governor Janet Mills recently announced that the SBA has approved Maine’s application for loans to help eligible businesses impacted by COVID-19. SBA’s Economic Injury Disaster Loans will offer up to $2 million in assistance for a small business. These loans can provide vital economic support to small businesses to help overcome the temporary loss of revenue they are experiencing.️ To learn more about the process for accessing this lending, please visit the SBA website.

“The SBA wants to thank Governor Mills and her team at the Department of Economic and Community Development for their hard work, and immediately reaching out to small businesses in Maine to quantify the impact and gather the required documentation allowing SBA to issue this Economic Impact Disaster Declaration. We’d also like to recognize the quick action of the Finance Authority of Maine in immediately reaching out to partner with the SBA to ensure funds get into the hands of small businesses as quickly as possible” said New England Regional Administrator Wendell Davis, “Maine small businesses can now access and apply for Economic Impact Disaster Loans at www.sba.gov/disaster. Our toll-free line has been established to answer questions at 1-800-659-2955.”

Additionally, the Legislature recently enacted emergency legislation related to COVID-19, and it includes a new consumer loan guarantee program, the COVID-19 Relief Consumer Loan Program, to be administered by FAME in partnership with Maine lending institutions. It will provide a limited number of no-to low-interest consumer loans through a loan guarantee program involving Maine’s banks, credit unions, and FAME. Interested borrowers should first contact their local bank or credit union to see if the lender is offering this program and to apply. Loans of up to $5,000 (minus any unemployment benefits received by borrower) may be available and up to three loans to any one borrower can be applied for, one per each 30-day period.

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 its 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 will contact their local bank or credit union first to see if the lender is offering this program and to apply.

COVID-19 Relief Interim SBA Finance Loan Program: The SBA has initiated their disaster relief loan into “designated” disaster areas, and Maine recently has been designated such an area. FAME will provide interim direct loan funding up to $100,000 since, following approval from the SBA, additional documentation from the borrower may be required prior to full disbursement of the SBA loan. FAME will obtain an assignment of the loan proceeds from the SBA and pre-fund the loan so the money is available to Maine businesses sooner.

COVID-19 Relief Business Direct Loan Program: To be utilized when borrower cannot obtain a loan or OLA from a lending partner. Offers loans up to $50,000 and a decreased interest rate and decreased fee schedule for Maine-based businesses that experience interruption or hardship due to COVID-19.

“FAME exists to take increased risk for public benefit. During this extraordinary time, we are pleased to step-up in partnership with the SBA, DECD, and our lending partners to provide some relief to affected Maine businesses,” stated Bruce Wagner, FAME Chief Executive Officer.

Funds for the above programs will be limited. FAME anticipates setting aside up to $10 million of its reserves for the loan insurance program and up to $5 million for the direct loan program. FAME estimates that the above programs could help to provide $15 million in economic support for approximately 300 small to mid-sized businesses in the state. FAME will make every effort to work with borrowers on special accommodations for their loans, especially during this challenging time.

“We are continuing our work to find ways that we can support both Maine businesses and Maine workers during this challenging time,” said Department of Economic and Community Development Commissioner Heather Johnson. “DECD and the Administration are committed to finding solutions and to partnering with FAME and other entities that can offer support to ensure that there are resources available for businesses impacted by the changes in the market as a result of the Coronavirus. I am grateful to the FAME staff and board members for being able to quickly provide these important services to Maine’s businesses.”

Todd Mason, President & CEO of the Maine Credit Union League, stated: “Maine credit unions recognize the financial toll the coronavirus pandemic is having on our state’s small businesses. These local companies and their employees are the backbone of Maine’s economy, and we offer our full support for programs that provide much-needed assistance during this challenging time. It is in everyone’s best interest to ensure our state’s small business community has the resources it needs to continue contributing to Maine’s economy and keep hardworking Mainers on their payroll.”

FAME CEO Bruce Wagner added: “The health and welfare of our associates, customers, and the state as a whole are of the utmost importance to us. Thankfully, over the past two years FAME has been reviewing and updating our business continuity plans to ensure our programs continue to operate smoothly in a situation such as this. Additionally, over the past several years, we have taken steps to invest in technology and systems that allow us to care for our employees and customers in a way that enables us to remain in operation and provide financial solutions to Maine’s students and businesses.”

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.

205 (138 full-time equivalent) jobs are expected to be created in Rangeley Area
$30-$50 million in public benefit expected

AUGUSTA — At its meeting today, the board of directors of the Finance Authority of Maine (FAME) approved leveraged loan insurance of 20% (or $2.5 million) on a $12.5 million loan by Arctaris Impact Investors, LP to Saddleback Community Loan Fund “(Arctaris”). FAME additionally approved a $1 million FAME Direct loan to Arctaris as part of the financing package, which totals $23.5 million. In December of 2019, the Maine Rural Development Authority (MRDA) approved a $1 million loan to Arctaris Saddleback Company, LLC, as well.

In addition to helping Arctaris, a national impact investment firm, to purchase the mountain and resume operations at the ski resort, the financing is expected to benefit area business and help stimulate the local economy. The action is expected to help create seventy-one full-time jobs and one-hundred and thirty-four seasonal ones. Skiing at the mountain has been dormant for the past five seasons.

The FAME and MRDA funds will be used as part of a $23,509,000 funding package that includes private equity, New Market Tax Credits, community loans and community grants for the acquisition of the ski resort at Saddleback Mountain. After the business acquisition costs, the balance of funds will be used for renovations, as well as facility upgrades and new equipment, primarily lifts and snowmaking machines.

“We are pleased to help re-start this historic and beloved Maine ski mountain and to help stimulate economic development in Western Maine,” stated Bruce Wagner, Chief Executive Officer of FAME. “We know how important this mountain’s success is to the local population and economy, as well as to many others who love to recreate in all seasons in the Rangeley area.”

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 (Sugarloaf and Sunday River are the others). There are presently five 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.

“I am happy to be able to support the great work happening in the Rangeley area, led by community members,” said Heather Johnson, Commissioner of the Department of Economic and Community Development. “Tourism is one of the top economic drivers in our state and we are excited to see that the revitalization of Saddleback will bring more visitors to this beautiful area. In addition, outdoor recreation is a vital part of Maine’s economy, as well as important for the public health of our communities.”

“Arctaris is grateful for the support of state and local financing partners. We plan to revitalize the mountain resort and provide 200 full-time and seasonal jobs, which will help stimulate the local economy and the state of Maine as a whole,” stated Jonathan Tower, Managing Partner of Arctaris Impact Fund, LP

Plans to open Saddleback has 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.

The Maine Rural Development Authority (MRDA) was established by the Maine Legislature in 2002 to assist Maine communities in realizing their economic development goals. MRDA provides financial assistance to communities and their development partners to help develop speculative commercial and industrial buildings and to help develop/redevelop underutilized commercial industrial properties. The primary focus of MRDA’s activities is in the rural areas of Maine that have traditionally not experienced the same level of economic development success as other regions of the state, have experienced major economic losses such as plant closings and downsizings or are economically distressed. To learn more, please visit https://www.mainerda.org/laws-rules/

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.

Ushering in 2020, a new decade, and to celebrate the 20^th Anniversary of NextGen 529, the Finance Authority of Maine (FAME) is announcing updated Grants for Maine residents[1].

Starting January 1, 2020, Maine residents will receive a $100 Initial Matching Grant after they open a NextGen 529 account and make at least a $25 contribution. And new this year, those Maine residents with an Alfond Grant can also receive the $100 Initial Matching Grant after they open a NextGen 529 account and make a $25 contribution by December 31, 2020.

And there are more grants for making additional contributions. For those who add to their NextGen 529 account, contributions in a calendar year will receive a 30% match, up to $300 a year with a NextStep Matching Grant. In addition to the updated matching grants for opening and contributing to a NextGen 529 account, FAME will also continue to offer a $100 Automated Funding Grant to those who make at least (6) consecutive automated contributions from payroll deduction or a bank account.

“We like to tell people ‘Don’t leave money on the table’” said Director of Education Programs, Martha Johnston. “Because not taking advantage of these grants is truly like leaving money on the table. We are lucky to be in Maine where Maine resident babies get a head start with the $500 Alfond Grant, and where those with NextGen 529 accounts can receive matching grants from FAME when they contribute. It is an amazing program to help spur more Mainers to aspire, save, and pay for education after high school.”

For anyone who has question or needs assistance with opening a NextGen 529 account, FAME will provide open phone lines (in addition to the regularly available phone help offered weekdays from 8-4:30) once a month on the third Wednesday, starting on January 15, 2020 through May 20, 2020, from 4:30 pm till 8 pm. FAME representatives will help anyone get started on the road to investing in future success.

About NextGen 529, NextGenforME.com

NextGen 529 is a Section 529 plan administered by the Finance Authority of Maine (FAME). Before you invest in NextGen 529, request a NextGen 529 Program Description from your Merrill Advisor or Maine Distribution Agent or call Merrill at 1‐877‐ 463‐9843 and read it carefully. The Program Description contains more complete information, including investment objectives, charges, expenses and risks of investing in NextGen 529, which you should carefully consider before investing. You also should consider whether you or your designated beneficiary’s home state offers any state tax or other state benefits such as financial aid, scholarship funds, and protection from creditors that are only available for investments in such state’s 529 plan. Merrill Lynch, Pierce, Fenner & Smith Incorporated, a registered broker‐dealer, member SIPC, is the program manager and underwriter.

[1] Grants for Maine residents are linked to eligible Maine accounts. Upon withdrawal, grants are paid only to institutions of higher education. See Terms and Conditions of Maine Grant Programs at NextGenforME.com for restrictions and limitations that apply. Grants may lose value.

The Finance Authority of Maine (FAME) celebrated successful business and educational partnerships at its annual meeting and awards event, Showcase Maine, which was held on Thursday, November 21, 2019, at Portland’s Holiday Inn By The Bay.

Showcase Maine is FAME’s annual celebration of its successful partnerships with Maine’s business, lending, governmental, and higher education communities. The evening featured a reception, including a showcase of exhibits by Maine businesses and educational organizations that partner with FAME; a dinner and awards presentation; and a keynote speech by Maine’s own U.S. Army Staff Sgt. (Retired) Travis Mills entitled “Never Give Up. Never Quit.”

River Tree Arts student Maggie McEwen, a freshman at Kennebunk High School, sang the National Anthem to begin the night. River Tree Arts, located in Kennebunk, is a non-profit center for the arts that has provided quality arts education to the Southern Maine community for over 30 years.

A large crowd of approximately 350 individuals listened raptly to Mills, a recalibrated warrior, motivational speaker, actor, author and an advocate for veterans and amputees. Despite losing portions of both arms and legs from an IED while on active duty in Afghanistan, Travis continues to overcome life’s challenges, breaking physical barriers and defying odds. In September 2013, Travis and his wife Kelsey founded the Travis Mills Foundation, a nonprofit organization formed to benefit and assist post-9/11 veterans who have been injured in active duty or as a result of their service to our nation. Veterans and their families receive an all-inclusive, all-expenses paid, barrier-free vacation to Maine where they participate in adaptive activities, bond with other veteran families, and enjoy much-needed rest and relaxation in Maine’s great outdoors.

“FAME enjoyed celebrating the successes of the past year with our partners in Maine’s business, lending, governmental, and higher education communities,” said Jay Violette, chair of the FAME board of directors. “Travis Mills inspired us all and we were pleased to honor our partners who help to make Maine’s economic and educational futures brighter.”

Earlier in the day, the FAME Board re-elected its current slate of officers to new terms of one-year each: James “Jay” Violette as chair; David Daigler as vice-chair; and James Howard as treasurer.

This year’s award recipients included:

Business at Work for Maine Award: Amplify Additive: Amplify, Inc., d/b/a AmplifyAdditive, was recognized as a leader in the “4^th Industrial Revolution” for its innovative manufacturing and as a service provider leveraging its experience to help other companies choose the right technology for the right application. Amplify Additive’s technology leverages GE Additive’s Arcam Metal 3D Printing technology to engineer, design, and manufacture solid Titanium products such as implants for the human body and aerospace components. Based in Scarborough, the growing company benefitted from a unique partnership involving not only a FAME Direct Loan but also financing from other partners such as the Maine Venture Fund, Maine Technology Institute, and Coastal Enterprises, Inc.
Education at Work for Maine Award: Professional Logging Contractors of Maine: The Professional Logging Contractors of Maine (PLC) is the state’s only trade organization that exists to give independent logging contractors and sole proprietors a voice in Maine’s rapidly changing forest industry. The organization focuses on logger advocacy, safety, quality operations, and business innovation. The PLC was recognized for offering Maine’s only postsecondary training program for operators of mechanized logging equipment. Launched in 2017, the program involves a partnership between the Maine Community College System, the PLC, and industry partners.
Education at Work for Maine Award: Ronald Milliken and UMF Financial Literacy Peer Education Program: Ron Milliken, longtime Director of Financial Aid at University of Maine Farmington, as well as champion of financial literacy and responsible borrowing, was recognized along with the Financial Literacy Peer Education Program, which he helped to found. The program provides comprehensive personal financial education to students, delivered by their peers, with the goal of helping to improve financial well-being and reduce student loan indebtedness. The program’s mission is to increase the financial literacy capability of students by providing them with student-led informational programming regarding personal finance, student loan borrowing, default prevention, and financial aid. Although University of Maine Farmington is the home base for the program and host of the annual Peer Educator training camp, the group has begun a statewide expansion of the program, which will ultimately be offered at all seven campuses of the University of Maine System.
Lender at Work for Maine Award ($1.5 billion or above in assets): Camden National Bank: This was the bank’s tenth time as an awardee. Over the past year, Camden National partnered with FAME on 48 loans totaling approximately $13.6 million. This in turn helped to create 109 Maine jobs and retain an additional 484 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 (up to $1.5 billion in assets): Skowhegan Savings: Skowhegan Savings is currently celebrating its 150^th year of doing business in Maine. This past year, FAME partnered with Skowhegan Savings on 8 loans to Maine companies totaling approximately $6 million. This helped to retain 53 Maine jobs. In partnership with Jobs for Maine’s Graduates (JMG), Skowhegan Savings has developed a unique career preparation and financial literacy program designed to give all students in Somerset and Franklin Counties the skills and experience needed to success in today’s workforce.
Lender at Work for Maine Award: Bar Harbor Bank & Trust: Founded in 1887, Bar Harbor Bank & Trust is a community bank offering a full-range of financial services for families, businesses, and nonprofit organizations. FAME partnered this year with the bank on 20 loans totaling approximately $5.1 million. This helped to create 39 Maine jobs and retain an additional 112 Maine jobs. The bank was recognized for its increased partnership with FAME this past year utilizing the agency’s commercial loan insurance program. Deeply committed to community service, Bar Harbor Bank & Trust raises funds for worthy causes and its employees volunteer hundreds of hours per year as members of local nonprofit boards, coaches of youth teams, and participants in various community events.

Also during the event Greenlight Maine host Julene Gervais announced the names of the twenty-six Maine Collegiate Challenge semi-finalists, who were in attendance. Greenlight Maine is a statewide collaboration of entrepreneurial catalysts and corporate leaders, designed to promote and mentor the development and growth of businesses in the state. FAME has sponsored the show in the past and was pleased to welcome the budding college entrepreneurs to join in the night’s festivities.

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 fifth year in a row as one of the Best Places to Work in Maine. To learn more about FAME, please visit www.famemaine.com

As part of its ongoing efforts to immerse itself in the community and learn more about the needs and successes of their customers and partners, the board of directors and staff of the Finance Authority of Maine (FAME) recently toured parts of Kennebec and Somerset Counties.

On October 16, the group visited B&B Precise Products in Benton, a customer that has grown steadily in recent years. The company employs over fifty people and manufactures precision-machined components and assemblies for a variety of customers, including the aerospace and defense industries. Established in 1990, B&B Precise Products is a family-owned, certified small business spanning three generations. FAME also enjoyed a lunchtime presentation by Garvan Donegan of the Central Maine Growth Council at a downtown Waterville restaurant, The Proper Pig, about recent economic development efforts in the Central Maine area. Local legislators Rep. Bruce White of Waterville and Rep. Catherine Nadeau of Winslow joined the group for some of the events.

Later, the group visited Thomas College in Waterville, where it enjoyed presentations by Ed Cervone, executive director of the Center for Innovation in Education, as well as by Provost Tom Edwards. FAME later enjoyed a walking tour of the campus conducted by Thomas student Stevo Reid ‘19. The group later enjoyed a dinnertime presentation at Oakland’s Riverside Farm Market & Café by State Economist Amanda Rector regarding her involvement in helping to formulate a state economic development plan, as well as current challenges and opportunities facing the Maine economy.

FAME held its monthly board meeting on October 17 at the Alfond campus of Kennebec Valley Community College (KVCC) in Fairfield. Prior to the board meeting, the board enjoyed presentations by David Daigler, Maine Community College System President and vice chair of the FAME board, as well as by KVCC President Richard Hopper, on the various workforce development efforts and course offerings of the school.

FAME board Chair Jay Violette, a Waterville native and resident, stated: “FAME really benefits from these opportunities to get out in the community and visit with local businesses and institutions of higher education. There is a lot of positive educational and economic activity taking place in the Greater Waterville region. We enjoyed witnessing firsthand their success stories and learning about the needs and future plans of our business and higher education partners.”

Alfond Leaders Program Seeking More Applicants for Student Loan Debt Relief

Funded by the Harold Alfond Foundation, the Maine program aims to stimulate economic growth in key industries by attracting and retaining STEM graduates and professionals

The Harold Alfond Foundation and the Finance Authority of Maine (FAME) opened another application cycle to provide 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, 2019.

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 grants are awarded through a competitive application process and, to date, 117 applicants have been selected to become Alfond Leaders. Cumulatively, awards now total just under $3.7 million and the average award is $31,400.

Shane Kelly, a transportation engineer at Sebago Technics in South Portland, was named an Alfond Leader in 2018. Kelley grew up in Westbrook and went away for college at Clemson University in South Carolina. He returned to Maine to live and work for the high quality of life here.

Kelly recently shared his story about applying for and receiving the Alfond Leader award in a Facebook Live interview in Fall 2018. “When I learned about the program details, it was another huge plus to living and working in Maine. Being selected for the award helped to improve my outlook by reducing the burden of my student loans. I’m married now and looking forward to raising my family here. I’m glad I came back; Maine has a lot to offer and I don’t plan on leaving. So the commitment to live here and work here was easy to make. This program is a real welcome home to Maine for STEM professionals.”

Applicants will be recruited from across the nation and internationally, 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;
An applicant must have outstanding student loan debt;
Candidates must submit an application, including a written essay 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

FAME is a proud member of the MaineSpark coalition. This initiative is a great example of a program that directly helps Maine achieve the MaineSpark goal: by 2025, 60% of Mainers will hold education and workforce credentials that position Maine and its families for success.

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