Over 600 Maine businesses connected with financial resources

Maine businesses have secured $300,000 in alternative funding, with more applications in process through a new state platform. The Maine Funding Network (MFN) is celebrating one year of providing funding and resource matches, connecting over 600 companies with 1,600 matches to alternative funding sources and business counseling services. With the goal of helping Maine businesses by connecting them with vital funding sources, MFN has made significant strides in its mission to strengthen the state’s economy

Prior to the launch of MFN, business owners didn’t always know where to turn to find these public and non-profit type funding sources. MFN hosts more than 20 public, non-profit, and alternative funding and counseling agencies. Each business taking advantage of the platform receives potential funding options and/or business counseling resources, after which the funding organization reaches out to help. The impressive match-to-business ratio shows that the system is working as designed, creating multiple pathways for Maine business success.

One new Maine entrepreneur, Tyler Menifield, owner of Hoot Pickleball, a Pickleball accessory company, found just the right match on MFN, one he may not have easily found on his own. “It’s been quite a journey getting my business off the ground. I’ve done extensive research to make Hoot Pickleball a success. Thanks to the ease and resources of Maine Funding Network, I was matched with Community Concepts Finance Corporation and was able to secure a loan to help me get Hoot Pickleball up and running.”

Every business that seeks matches and every partner that joins the network represents a potential success story in the making. While many businesses are unaware of the many alternative funding and business counseling services available to them, funders are also able to connect with businesses they may never have encountered, creating new jobs and helping grow the Maine economy.

“The Maine Funding Network has helped make connections between Community Concepts Finance Corporation (CCFC) and businesses across Maine, enabling expansion into new regions. MFN’s user-friendly platform has made it easier for all Maine businesses to access CCFC and other partners’ lending and advising services. This collaboration benefits businesses statewide and strengthens Maine’s economy,” says Natalie Washburn, President, CCFC.

Though just getting started, partner organizations have already facilitated hundreds of thousands of dollars in vital funding for Maine businesses. Many of the businesses really needed no-cost business consulting support as they were just starting out and didn’t have a business plan, which is needed to obtain financing.

“Our team has already made some responsive development to the online platform with user feedback,” said Jonathan Poole, Chief Operating Officer at Finance Authority of Maine (FAME). “We’ve been able to partner with over 20 of the state’s public, non-profit, and alternative funding organizations and they are all working with the businesses to increase their chances of success.” FAME administers and hosts the MFN platform.

Michael Duguay, Commissioner of the Maine Department of Economic and Community Development, sees great things on MFN’s horizon. “This first year is the foundation for what MFN can become – Maine’s alternative funding hub. It helps Maine businesses find the help they need when they can’t always figure out where to initially look. As the platform grows, so will our ability to create more access to funding, expanding Maine’s economy.”

For businesses that have not yet found their funding matches, visit MaineFundingNetwork.com.

Other public, non-profit, and alternative funding organizations that provide financial solutions and business counseling are invited to join this growing network. Current partner organizations include: Androscoggin Valley Council of Governments, Black Owned Maine, Coastal Enterprises, CEI Women’s Enterprises, Community Concepts Finance Corporation, The Cooperative Fund of the Northeast, Eastern Maine Development Corporation, FAME, Four Directions Development Corporation, Greater Portland Council of Governments, Immigrant Welcome Center Greater Portland, Maine Angels, Maine Office of Business Development, Midcoast Council of Governments, Small Business Development Center of Maine, Maine Technology Institute, Maine Venture Fund, Northern Maine Development Commission, City of Portland, SCORE, Southern Maine Finance Agency, Southern Maine Planning & Development Commission, and Sunrise County Economic Council.

The Finance Authority of Maine (FAME) is a quasi-independent state agency whose mission is to enrich business and educational outcomes through relevant, timely financial support to Maine’s people. FAME’s vision is a Maine where all people have access to improved economic outcomes through business growth and education attainment. To learn more about FAME, please visit www.famemaine.com

FAME WELCOMES NEW BOARD MEMBERS

The Finance Authority of Maine (FAME) recently welcomed four new members to its board of directors. They bring a wealth of experience from their personal and professional backgrounds that will add to the already strong and effective board membership. The new members include: the Honorable Joseph Perry of Bangor, State Treasurer; Commissioner Michael Duguay of the Department of Economic and Community Development; Simon Ferland of the University of Maine System; and Michael Foley of Five County Credit Union. Perry and Duguay serve ex officio by virtue of their state offices, while Ferland and Foley were nominated by Governor Janet T. Mills and confirmed by the Legislature.

The Honorable Joseph C. Perry was elected in 2025 by a Joint Convention of the 132nd Maine Legislature to the Office of State Treasurer. Treasurer Perry’s priorities include prudent cash pool management, protecting the earned benefits of Maine public workers and educators, and completing bond sales and public-private partnerships for the common good of all Maine people. A former longtime legislator from Bangor, Perry chaired the Taxation and Transportation Committees. He also owned and operated Joe’s Market in Bangor for many years. He lives in Bangor with his wife and two children. Perry serves ex officio in his capacity as the State Treasurer.

Michael Duguay is the Commissioner of the Maine Department of Economic and Community Development. He is charged with overseeing more than two dozen experts across several bureaus whose mission is to help communities and businesses prosper through a variety of programs that provide everything from targeted tax relief to community block grants to tourism marketing. Previously, as Vice President for Innovation and Executive Director of the Harold Alfond Institute for Business Innovation at Thomas College in Waterville, he helped hundreds of entrepreneurs market their products and scale their businesses, and trained thousands of students to succeed in good-paying careers in Maine. Duguay began his economic development career at the Department of Economic and Community Development in 1990. He has enjoyed an extensive career in business, economic, and community development in Maine, including service as Director of Economic Development for the City of Augusta from 1999 to 2012. A native of Fairfield, Duguay is a graduate of the University of New Hampshire. He serves ex officio as the Commissioner of Economic and Community Development.

Simon Ferland is the Director of Data Systems—Student Financial Services, at the University of Maine. He oversees daily and long-term financial aid and student financial operations from a systems and data management perspective. A native of Old Town, Ferland earned his BA and MBA from the University of Maine and is currently a student in the Higher Education Ph.D.  program. He is a nationally certified financial aid administrator and has been active in the National Association of Student Financial Aid Administrators (NASFAA). He lives in Bangor. Ferland occupies a seat requiring knowledge in the field of student financial assistance.

Michael J. Foley, Jr. is the Chief Growth Officer, Senior Vice President of Support Services at Five County Credit Union. He leads strategic initiatives of multiple departments for the credit union, which has assets under management of $380 million and serves over 30,000 members. Foley is an active member of the Maine Credit Union League, including its governmental affairs committee. A native of Cape Elizabeth, he was a longtime coach for the Cape Elizabeth Girls Lacrosse Programs, where he served for nine seasons. His wife and he have a daughter and a son and live in Cape Elizabeth. Foley occupies the seat reserved for a commercial lender.

“We are delighted to welcome Joe, Mike, Simon, and Mike to the FAME Board,” stated Renee Ouellette, FAME Board Chair. “These four outstanding leaders bring unique skills through their strong and varied backgrounds, which will reinforce the excellent work already being done by the Board to enrich business and educational outcomes through relevant, timely financial support to Maine’s people.”

CONTACT: BILL NORBERT (FAME)

(207) 620-3540

wnorbert@FAMEmaine.com

FINANCE AUTHORITY OF MAINE
NOTICE OF INTENT TO ISSUE
REVENUE OBLIGATION SECURITIES

Notice is hereby given that the Finance Authority of Maine (FAME) intends to issue Revenue Obligation Securities (the “Securities”) pursuant to the Finance Authority of Maine Act (Chapter 110 of Title 10 of the Maine Revised Statutes, as amended) and has issued its Certificate of Approval for the Project to be financed with proceeds of the Securities. Set forth below is a summary of the Certificate including a description of the purpose for which the Securities will be issued, a statement of the maximum principal amount of the Securities and the time within which any proceeding to set aside certain actions of FAME with respect to the Project, plan of finance or the Securities or otherwise obtain relief on grounds of invalidity of such action must be commenced.

PROJECT USER: The Waynflete School (the “School”)

PROJECT LOCATION: 360 Spring Street, Portland, Maine 04102 (the “Campus”)

PURPOSE OF PROJECT: Proceeds of the Securities will be used to (a) finance or refinance costs of facilities owned by the School, including (i) up to $16,520,000 in proceeds to refund the Finance Authority of Maine Education Refunding and Revenue Bonds, Series 2014A and 2014B, proceeds of which financed and refinanced costs of facilities at the School’s campus at 360 Spring Street in the City of Portland, Maine, and to pay the cost of terminating certain existing interest rate swap transactions; and (ii) up to $14,980,000 in proceeds to be used, with other available funds (including capital campaign and institutional funds), for demolition of the existing gymnasium and construction of a new Wellness and Athletic Center located at 360 Spring Street, Portland, Maine, to include a full-size varsity basketball court (including two practice courts when the bleachers are retracted) with bleacher seating for up to 350 spectators, locker rooms, and a variety of wellness, athletic and fitness rooms, or for other capital expenditures on the campus; (b) pay capitalized interest on the Securities; and (c) pay all or part of the costs of issuance of the Securities.

MAXIMUM AMOUNT OF REVENUE OBLIGATION SECURITIES TO BE ISSUED BY FAME TO PROVIDE FINANCING FOR THE PROJECT: $32,000,000

Any action or proceeding in any court to contest the issuance of the Securities, to set aside the Certificate of Approval for the Project or to obtain relief upon the grounds that the Certificate of Approval was improperly issued, was issued for unauthorized purposes or is otherwise invalid for any reason, must be started within 30 days after the date of publication of this Notice. After the expiration of such a 30-day period of limitation, no right of action or defense founded upon the invalidity of the approval; or contesting any provision or the issuance of the Certificate of Approval or the issuance of the Securities may be started or asserted nor shall the Certificate of Approval or the issuance of Securities be open to question in any court upon any grounds.

This Notice published pursuant to 10 M.R.S.A. Section 1044(1).

Finance Authority of Maine
5 Community Drive
P.O. Box 949
Augusta, ME 04332-0949
(207) 623-3263

Contact Person: Christopher H. Roney, General Counsel

FINANCE AUTHORITY OF MAINE
NOTICE OF INTENT TO ISSUE
REVENUE OBLIGATION SECURITIES

Notice is hereby given that the Finance Authority of Maine (FAME) intends to issue Revenue Obligation Securities (the “Securities”) pursuant to the Finance Authority of Maine Act (Chapter 110 of Title 10 of the Maine Revised Statutes, as amended) and has issued its Certificate of Approval for the Project to be financed with proceeds of the Securities. Set forth below is a summary of the Certificate including a description of the purpose for which the Securities will be issued, a statement of the maximum principal amount of the Securities and the time within which any proceeding to set aside certain actions of FAME with respect to the Project, plan of finance or the Securities or otherwise obtain relief on grounds of invalidity of such action must be commenced.

PROJECT USER: Bowdoin College (the “College”)

PROJECT LOCATION: 5600 College Station, Brunswick, ME (the “Campus”)

PURPOSE OF PROJECT: The College intends to use the proceeds of the Securities to (A) refinance existing projects on the Campus including construction and equipping of the hockey arena, Adams Hall, the fitness center, and other building renovations and equipment, and (B) finance new projects on the Campus including but not limited to (i) Sills Hall renovation; (ii) John B. Russwurm House renovation; (iii) sophomore house renovations including Burnett House, Helmreich House, Howell House, MacMillan House, and Reed House; (iv) network infrastructure upgrades; and (v) the Observatory restoration and classroom construction.

MAXIMUM AMOUNT OF REVENUE OBLIGATION SECURITIES TO BE ISSUED BY FAME TO PROVIDE FINANCING FOR THE PROJECT: $50,000,000

Any action or proceeding in any court to contest the issuance of the Securities, to set aside the Certificate of Approval for the Project or to obtain relief upon the grounds that the Certificate of Approval was improperly issued, was issued for unauthorized purposes or is otherwise invalid for any reason, must be started within 30 days after the date of publication of this Notice.  After the expiration of such a 30-day period of limitation, no right of action or defense founded upon the invalidity of the approval; or contesting any provision or the issuance of the Certificate of Approval or the issuance of the Securities may be started or asserted nor shall the Certificate of Approval or the issuance of Securities be open to question in any court upon any grounds.

This Notice published pursuant to 10 M.R.S.A. Section 1044(1).

Finance Authority of Maine
5 Community Drive
P.O. Box 949
Augusta, ME 04332-0949
(207) 623-3263

Contact Person: Christopher H. Roney, General Counsel

Notice of Public Hearing

Notice is hereby given in accordance with Section 147(f) of the Internal Revenue Code of 1986, as amended, and the Treasury Regulations promulgated with respect thereto (collectively the “Code”) and 10 MRSA §1043, that the Finance Authority of Maine (the “Authority”) will hold a public hearing at 10:00 a.m., Eastern Time, June 11, 2025, at its offices at 5 Community Drive, Augusta, Maine, regarding the plan of finance for a proposed issuance by the Authority of its revenue bonds in one or more series and in the aggregate principal amount of not more than $32,000,000 (the “Bonds” or the “Revenue Obligation Securities”). The Bonds will constitute qualified 501(c)(3) bonds under Section 145(a) of the Code. The Bonds will finance and refinance the construction, renovation and equipping of educational facilities (as further described below, the “Project”) owned and operated or to be owned and operated by The Waynflete School (the “School”) and located as set forth below, together with capitalized interest on the Bonds and costs of issuing the Bonds. The proceeds of the Bonds will be loaned by the Authority to the School.

The Authority is empowered under the Finance Authority of Maine Act, Chapter 110 of Title 10 of the Maine Revised Statutes, as amended, to issue its Revenue Obligation Securities, the interest on which may be exempt from Federal income taxation to assist in financing projects for the purpose of providing enlarged opportunities for gainful employment by the people of the State of Maine and to insure the preservation and betterment of the economy of the State of Maine.

The Authority has received an application for the issuance of Revenue Obligation Securities from the School seeking approval for a plan of financing. At the public hearing the Authority will consider the application for a Certificate of Approval for the following Project:

PROJECT USER: The Waynflete School

PROJECT LOCATIONS: 360 Spring Street, Portland, Maine 04102

DESCRIPTION OF PROJECT: The School intends to use the proceeds of the Bonds to (a) finance or refinance costs of facilities owned by the School, including (i) up to $16,520,000 in proceeds to refund the Finance Authority of Maine Education Refunding and Revenue Bonds, Series 2014A and 2014B, proceeds of which financed and refinanced costs of facilities at the School’s campus at 360 Spring Street in the City of Portland, Maine, and to pay the cost of terminating certain existing interest rate swap transactions; and (ii) up to $14,980,000 in proceeds to be used, with other available funds (including capital campaign and institutional funds), for demolition of the existing gymnasium and construction of a new Wellness and Athletic Center located at 360 Spring Street, Portland, Maine, to include a full-size varsity basketball court (including two practice courts when the bleachers are retracted) with bleacher seating for up to 350 spectators, locker rooms, and a variety of wellness, athletic and fitness rooms, or for other capital expenditures on the campus; (b) pay capitalized interest on the Bonds; and (c) pay all or part of the costs of issuance of the Bonds.

MAXIMUM AMOUNT OF REVENUE OBLIGATION SECURITIES TO BE ISSUED BY THE AUTHORITY TO PROVIDE FINANCING AND REFINANCING FOR THE PROJECT: $32,000,000.

Interested members of the public are invited to attend the hearing. Persons attending will have an opportunity to make a brief statement regarding the Project or the financing. Comments are specifically requested on those criteria set forth in 10 MRSA §1043(2), including public benefit and whether the Project could result in a substantial detriment to existing business. Persons planning to attend the hearing or to make a statement at the hearing are requested to notify the Authority in writing no later than June 9, 2025. Members of the public may attend the hearing in person or via ZOOM (ZOOM link available from the Authority upon request).

The hearing may be continued to a subsequent date and time without further notice other than to those who have entered objections or requests for notification of the hearing.

Persons wishing to make written comments are requested to provide the written comments to the Authority before the hearing. Written comments will also be accepted at the hearing.

If additional information is required on the proposed Bonds and the Project, please contact:

Finance Authority of Maine
Christopher H. Roney
5 Community Drive
P.O. Box 949
Augusta, Maine 04332-0949
(207) 620-3520
croney@famemaine.com

FINANCE AUTHORITY OF MAINE

NOTICE OF INTENT TO ISSUE

REVENUE OBLIGATION SECURITIES

Notice is hereby given that the Finance Authority of Maine (FAME) intends to issue Revenue Obligation Securities (the “Securities”) pursuant to the Finance Authority of Maine Act (Chapter 110 of Title 10 of the Maine Revised Statutes, as amended) and has issued its Certificate of Approval for the Project to be financed with proceeds of the Securities.  Set forth below is a summary of the Certificate including a description of the purpose for which the Securities will be issued, a statement of the maximum principal amount of the Securities and the time within which any proceeding to set aside certain actions of FAME with respect to the Project, plan of finance or the Securities or otherwise obtain relief on grounds of invalidity of such action must be commenced.

MAXIMUM AMOUNT OF REVENUE OBLIGATION SECURITIES TO BE ISSUED BY FAME TO PROVIDE FINANCING FOR THE PROJECT: $60,000,000

            Any action or proceeding in any court to contest the issuance of the Securities, to set aside the Certificate of Approval for the Project or to obtain relief upon the grounds that the Certificate of Approval was improperly issued, was issued for unauthorized purposes or is otherwise invalid for any reason, must be started within 30 days after the date of publication of this Notice.  After the expiration of such a 30-day period of limitation, no right of action or defense founded upon the invalidity of the approval; or contesting any provision or the issuance of the Certificate of Approval or the issuance of the Securities may be started or asserted nor shall the Certificate of Approval or the issuance of Securities be open to question in any court upon any grounds.

            This Notice published pursuant to 10 M.R.S.A. Section 1044(1).

Finance Authority of Maine
5 Community Drive
P.O. Box 949
Augusta, ME 04332-0949
(207) 623-3263
Contact Person: Christopher H. Roney, General Counsel

FINANCE AUTHORITY OF MAINE
NOTICE OF INTENT TO ISSUE

Notice is hereby given that the Finance Authority of Maine (FAME), intends to issue Revenue Obligation Securities pursuant to the Finance Authority of Maine Act, Title 10, Chapter 110 of the Maine Revised Statutes, as amended, and a Certificate of Approval to be issued by FAME, which Certificate will be substantially as follows:

CERTIFICATE OF APPROVAL

Pursuant to 10 M.R.S.A. §1043, and based on certain findings required thereunder, FAME approves the Project and plan of finance described below:

PROJECT USER:                     Go Lab Madison, LLC (d/b/a TimberHP) / Go Lab, Inc.

PROJECT LOCATION:            1 Main Street and 93 Pine Street, Madison, Maine

PROJECT:                                Bond proceeds will be used to finance a portion of the costs to purchase and install equipment at the former Madison Paper mill, used to manufacture wood fiber based insulation products (loose fill, batts, and boards), using recycled wood fiber biomass residuals, thinnings (round logs too small to be used in lumber mills), and waste byproducts of lumber manufacturing and timber management operations, as the primary raw materials, together with costs of issuance, construction period and other capitalized interest and a debt service reserve fund.

MAXIMUM AMOUNT OF REVENUE OBLIGATIONS SECURITIES TO BE ISSUED TO PROVIDE FINANCING FOR THE PROJECT:  $10,000,000

This Certificate of Approval shall be null and void unless acted upon within one (1) year from the date hereof.

Any action or proceeding in any court to contest the issuance of the Securities, to set aside the Certificate of Approval or to obtain relief upon the grounds that the Certificate of Approval was improperly issued, was issued for unauthorized purposes or is otherwise invalid for any reason, must be started within 30 days after the date of publication of this notice.  After the expiration of such a 30-day period of limitation. no right of action or defense founded upon the invalidity of the approval or the Certificate of Approval, or contesting any provision or the issuance of the Certificate of Approval or the issuance of the Securities may be started or asserted nor shall the Certificate of Approval or the issuance of Securities be open to question in any court upon any grounds.  This notice is published pursuant to Title 10, Section 1044(1) of Maine Revised Statutes, as amended.

Finance Authority of Maine
5 Community Drive
P.O. Box 949
Augusta. ME 04332-0949
(207) 623-3263
Contact Person: Christopher H. Roney, General Counsel

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NOTICE OF PUBLIC HEARING

Notice is hereby given in accordance with Section 147(f) of the Internal Revenue Code of 1986, as amended, and the Treasury Regulations promulgated with respect thereto (collectively the “Code”) and 10 MRSA §1043, that the Finance Authority of Maine (the “Authority”) will hold a public hearing at 10:00 a.m., Eastern Time, May 7, 2025, at its offices at 5 Community Drive, Augusta, Maine, regarding the plan of finance for a proposed issuance by the Authority of its revenue bonds in one or more series and in the aggregate principal amount of not more than $60,000,000 (the “Bonds” or the “Revenue Obligation Securities”). The Bonds will constitute qualified 501(c)(3) bonds under Section 145(a) of the Code. The Bonds will finance the construction, renovation and equipping of educational facilities (as further described below, the “Project”) to be owned and operated by the University of New England (the “Borrower”) and located as set forth below, together with costs of issuing the Bonds. The proceeds of the Bonds will be loaned by the Authority to the Borrower.

The Authority is empowered under the Finance Authority of Maine Act, Chapter 110 of Title 10 of the Maine Revised Statutes, as amended, to issue its Revenue Obligation Securities  the interest on which may be exempt from Federal income taxation to assist in financing projects for the purpose of providing enlarged opportunities for gainful employment by the people of the State of Maine and to insure the preservation and betterment of the economy of the State of Maine.

The Authority has received an application for the issuance of Revenue Obligation Securities from the Borrower seeking approval for a plan of financing. At the public hearing the Authority will consider the application for a Certificate of Approval for the following Project:

PROJECT USER:     University of New England

PROJECT
LOCATION:             11 Hills Beach Road, Biddeford, Maine 04005 (the “Biddeford Campus”) and 716 Stevens Ave, Portland, Maine 04103 (the “Portland Campus”)

DESCRIPTION
OF PROJECT:          The Borrower intends to use the proceeds of the Bonds to finance the costs of (A) the renovation of (i) the Alfond Center for the Arts and Sciences on the Biddeford Campus, (ii) Leonard Hall for the College of Business on the Biddeford Campus, (iii) Decary Hall on the Biddeford Campus, (iv) Ludcke Auditorium on the Portland Campus, and (v) the Department of Campus Services Building on the Portland Campus, (B) expansion of the tennis courts on the Biddeford Campus, (C) construction of Girard Marine Science Center Research Pier and Access Road on the Biddeford Campus, and (D) other capital projects, infrastructure, furniture, fixtures and equipment associated with the Borrower’s FY’25, FY’26 and FY’27 capital budgets on the Biddeford Campus and the Portland Campus. 

MAXIMUM AMOUNT OF REVENUE OBLIGATION SECURITIES TO BE ISSUED BY THE AUTHORITY TO PROVIDE FINANCING FOR THE PROJECT:  $60,000,000 (with not more than $50,000,000 for projects on the Biddeford Campus and not more than $10,000,000 for projects on the Portland Campus).

Interested members of the public are invited to attend the hearing. Persons attending will have an opportunity to make a brief statement regarding the Project or the financing. Comments are specifically requested on those criteria set forth in 10 MRSA §1043(2), including public benefit and whether the Project could result in a substantial detriment to existing business. Persons planning to attend the hearing or to make a statement at the hearing are requested to notify the Authority in writing no later than May 5, 2025.  Members of the public may attend the hearing in person or via ZOOM (ZOOM link available from the Authority upon request).

The hearing may be continued to a subsequent date and time without further notice other than to those who have entered objections or requests for notification of the hearing.

Persons wishing to make written comments are requested to provide the written comments to the Authority before the hearing. Written comments will also be accepted at the hearing.

If additional information is required on the proposed Bonds and the Project, please contact:

Finance Authority of Maine
Christopher H. Roney
5 Community Drive
P.O. Box 949
Augusta, Maine 04332-0949
(207) 620-3520
 croney@famemaine.com