AUGUSTA — At their monthly meeting held on September 19, 2024, the board of directors of the Finance Authority of Maine (FAME) approved $1 million in financing for Sawyer Enterprises, LLC d/b/a FISBA North America, a Portland-based precision manufacturer of microphotonics.

Microphotonics is a branch of technology that deals with directing light on a microscopic scale and is used in optical networking. Sawyer Enterprises, LLC uses microphotonics in optical designs that are used in medical and life sciences. 

FAME approved a $1 million FAME Direct Loan to the company. The financing will be used to help the company expand its Maine operations and finance a portion of construction costs at its Portland facility. FAME’s financing is expected to help to create more than eight Maine jobs in the near future and retain an additional ten Maine jobs.

“We are pleased to provide support for Sawyer Enterprises as it expands its operations here in Maine,” stated FAME Board Chair Richard Trafton. “Precision manufacturing is one of Maine’s targeted industries as outlined in Maine’s Economic Development Strategy. We hope this financing will enable the company to grow and innovate utilizing Maine’s STEM workforce.”

Sawyer Enterprises, LLC, formed in 2017 and originally operated as Gray Optics, was acquired in 2023 by FISBA North America LLC, a wholly owned subsidiary of FISBA AG. FISBA AG is a Swiss company that develops and manufactures microphotonics for medical and life sciences industries.

The planned renovations to the Portland plant will allow the parent company to move operations and equipment from Tucson, Arizona to Maine.

“We are grateful for FAME’s support, which will enable us to expand our Maine operations and create more good paying jobs,” stated Wallace Latimer, President of FISBA North America. “We appreciate Maine’s talented workforce and look forward to creating more innovative products that are in demand within the medical and life sciences markets.”

FAME’s Direct Loan provides access to operating capital for startups and existing businesses for most business purposes. Loans up to $1 million may be available if substantial public benefit is demonstrated and sufficient funds are available.

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. Our vision is a Maine where all people have access to improved economic outcomes through business growth and education attainment.

Maine Funding Network developed by DECD and FAME will provide financing resources for Maine businesses to start up and grow

Governor Janet Mills recently announced the launch of the Maine Funding Network, a new business funding portal designed to easily connect Maine businesses with one-stop access to funding options so that they may grow and succeed.

The Maine Funding Network is an initiative of the Maine Department of Economic and Community Development (DECD) and the Finance Authority of Maine (FAME). It results from feedback received from Maine’s business owners, lenders, and economic development ecosystem regarding the need for a centralized, easy-to-use platform for funding. The portal is sponsored and powered by FAME and is designed to be a gateway for interested borrowers to identify potential funding solutions from public and nonprofit agencies throughout Maine.

The network initially will be comprised of sixteen partner organizations ranging from Maine business advisors to lenders to venture capital and is expected to grow.

“FAME is pleased to host this business funding network and to amplify the collective impact of our fellow economic development partners,” said Carlos Mello, CEO of FAME. “Whether it be a state-sponsored financing program or a local lending product, Maine businesses and entrepreneurs will now have far more solutions available to them in one location.”

The concept of a business financing portal draws heavily on recommendations from the state’s 10-Year Economic Development Strategy and the 2024 Reset, including the need to support new Maine companies; better coordinate state business assistance; and enhance technical assistance and improve resource awareness.

FAME will be hosting a live webinar about the tool on May 29th from 3:00PM to 4:00PM. Click here to register to attend.

For more information, please visit www.mainefundingnetwork.com to learn more.

Please send email queries to support@mainefundingnetwork.com or phone (207) 620-3568 for more information.

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 10:30 a.m., Eastern Time, May 29, 2024, 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 $75,000,000 (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 of an educational facility (as further described below, the “Project”) to be owned and operated by the President and Trustees of Colby College (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: President and Trustees of Colby College

PROJECT LOCATION: 4000 Mayflower Hill, Waterville, Maine

DESCRIPTION OF PROJECT: The Borrower intends to use the proceeds of the Bonds to finance the costs of constructing and equipping a new, approximately 109,000 square foot residence hall on the Borrower’s campus in Waterville, Maine. 

MAXIMUM AMOUNT OF REVENUE OBLIGATION SECURITIES TO BE ISSUED BY THE AUTHORITY TO PROVIDE FINANCING FOR THE PROJECT:  $75,000,000.

Interested members of the public are invited to attend the hearing. The Authority staff will present information relative to the Project and proposed financing and invite questions from persons attending.  In addition, 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 27, 2024. 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

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The Finance Authority of Maine (FAME) is pleased to announce that Mary Dyer, FAME’s Financial Education Programs Manager, has been selected to serve on the National Jump$tart Board of Directors.

Dyer currently serves in the role as President of the Maine Jump$tart Coalition for Personal Financial Literacy, an all-volunteer nonprofit Coalition whose mission is to improve the financial knowledge of Maine citizens by providing training and support to Maine personal finance and economics teachers. The coalition was recently awarded State Coalition of the Year, which includes a one-year term on the National Board of Directors. FAME is a founding partner and supporter of Maine Jump$tart.

The National Jump$tart Coalition for Personal Financial Literacy, formed in 1995, is a nonprofit organization based in Washington D.C. whose mission is to advance financial literacy and financial equity, especially among the nation’s youth. The Coalition includes more than 100 national partner organizations from business, finance, education, academia, government, and more, as well as a network of independent, affiliated state coalitions across the country. National Jump$tart was the original promoter of the concept of annually celebrating April as financial literacy month.

Dyer’s tenure as Maine Jump$tart President began in 2011. During that time, the coalition has provided over twenty statewide teacher trainings, including the Fostering Financial Education in Maine Schools Conference, which is now in its fifteenth year. Over the years, hundreds of teachers have benefited from these trainings and thousands of Maine students have been impacted. This is the second time the Coalition has received the State Coalition of the Year Award.

“National Jump$tart is an incredible organization made up of individuals who are passionate about financial literacy,” said Dyer. “The Coalition is committed to providing teachers with the knowledge, skills, and confidence to bring personal finance into their classrooms. Each year, the Coalition hosts the only national training devoted to personal finance and economics educators, and they do it at no cost to teachers. The all-scholarship event has become the go-to training event for educators. This past year, nearly 350 educators from across the country attended the event. I am proud to be part of National Jump$tart and I look forward to serving on the National Board during the coming year.”

Dyer brings thirty years of industry experience in her role as FAME’s Financial Education Programs Manager, a position she has held for nearly seventeen years. Dyer has been instrumental in launching several statewide financial education programs designed to support Mainers in strengthening their financial knowledge and capability. Most notably, Mary is responsible for the development of FAME’s Claim Your Future® Program, an interactive educational game that encourages students to explore career pathways, financial decision-making, and the future return on investment of postsecondary education and training. Claim Your Future is played by nearly 300,000 students each year, not only in Maine, but across the country.

“We are proud of Mary’s leadership and accomplishments in the field of financial education,” said Carlos R. Mello, FAME Chief Executive Officer. “Her leadership with the Maine Jump$tart Coalition has been innovative and impressive. I have no doubt that she will bring her experience and expertise to the National Jump$tart board, but more importantly her enthusiasm for the subject, which is contagious.”

Book collection and book reading awarded by agency to Zippel Elementary School

Augusta — Zippel Elementary School, located in Presque Isle, was recently awarded the Finance Authority of Maine (FAME) Invest in ME Reads Giveaway, which includes the complete Money on the Bookshelf collection, a variety of family resources, and a special visit from Maribeth Boelts, author of Those Shoes. Boelts and FAME staff visited the school on April 9, 2024.

Created by FAME in partnership with the Consumer Financial Protection Bureau, Invest in ME Reads is a statewide program designed to support family financial education by empowering families to engage in conversations about future goals, saving money, and the value of choice. Unlike many financial education programs that focus on high school students, Invest in ME Reads engages children and their families early in elementary school to help them begin to learn about money and financial decision making. FAME launched the program in 2020 and it now serves all Maine second through fifth grade students. Students receive a collection of educational resources, including free books that introduce topics such as saving, giving, and delayed gratification. Families also receive materials to use at home, including a parent guide, information to support college savings, and special content to encourage them to visit FAMEmaine.com/elementary, which includes resources, activities, and tips for parents at home.

Maribeth Bolts at Zippel Elementary 1
Author Maribeth Boelts reading to students at Zippel Elementary in Presque Isle.

“Our students were excited to meet Maribeth Boelts”, said Zippel Elementary Principal Christopher Hallett. “We enjoyed hearing Maribeth share her new book, as well as what inspired her to become a writer. Invest in ME Reads is a wonderful program, and we are thrilled to be recipients of the school giveaway.”

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

“At FAME, we recognize that financial capability is a key ingredient for lifelong success, and we want to do our part by providing resources that will support financial education – even as early as elementary school,” said FAME Director of Education Martha Johnston. “Schools across Maine have embraced the program.”

For more information about how FAME can support your family’s financial goals, please visit FAMEmaine.com/build.

The Finance Authority of Maine (FAME) is a quasi-independent state agency celebrating its fortieth anniversary 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. For more information, please visit FAMEmaine.com.

Low-interest disaster loans from the U.S. Small Business Administration (SBA) are available to businesses and residents in Maine following the announcement of a Presidential disaster declaration due to severe storms and flooding that occurred on Jan. 9-13. The disaster declaration covers Cumberland, Hancock, Knox, Lincoln, Sagadahoc, Waldo, Washington, and York counties in Maine, which are eligible for both Physical and Economic Injury Disaster Loans from the SBA. Small businesses and most private nonprofit organizations in the following adjacent counties are eligible to apply only for SBA Economic Injury Disaster Loans (EIDLs): Androscoggin, Aroostook, Kennebec, Oxford, Penobscot, and Somerset in Maine; Strafford, Rockingham, and Carroll in New Hampshire. 

The filing deadline to return applications for physical property damage is May 20, 2024. The deadline to return economic injury applications is Dec. 23, 2024.

Applicants may apply online and receive additional disaster assistance information at SBA.gov/disaster. Applicants may also call SBA’s Customer Service Center at (800) 659-2955 or email disastercustomerservice@sba.gov for more information on SBA disaster assistance. For people who are deaf, hard of hearing, or have a speech disability, please dial 7-1-1 to access telecommunications relay services.

April 1, 2024 – Augusta – April is Financial Literacy Month and the Finance Authority of Maine (FAME) believes that Maine has room for growth in financial education, as currently only 16% of Maine high school students are required to complete a personal finance course prior to graduation. As a result, many students may not be equipped to handle the basics of money management when they graduate, which could leave them vulnerable and impact their ability to afford higher education. To address this challenge, FAME has developed resources to help Maine people on a path toward financial capability.

“Money Matters for ME” – Learning, Teaching, and Living Personal Finance is a new blog written by Steve Kautz, FAME’s Financial Education Programs Specialist. The blog is intended to entertain, inform, and humanize the topic of finances and is intended for individuals who support, teach, or champion financial education in Maine.

“Launching this new personal finance blog is a testament to our commitment to empowering communities through financial education,” said Mary Dyer, FAME’s Financial Education Programs Manager. “We understand that there isn’t enough time in the day for many schools to adequately address financial education, and we aim to support schools and educators who wish to do more.”

Maine lawmakers recently considered, L.D. 1284, An Act to Require Personal Finance to be Taught as a Separate Course to Obtain a High School Diploma, a bill that would have required all Maine high schools to teach personal finance as a standalone course and require it for a student’s graduation. The Legislature’s Joint Standing Committee on Education and Cultural Affairs amended the bill so that the graduation requirement was removed.

“FAME will continue to work with Maine schools to ensure that all students have access to important personal finance,” noted Dyer. “‘Money Matters for ME’ represents our continued dedication to further empowering educators to expand financial education in their school and community.”

In addition to the new blog, FAME offers a variety of resources and events to support financial wellness in Maine:

  • Financial Check-in with FAME Webinar on April 5th: How to Build Financial Freedom When Starting from Scratch: Dr. Sarah Newcomb provides insights from economics and psychology to create a roadmap to financial freedom. Individuals can sign up here.
  • Free Online Personal Financial Education: FAME offers free online financial education to support Maine people during high school, college, and beyond through its partnership with Enrich®. Any Maine resident can create their own account and use the interactive modules to learn their money personality, create budgets, and more.
  • Claim Your Future®: Created by FAME, Claim Your Future encourages students to explore education after high school, future careers, and money management. It has recently been enhanced to include career comparison tools, expanded student loan decision-making, and career videos. Highly engaging to students, this free game is available as both a classroom game and an online resource.
  • Invest in ME Reads: A family financial wellness program created by FAME in partnership with the Consumer Financial Protection Bureau (CFPB) to help parents and caregivers teach and discuss goals, saving, and financial skills. As part of the program, FAME provides free books, educational resources, activities, and tips to all Maine public school students in grades two through five to share at home with their families. Invest in ME Reads is now reaching over 56,000 elementary students across Maine.
  • Maine Jumpstart Fostering Financial Education in Maine Schools Conference: FAME is proud to continue its support of the Maine Jumpstart Coalition for Personal Financial Literacy which was recently awarded State Coalition of the Year by the National Jumpstart Coalition for Personal Financial Literacy. The Coalition will also be hosting the 15th Annual Fostering Financial Education in Maine Schools Conference on May 17th.
  • RaisingME Podcast Feature: Mary Dyer, FAME’s Financial Education Programs Manager, shared insights on WGME’s RaisingME podcast, discussing topics like money mindset and teaching kids about money.

About FAME:
The Finance Authority of Maine (FAME) is a quasi-independent state agency celebrating its fortieth anniversary that provides innovative financial solutions to help Maine citizens pursue business and educational opportunities. FAME also provides valuable financial education resources free to all Maine people. To learn more about FAME, please visit FAME at FAMEmaine.com.

Pursuant to Title 10, §1043 of the Maine Revised Statutes and 26 USCA §147(f), the Finance Authority of Maine (the “Authority”) will hold a public hearing at 10:30 a.m. on April 3, 2024, at 5 Community Drive, Augusta, Maine on an application for a Certificate of Approval for issuance of Revenue Obligation Securities to finance the Project described below. 

BOND ISSUER: Finance Authority of Maine

INITIAL OWNER / USER OF PROJECT: GO Lab Madison, LLC (d/b/a TimberHP) / GO Lab, Inc.

PROJECT LOCATION: 1 Main Street and 93 Pine Street, Madison, ME 04950

DESCRIPTION OF PROJECT: Bond proceeds will be used to finance a portion of the costs to rehabilitate, renovate, and equip the former Madison Paper Mill, including a nearby, related parcel with a truck scale, into a facility that will recycle wood fiber biomass residuals, including thinnings (round logs too small to be used in lumber mills), and waste byproducts of lumber manufacturing and timber management operations, as the principal raw materials, to produce wood fiber-based building insulation products (loose fill, batts, and boards), together with costs of issuance, construction period and other capitalized interest and a debt service reserve fund.

MAXIMUM AMOUNT OF REVENUE OBLIGATION SECURITIES TO BE ISSUED BY THE AUTHORITY TO PROVIDE FINANCING FOR THE PROJECT:  $25,000,000

Prior to issuing a Certificate of Approval, the Authority must make certain findings, including a finding that the Project will not result in substantial detriment to existing industry. Any person or competitor may attend the hearing and 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 Title 10, §1043(2) of the Maine Revised Statutes, including public benefit and whether the Project could result in a substantial detriment to existing business. Anyone planning to attend the hearing or to make a statement at the hearing is requested to notify the Authority and to send a written summary of the proposed comments no later than April 1, 2024, to:

Finance Authority of Maine
Christopher H. Roney, Esq.
P.O. Box 949
5 Community Drive
Augusta, Maine 04332-0949
(207) 623-3263
croney@FAMEmaine.com

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.

Tanbark product
Tanbark molded fiber food container.

AUGUSTA — At its monthly meeting held on February 15, 2024, the Finance Authority of Maine (FAME) approved financing for Tanbark Molded Fiber Products (Tanbark), a Saco-based manufacturer of molded fiber packaging products. The financing is expected to help create nine Maine jobs and retain an additional twenty-three Maine jobs.

FAME approved $1,594,000 in total financing for Tanbark, which is comprised of a $1 million FAME Direct Loan and a $594,000 loan through the Grow Maine program. Grow Maine is administered by FAME and funded through federal State Small Business Credit Initiative (SSBCI) funds. The funds will assist the company in purchasing and installing equipment for its micro-fiber manufacturing operation. The Maine Technology Institute also has approved financing for the project totaling $500,000.

“We are pleased to provide support for Tanbark’s operations in York County,” stated FAME CEO Carlos Mello. “Utilizing Maine wood fiber for eco-friendly packaging is innovative and will help to support the forest products industry in Maine.”

Tanbark is a producer of high-end sustainable packaging made from Maine’s heritage wood products industry. The company manufactures molded fiber packaging using wood pulp largely sourced from the Maine woods. The wood-based products have a smooth finish and complex architecture with minimal draft angels. The wood products industry is a targeted sector in the state’s ten-year economic development strategy. Additionally, Tanbark’s products are free of per-and polyfluoroalkyl substances (PFAS), which are a group of chemicals used to make fluoropolymer coatings and products that resist heat, oil, stains, grease, and water. Tanbark’s products can be used as a substitute for single-use plastic materials, which can damage oceans and landfills, among other things.

“We are grateful for FAME’s support, which will help us to finalize our equipment purchases and installation and enable us to begin operations,” stated Melissa LaCasse, CEO and co-founder of Tanbark. “We are also appreciative of the support of MTI. The breadth and depth of the entrepreneurial ecosystem in Maine is impressive, and it is a great place to start and grow a business.”

Steve Femino, Tanbark Board Chair and CFO, added: “The support of FAME to complete this facility allows for future catalytic growth opportunities in Maine.”

FAME’s Direct Loan provides access to operating capital for startups and existing businesses for most business purposes. Loans up to $1 million may be available if substantial public benefit is demonstrated and sufficient funds are available. 

FAME’s Grow Maine Program, administered by FAME in conjunction with various statewide lending partners, provides SSBCI funding to eligible Maine businesses. Funding is available through FAME and its intermediary partners across the state via loan guarantees, direct loans, and equity capital. 

The Finance Authority of Maine (FAME) is a quasi-independent state agency celebrating its fortieth anniversary 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.

Notice of public hearing and opportunity to be heard regarding proposed tax-exempt bond issuance by the Finance Authority of Maine to finance eligible student loans.

The Finance Authority of Maine (the “Authority”) proposes to issue up to $25,000,000 in aggregate principal amount of its Student Loan Revenue Bonds (Supplemental Education Loan Program) Class A Series 2024A‑1 (the “Bonds”), pursuant to an Indenture of Trust dated as of May 1, 2009 (as supplemented and amended, including a Seventeenth Supplemental Indenture of Trust authorizing the issuance of the Bonds, the “Indenture”), by and between the Authority, as successor to Maine Educational Loan Authority, and ZB, National Association dba Zions Bank, as trustee, for the purpose of financing eligible student loans (“Eligible Loans”) made primarily for the benefit of: (a) Maine residents attending institutions of higher education located within or without Maine; and (b) non‑resident students attending institutions of higher education located within Maine.  Proceeds of the Bonds will additionally be used to fund reserves and pay a portion of the costs of issuing the Bonds.  Interest on the Bonds is not expected to be included in gross income for federal income tax purposes.  The Bonds are expected to be issued as a single Series of Class A (senior) Bonds under the Indenture but may be issued in other series or classes in response to market conditions.

The Bonds are to be payable from payments on financed Eligible Loans pledged by the Authority to payment of the Bonds, a reserve fund, and other moneys held and pledged under the Indenture securing the Bonds.  In addition, the Bonds are secured by a capital reserve fund which may be replenished by amounts appropriated by the State of Maine, but subject to an action appropriating the same.

Members of the Authority are expected to consider and act upon this financing proposal at a meeting expected to be held on or about March 21, 2024.

A public hearing will be held on March 6, 2024, at 10:00 a.m., Eastern Time, in the offices of the Authority at the address below, for the purpose of hearing the views of interested members of the public in relation to authorizing this financing and the issuance of the Bonds.  Notice of this public hearing is being published pursuant to Section 147(f) of the Internal Revenue Code of 1986, as amended.

Interested persons are invited to submit written comments, speak at the public hearing, or both.  Written comments must be received by the Authority no later than the time of the public hearing and may be submitted either by mailing or hand delivery to Christopher H. Roney at the address below or by hand delivery to the presiding official at the public hearing.  Persons wishing to speak at the hearing should contact the Authority at the address below.  They will be scheduled to speak for not more than 10 minutes by the presiding official for the public hearing.  Comments may also be submitted by phone to the number below.

Additional information may be obtained by contacting Christopher H. Roney at the following address, phone number, or email address:

Finance Authority of Maine
Physical Address:  5 Community Drive, Augusta, Maine 04330
Mailing Address:  P.O. Box 949, Augusta, Maine 04332
Phone: (207) 623‑3263; TTY: 207-626-2717
Email: croney@famemaine.com