FAME plans outreach efforts to help students apply for financial aid that doesn’t have to be repaid! AUGUSTA, Maine – October 1, 2019 – According to Nerdwallet.com[1], 2,595 Maine students left $10,017,502 in Pell Grants (federal student loans that don’t need to be paid back) on the table for the 2018-2019 academic year because they did not complete the Free Application for Federal Student Aid (FAFSA). Only 63% of Maine high school seniors completed the FAFSA, the federal application that college, universities, and trade schools use to determine student eligibility for federal financial aid, according to the Finance of Authority (FAME). “Unfortunately, many families mistakenly believe they won’t be eligible for federal financial aid, so they don’t fill out the FAFSA, leaving potentially significant grant money on the table or missing out on financial aid all together,” said Martha Johnston, FAME Director of Education. In addition to the FAFSA being the application for federal aid, the FAFSA is used to determine eligibility for the Maine State Grant, and most schools also use the FAFSA to determine eligibility for their own financial aid funds. “We want to encourage every Maine family sending a child off to college, trade or technical school to complete the FAFSA.  Any amount of financial aid can make a big difference and applying for financial aid is one of the best ways to reduce student loan debt,” added Johnston. The average student debt in Maine is $31,000 per student, and 56 percent of Maine students graduate with debt.[2] On Tuesday, October 1, 2019, the FAFSA for the 2020-2021 school year will become available to families at FAFSA.gov. “We encourage Maine families to complete the FAFSA as soon as they can – in fact we like to tell families to do it in October when it becomes available – because aid eligibility is different for every school and financial aid may disbursed on a first-come, first-served basis,” noted Johnston. Statewide Help Sessions Over the last fifteen years, FAME has hosted free statewide in-person help sessions for families. At those events, families can sit with an experienced FAME representative and fill out the FAFSA together. This year, fourteen sessions are scheduled throughout the state from October 10 to October 29. A complete list of dates and locations is available here: https://www.famemaine.com/events/categories/fafsa/ If families are not able to attend the in-person help sessions, FAME also offers online support at FAMEmaine.com. Families can also call 1-800-228-3734 with questions. For those families attending the in-person help sessions, FAME recommends bringing the following information:
  • FSA ID – this user name and password is needed to access all Federal Student Aid websites, including the FAFSA.  We recommend the student and one parent create it ahead of time at fsaid.gov.
  • Social Security numbers (SSN) for student and parents
  • 2018 Federal Income Tax Returns, including all schedules and W2s 
  • Current asset information  for student and parents
Facebook Live Sessions Mila Tappan, manager of FAME’s CAFE (College Access and Financial Aid) Team, returns to Facebook Live to talk about filing the FAFSA. Mila was joined by Mary Dyer, Financial Education Officer at FAME on September 16th. On October 7th, Mila and Nikki Vachon, College Access Counselor at FAME will be back with some more tips and tools. These Facebook Live sessions will help parents and students with the various stages of completing the FAFSA and answer questions in real-time. The Don’t Fear the FAFSA Facebook Live events will air on the following Mondays at 7 PM.  Dates and themes for each event are:
  • Monday, September 16th at 7PM – What is the FAFSA & How to Get Prepared
  • Monday, October 7th at 7PM – Filling out the FAFSA: Tips and Tools
The session recordings can be found at https://www.facebook.com/FAME.Education/ About the Finance Authority of Maine [FAME]: 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 FAMEmaine.com. [1] For full analysis see: https://www.nerdwallet.com/blog/2018-fafsa-study/ [2] According to the Project on Student Debt by The Institute for College Access & Success. Read more at https://ticas.org/our-work/student-debt/
DECD, FAME, MRDA, MTI, CEI, EMDC, Somerset Economic Development Corp., and Town of Madison collaborate to fund start-up at former Madison Mill in Somerset County 100 jobs are expected to be created in Somerset County A diverse consortium of state and local funding entities has partnered to provide Belfast-based GO Lab, Inc. with $2.4 million in 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. Approximately 100 good-paying jobs are expected to be created in Somerset County as a result. The company plans to manufacture insulation products with wood fiber. In March, a diverse group of state funding sources was brought together under the leadership of Maine Department of Economic and Community Development (DECD) Commissioner Heather Johnson in an effort to assist GO Lab, Inc. in securing funding to help purchase and refurbish the shuttered Madison mill once operated by Madison Paper Industries. “This is an exciting project we are pleased to support. By partnering with state and local development entities we’ve been able to put together a financing package that helps to get GO Lab up and running. The use of wood fiber could help change the forestry industry in Maine by adding a new value-added product utilizing the vast forest resources of the state,” stated DECD Commissioner Heather Johnson. FAME has approved a FAME Direct Loan of $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 as well to provide critical financing for the project. 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. The loan proceeds, totaling $2.4 million, are part of a $60 plus million overall project. “By finding new uses for wood fiber, which has the potential of re-vitalizing the wood industries in Maine, this project is expected to create 100 new jobs in Somerset County and help refurbish and revitalize the mill building,” added Bruce Wagner, FAME CEO. “We are grateful for the support of state and local financing partners. GO Lab, Inc. plans to revitalize the Madison mill and provide over 100 good-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. “Maine’s rural economy depends on natural resource innovations. CEI is pleased to invest in a next-generation model that leverages our forest product history while creating quality jobs in the region. It’s a formula that contributes to building an economy that works for everyone,” stated CEI Chief Investment Officer John Egan. “GO Lab is the beginning of a new era for the wood product industry in Maine,” said EMDC’s President & CEO Lee Umphrey. “EMDC is pleased to be part of this endeavor to help Maine compete globally.” “SEDC is thrilled to have been able to play a part in the revitalization of the former Madison Paper Mill. GO Lab’s innovative product line is a perfect fit for Somerset county in terms of available and capable workforce and the readily available raw material needed for production,” stated Christian Savage, Executive Director of SEDC. He added: “The collaboration between several private and state agencies to make this project happen is a true testament of what doing business in Maine is all about.”
FAME RECOGNIZED FOR FIFTH STRAIGHT YEAR AS A BEST PLACE TO WORK IN MAINE For the fifth year in a row, the Finance Authority of Maine (FAME) has been recognized as one of the Best Places to Work in Maine. The awards program, created in 2006, is a project of the Society for Human Resource Management–Maine State Council (MESHRM) and Best Companies Group. Partners endorsing the program include: Mainebiz, the Maine State Chamber of Commerce, the Maine Department of Labor, the Maine Department of Economic and Community Development, and Maine HR Convention. This statewide survey and awards program was designed to identify, recognize and honor the best places of employment in Maine, benefiting the state’s economy, its workforce and businesses. The 2019 Best Places to Work in Maine list is made up of 100 companies in various size categories. “Our associates are the reason we have earned this designation for a fifth straight year. FAME associates are dedicated and care deeply about the work they do because our mission is to provide financial solutions that help Maine people achieve their business and higher education goals,” stated Bruce Wagner, FAME’s Chief Executive Officer. “Engaged and happy employees are productive employees, and one of FAME’s strategic goals is to improve customer satisfaction by deploying processes that help all FAME associates perform to their highest potential.” Companies from across the state enter the two-part process to determine the Best Places to Work in Maine. The first part consists of evaluating each nominated company’s workplace policies, practices, and demographics. The second part consists of an employee survey to measure the employee experience. Kim Getchell, a commercial loan officer who recently joined FAME from the private sector, states: “I really appreciate the supportive, flexible, fun work environment here. We work hard but have an important public mission, which makes coming to work each day enjoyable and satisfying.” The FAME staff is deeply committed to providing superior customer service to its customers, the people of Maine, and believe that being a Best Place to Work creates a positive and productive work environment. On average, FAME customers have rated the agency a 4.63 on a scale of 5.0 over the past five years. FAME will be recognized as one of the 100 Best Places to Work in Maine awards gala on October 2nd and will be listed in a special publication by Mainebiz. The final rankings will be announced at the event. For more information on the Best Places to Work in Maine program, visit www.BestPlacestoWorkME.com or contact Jackie Miller at (717) 323-5237. FAME is a quasi-independent state agency that provides financial solutions that help Maine people achieve their business and higher education goals. FAME’s vision is to create a Maine workforce that with good-paying jobs by focusing on the nexus of economic and educational development. To learn more about FAME, please visit www.famemaine.com.
New Maine State Grant money now available for adult students who missed the 2019-2020 application deadline of May 1   File your 2019-2020 FAFSA as soon as possible as funds are limited! The Finance Authority of Maine (FAME) plans to make a limited number of Maine State Grant awards to Maine’s adult learners who have not begun or completed their degrees thanks to new funding recently approved by the Maine Legislature and Governor Janet Mills. New Maine State Grant money is now available for adult learners who missed the 2019-2020 application deadline of May 1. An additional $3 million ($1 million in FY20, $2 million in FY21) has been appropriated for the program by the Legislature to assist adult students to earn some form of a higher education credential. The goal of this funding it to provide the opportunity for an increased number of Maine adult learners to gain the skills needed to enjoy good paying jobs here in Maine. This effort supports Maine’s statewide goal that by 2025, 60% of Mainers will hold a credential of value to support workforce needs. The Maine State Grant Program is the state’s need-based undergraduate grant program. It is funded largely through state appropriations. Traditionally, the grant has been awarded annually to approximately 13,000 Maine students. Students apply using the Free Application for Federal Student Aid (FAFSA). Award levels for academic year 2019-20 are $1,500 for full-time study at Maine institutions (public and private) and $750 for part-time study. For the new adult learner version of the grant, eligible applicants must have been born before January 1, 1996; filed their FAFSA on or after May 2; and not received a Maine State Grant for the three most recent academic years. All other current Maine State Grant criteria apply. FAME estimates that the additional funds will help approximately 2,439 more adult learners over the next two years. Interested parties are encouraged to file their 2019-2020 FAFSA as soon as possible as funds are limited. FAME data shows that, on average, over the last three years, 3,800 adults who filed the FAFSA during the summer but after the May 1 Maine State Grant deadline would have qualified for this need-based grant. 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%. “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 adult learners who have missed the May 1 deadline for filing an application,” stated Bruce Wagner, FAME Chief Executive Officer. “Targeting adult learners with additional grant funding will help them complete their credentials and assist with Maine’s workforce needs.” This new Maine State Grant funding for adult learners is only available for a limited time as funds are limited. In future years, recipients of the grant must file their FAFSA by May 1 in order to continue to receive the grant. 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.
At their June 20, 2019 monthly meeting, the board of directors of the Finance Authority of Maine (FAME) approved financing for two projects, one of which will help to provide care and support for Maine veterans while the other will help to renovate Millinocket’s local nonprofit library. The board approved conduit bond financing of $20 million for Maine Veterans’ Homes, a nonprofit organization which provides care and support for military veterans. The financing will help to finance the construction of a 179,000 square-foot, 138-bed residential and long-term care facility in Augusta. The FAME Board found that the project will help to make a significant contribution to the welfare of Maine residents by replacing an important but outdated facility for the care of local veterans. The plan is to construct four two-story buildings, including three residential housing buildings. 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. FAME’s utilization of tax-exempt private activity bonds has helped to create and retain thousands of Maine jobs in recent years. The projects financed in recent years range from not-for-profit health and higher education projects to solid waste improvements and public infrastructure. “Maine Veterans’ Homes very much appreciates FAME’s assistance in helping us to access lower-cost financing for this important project designed to help provide care and support for Maine veterans,” stated Kelley Kash, Chief Executive Officer. The FAME Board also approved the issuance of $517,312 in tax credits through the Maine New Markets Capital Investment Program related to approximately $1.3 million in investments to help renovate the Millinocket Memorial Library. Formerly operated by the town but now operated as a local nonprofit, the library has grown in use by the community, offering not only traditional library services but also used by other organizations for meetings and functions. The project involves a major renovation of the fifty-six-year-old library building, to not only address code compliance and safety issues, but also to dramatically increase the effective use of space to enable the library to achieve its visionary objectives. Future planned uses include: career counseling; computer learning; health and wellness workshops; nutrition and cooking workshops and advice; domestic violence outreach and counseling; and community engagement meetings. The qualified Maine investment is being made alongside a federal New Markets Tax Credit qualifying investment, which will result in a total investment of approximately $2 million, comprised of approximately $1 million of tax credit equity and another $1 million in donations and grants that the library has or will obtain for the project. 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 authority is set forth at $250 million, of which after today approximately $4 million remains. “FAME is pleased to help with financing for these important projects, which will help our veterans obtain quality housing and the Millinocket area develop an important community resource,” stated Jay Violette, FAME Board chair. “We are grateful for FAME’s assistance with our plans for the Millinocket Memorial Library,” stated Matt Delaney, Director. “The financing will help us renovate the building and help transform it into a community center for the benefit of area residents and organizations.” The Maine Library Association recently recognized Delaney as Maine’s “Outstanding Librarian of the Year” for 2018. 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.
Tenth-Annual “Fostering Financial Education in Maine Schools Conference” to be held May 10th in Augusta Youth Financial Literacy Month is in full swing at the Finance Authority of Maine (FAME). Throughout the month of April, FAME’s College Access and Financial Education Team has been offering a variety of statewide initiatives and educational workshops intended to promote the importance of financial education to Maine citizens. In honor of April as Youth Financial Literacy month, FAME is excited to celebrate the upcoming tenth anniversary of the “Fostering Financial Education in Maine Schools Conference.” The conference will be held on May 10th at the Augusta Civic Center, with a special pre-conference on May 9th at the Senator Inn. The goal of the conference is to provide Maine educators with the necessary tools, resources, and best practices for implementing Maine’s learning standards for personal finance and economics. The event is free for classroom teachers and funds are available to cover substitute teacher expenses. This year’s speakers include Laura Levine, President of the National JumpStart Coalition, as well as State Senator Matthew Pouliot of Kennebec County. The conference is made possible by the Maine JumpStart Coalition, the Maine Office of Securities, the Maine Credit Union League, Town & Country Federal Credit Union, and many others. “FAME’s financial education efforts are a key element of our mission. We provide outreach to students of all ages at schools throughout the state, from Aroostook to York Counties, in order to help prepare Maine students for financially successful futures,” stated FAME Chief Executive Officer Bruce Wagner. “We are proud to be a sponsor of the upcoming financial education conference for Maine teachers and community educators.” In addition to the conference and numerous statewide financial education activities, FAME is continuing its national expansion of Claim Your Future®, a program designed to encourage students to explore education and training after high school, future careers, and money management. The online version of Claim Your Future has been played by students in over ninety countries and in every U.S. state. Due to strong demand for the classroom game kit, FAME has adapted the program so that other organizations can co-brand and customize the program for their own constituents. 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 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 can now be accepted through May 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, ninety-two applicants have been selected to become Alfond Leaders. Cumulatively, awards now total over $2.9 million and the average award is $31,600. 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. Graham Garland of Saco, Maine was named an Alfond Leader in the fall of 2018. He is a Manufacturing Engineer at Fiber Materials Inc. in Biddeford Maine. Graham graduated from the University of Maine and started his engineering career at Portsmouth Naval Shipyard. Graham recently shared this about receiving the award: “My fiancée and I love living in Maine; we chose it for the quality of life, the proximity to family, and the culture. However, being burdened by student loan debt hindered us from achieving our goals. So many classmates, coworkers, and friends of mine are limited with it, as well; it’s a systemic problem for young Mainers. We shouldn’t have to build our lives around this debt, but we’re very fortunate to have help from the Harold Alfond Foundation. Because of this program, we’re able to start our family sooner, establish a secure life here, and give back to the local economy. It opens new doors for us in home ownership, work flexibility, and travel. We are grateful for the opportunity and are looking forward to our future living and working in Maine.” 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 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. About the Finance Authority of Maine FAME is a quasi-independent state agency that expands business and educational opportunities to help Maine people and businesses succeed. FAME helps to lead the creation of good paying jobs by working at the nexus between economic development and workforce development. To learn more about FAME, please visit www.FAMEmaine.com.
New Feature Connects Students’ Dream Careers to Schools and Scholarships The Finance Authority of Maine (FAME), in partnership with Carnegie Dartlet, recently launched a new college and scholarship search feature within the Claim Your Future (CYF)® website (claimyourfuture.com). CYF is a financial literacy game used worldwide that teaches students about careers, higher education, and money management. Carnegie Dartlet and FAME partnered to take the program one step further—from an interactive financial lesson to a resource that connects students with the right higher education path and guides them to their career of choice. FAME has incorporated CollegeXpress, Carnegie Dartlet’s student portal for higher education, into CYF. CollegeXpress is a popular higher education and scholarship search website focused on helping its users find the right college fit. It provides a free personalized experience and allows students to seek colleges, scholarships, and information that help link future career goals and interests to their higher education path. Together, CYF and CollegeXpress create a powerful tool that helps students understand careers, academic majors, and college options while considering the financial consequences of their choices. “Claim Your Future has always been a popular teaching tool and students gain memorable lessons and ‘a-ha’ moments from the experience,” said Mary Dyer, Financial Education Officer at FAME. “Now with CollegeXpress, students can connect to colleges and scholarships that actually help them reach their higher education goals. It will help students to not only claim their future, but to plan for their future.” Within a few days of launching the CollegeXpress feature, dozens of high school students were on their way to connecting with colleges and scholarships based on their career of choice. “The partnership between CollegeXpress and Claim Your Future is a perfect fit,” said Joe Moore, Chairman & CEO of Carnegie Dartlet. “We tapped into research that says that Generation Z students are incredibly outcome driven and want to graduate from college with a promising career. By combining the CYF activity with CollegeXpress’s vast array of college and scholarship search tools, we can help students on a more direct path to accomplishing their goals.” FAME developed the CYF program to use in Maine’s financial education efforts and has helped tens of thousands of Maine students from grades five and up become more financially savvy. The online version of the interactive game has been played all over the world and is popular with teachers in many states. Due to overwhelming requests, FAME has adapted the program so other organizations can co-brand and customize the program for their own constituents. About Claim Your Future: Claim Your Future (CYF) is a financial literacy program that helps increase knowledge about higher education, careers, and money management. They can connect to CollegeXpress at the end of the lesson. Teachers and students all around the country have been raving about the interactive educational program and over 150,000 people from around the world have played online or in the class room. The CYF program is proven to expand knowledge and engage students from fifth grade through high school and even into adulthood. Teachers have used the program as a one-time classroom activity or as part of a larger unit on careers, higher education, and money management. The program is offered in a hands-on interactive game kit or online. To watch students engage in, learn more about, and/or try the lesson, go to ClaimYourFuture.com. About FAME: FAME is a quasi-state agency that expands business and education opportunities for Maine people. A large part of FAME’s mission is to help families afford higher education financial education. FAME is often called upon in state and nationally for their extensive experience with financial education around higher education. About Carnegie Dartlet: Carnegie Dartlet is a leader and innovator in higher education marketing, offering groundbreaking services in the areas of research, strategy, creative, digital, lead generation, and team building to create clarity and connection inside and outside of institutions. Since 1985, Carnegie Dartlet has helped students find the right colleges—and colleges find the right students—through their leading college search engine, CollegeXpress, a free college and scholarship resource for students, their families, and guidance counselors. With college and scholarship search tools, 800 unique college-related lists, and a summer program search, CollegeXpress has all the resources students and families need to find a college, help pay for it, and much more.  
One Lucky Maine Resident will Receive a $20K Scholarship Prize AUGUSTA, MAINE — January 20, 2019 —The Finance Authority of Maine (FAME) announced today its $20,000 Invest in ME 20th Anniversary Sweepstakes – awarding its biggest scholarship prize ever – to kick off its year-long 20th anniversary celebration of helping Maine families save for college and other post-secondary education opportunities. One lucky Mainer will receive the $20,000 scholarship prize.¹ Entries will be accepted from January 20 to May 29, 2019. Maine’s Section 529 plan, known as NextGen 529TM , which is administered by FAME, celebrates 20 years in 2019. “Over the last 20 years, NextGen 529 has been an important resource for Maine families,” said Bruce Wagner, Chief Executive Officer at FAME. “To mark this major milestone, we wanted to start this celebratory year off with a big bang and launch our most significant scholarship prize sweepstakes ever.” NextGen 529 has grown immensely over the last 20 years. Now there are more than 59,000 Maine accounts (as of 12/31/2018) with more than $325,000,000 in savings for post-secondary educational expenses. In 2002 FAME instituted a NextGen 529 Matching Grant program which has invested over $21,000,000 to more than 37,600 Maine accounts. Families can use the funds saved through the NextGen 529 plan to help pay for qualified educational expenses² like tuition, room and board, and books and supplies, including computers. “With the cost of higher education rising every year, opening and contributing to a NextGen 529 account early in a child’s life can really help families save and reduce the need for student loans. We hope the $20,000 Scholarship Prize will inspire families to get started,” said Wagner. To enter the $20,000 Invest in ME 20th Anniversary Sweepstakes:
  • Open a NextGen 529 account for the benefit of a legal resident of the state of Maine
OR
  • Contribute to an existing NextGen account for the benefit of a legal resident of the state of Maine
Entries must be submitted between January 20, 2019 and May 29, 2019. No purchase necessary to enter or win. If you do not have a NextGen 529 account at the time of entry, a NextGen 529 account would need to be opened to receive the scholarship prize. Void where prohibited by law. About NextGen NextGen is a Section 529 plan administered by the Finance Authority of Maine (FAME). Before you invest in NextGen, request a NextGen Program Description from your Merrill Lynch Financial Advisor or Maine Distribution Agent or call Merrill Edge 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, which you should carefully consider before investing. You also should consider whether your 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 Designated beneficiary of the winning NextGen account must be a resident of the state of Maine. ² As defined in the Internal Revenue Code.

63-room Best Western hotel will serve area lodging needs and help revitalize downtown Rumford and River Valley area

At their February 21, 2019 monthly meeting, the board of directors of the Finance Authority of Maine (FAME) approved 75% commercial loan insurance on a $4.1 million loan by First National Bank to Pennacook Falls Investments, Ltd. (PFIL) for the construction of a sixty-three-room Best Western Plus Inn and Suites in downtown Rumford. The project is expected to create approximately nineteen jobs and help meet growing area lodging needs. FAME’s Commercial Loan Insurance Program insures a portion of a loan to a business made by a participating financial institution. For a business, it may mean the difference between obtaining a loan or never getting the opportunity to start a business. PFIL is an investment group established by Rumford area business leaders to build a brand-name hotel in downtown Rumford. “We are grateful for FAME’s assistance with our plans,” stated Tony Carter, President of PFIL. “This financing will allow us to construct much-needed lodging in downtown Rumford and hopefully spur additional economic investment in this redeveloping area.” Rumford has been without a hotel for some time now, and this development is expected to help revitalize the downtown area. The area is not only a gateway to the Rangeley Lakes area and Maine’s western mountains, including nearby Black Mountain and Sunday River, which offer numerous ski and snowmobile trails, but also boasts a community hospital and active pulp and paper mill operated by ND Paper. “FAME is pleased to help finance this project that is expected to boost downtown Rumford and meet some of the growing lodging needs of the River Valley Area” stated Jay Violette, FAME board chair FAME is a quasi-independent state agency that provides financial solutions that help Maine people achieve their business and higher education goals. FAME recently celebrated its 35th anniversary. It 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 fourth year in a row as one of the Best Places to Work in Maine. To learn more about FAME, please visit www.famemaine.com.