$500,000 additional financing to assist wood fiber-based insulation manufacturer at former Madison paper mill in Somerset County

AUGUSTA — At its monthly meeting held on January 18, 2024, the Finance Authority of Maine (FAME) approved additional financing for GO Lab, Inc. (d/b/a TimberHP), a manufacturer of wood fiber-based insulation products located in Madison. FAME’s actions are expected to help to create and retain approximately 114 jobs in Somerset County.

FAME approved a $500,000 FAME Direct Loan to support the company’s purchase of explosion suppression equipment needed to complete the second and third production lines for its board and batten insulation products. The Maine Rural Development Authority also recently approved a $500,000 loan to GO Lab, Inc. to assist with this same project.

TimberHP manufactures high-performing wood fiber insulation made with renewable resources. Their products are resistant to moisture liabilities, mold and fire, and offer superior properties to reduce heating and cooling loads. Wood fiber insulation is cost-competitive and has been manufactured and used in Europe for decades.

“We are grateful for the continued support of FAME. TimberHP plans to complete our production line for our board insulation product in Q2 of 2024, which will complete TimberHP’s suite of building products offered in Madison Maine. Financing we have received from FAME, the Maine Rural Development Authority, and other economic development entities across the state have been instrumental in getting us to the finish line on schedule,” stated Dr. Joshua Henry, GO Lab, Inc. President.

“We are pleased to provide additional support for GO Lab’s project in Madison,” stated FAME CEO Carlos Mello. “Finding new uses for wood fiber, including innovative building materials, has the potential of revitalizing the forest products industry in Maine, which we fully support.”

In addition to today’s FAME Direct Loan financing, FAME previously approved up to $85 million in conduit bond financing for GO Lab, Inc; approximately $860,000 in Seed Capital Tax Credit financing; as well as a FAME Direct Loan totaling $1,200,000, with FAME as lead lender at $500,000. Other partners in that 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. 

Other Maine financing entities have partnered to provide support for the purchase and refurbishment of the Madison mill, as well as to purchase the necessary production equipment for the company’s operation. The Maine Rural Development Authority (MRDA) has approved $1 million 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 Maine Venture Fund recently invested $3.5 million in the company as part of the Grow Maine program funded through federal State Small Business Credit Initiative funds.

Also at the recent board meeting, FAME approved a renewal of Commercial Loan Insurance on a $2.2 million line of credit from Gorham Savings Bank for American Unagi. American Unagi, which operates in Waldoboro, purchases locally harvested glass eels and grows them to market size for the domestic seafood market. In 2019, FAME approved a FAME Direct Loan of $1 million for the company, as well as 50% pro rata Commercial Loan Insurance on the Gorham Savings Bank line of credit for the purchase and construction of a Recirculating Aquaculture System (RAS). Twelve jobs are expected to be created or retained in Lincoln County by FAME’s financing.

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

Free Family Financial Wellness Program to Support Families and Caregivers in Building Financial Skills

AUGUSTA –The second half of the school year is underway in Maine and the Finance Authority of Maine (FAME), in partnership with the Consumer Financial Protection Bureau, is supporting more students than ever before throughInvest in ME Reads, a family financial wellness program designed to support parents and caregivers in teaching their kids about money and building early financial skills for life.

Through Invest in ME Reads, Maine public school students in grades two through five receive a collection of educational resources, including free books that include themes of saving, giving, and delayed gratification. Parents and caregivers also have an opportunity to use the materials at home, including conversation starters, tips from experts, information to support college savings, and InvestinMeReads.com, an educational webpage full of fun activities and resources for children and adults.

“You don’t have to be a financial expert to teach your child about money, but we recognize that it is sometimes difficult to know where to begin. We want to support parents and caregivers by providing free resources and activities to begin the conversation,” said Mary Dyer, Financial Education Programs Manager at FAME. Dyer recently was featured on the WGME podcast, Raising ME, where she provided practical tips and advice for starting the money conversation at home. 

Invest in ME Reads 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, ultimately, the strength of Maine’s economy.

Families are also encouraged to share feedback about the program and how it has helped their family at InvestinMeReads.com\survey. 

For more information about how FAME can support your family’s financial goals, please visit the Invest in ME Reads website.

AUGUSTA — The Finance Authority of Maine (FAME) celebrated forty years of business and education success stories and partnerships at its annual meeting and awards event, Showcase Maine, on Thursday, November 16, 2023, at South Portland’s Portland Sheraton at Sable Oaks.

Showcase Maine is FAME’s annual celebration of its successful partnerships with Maine’s business, lending, governmental, and higher education communities. The event featured a reception, including a showcase of exhibits by Maine businesses and educational organizations that partner with FAME. Entertainment was provided by comedian Karen Morgan. Madeline Emery, a sophomore at Kennebunk High School who studies voice at River Tree Arts, performed the national anthem, as well.

“It is through our partners in Maine’s business, lending, governmental, and higher education communities that we are able to help Maine people achieve their business and education goals,” said FAME CEO Carlos Mello. “None of us alone has the breadth, scale, scope, resources, and capabilities to do it alone, but together, as a public-private ecosystem, for the betterment of the businesses and people of Maine, there is nothing we cannot accomplish. The past forty years have been bright, but they pale to what the next forty years hold in store for Maine.”

During its first forty years, FAME supported with its partners nearly 10,000 Maine companies with approximately $2.5 billion in financing, helping to create and retain over 200,000 Maine jobs. In fiscal year 2023 alone, this Maine ecosystem of lenders and economic development organizations supported a quarter of a billion dollars in financing for Maine’s businesses. Since 1990, when it assumed administration of the state’s higher education grant, loan, and loan repayment programs, FAME, along with its partner higher education and workforce development organizations, has awarded over $440 million in grants and loans to over 270,000 Maine students.

This year’s award recipients included:  

• Business at Work for Maine Award – Springworks Farm Maine: Springworks Farm was honored for their success at starting and expanding a unique aquaponics organic lettuce farm to produce a sustainable year-round food source thereby creating jobs and benefitting Maine’s economy. The farm grows over two million heads of lettuce and produces approximately 150,000 pounds of tilapia fish annually. Trevor Kenkel, a Bowdoin College alumnus, started the company in 2014 at age nineteen when he bought a 168-acre farm in Lisbon. By 2021, the company had nearly forty employees and opened its third greenhouse. FAME commercial loan insurance in partnership with a loan by Farm Credit East helped to finance the construction by Springworks of an additional greenhouse at its farm and to provide working capital. The company also will benefit from a Thrive Maine forgivable loan.
• Education at Work for Maine Award – Maine School Counselors: FAME recognized all of Maine’s school counselors for their unwavering and extraordinary support of Maine students throughout the COVID-19 pandemic and beyond. FAME’s college access and financial education outreach team has witnessed firsthand the positive and lasting impact Maine school counselors have on their students. They help students build their confidence, provide a safe space where they can share their dreams and fears, and offer thoughtful and caring guidance to their students as they navigate their educational and personal journeys. The award was presented to representatives of the Maine Counseling Association and the Maine School Counselor Association. 
• Lender at Work for Maine Award (over $1.5 billion in assets)- Camden National Bank: This was the bank’s thirteenth time as an awardee. Over the past year, Camden National Bank partnered with FAME on 59 loans totaling approx. $23 million. This helped to create 100 Maine jobs and retain an additional 386 jobs. One notable transaction on which FAME partnered with Camden concerned Magic Falls Adventures, LLC, a rafting company located in West Forks. The financing helped to create 1 job and retain 20 jobs. The company, now celebrating its thirty-fifth year of operation, specializes in whitewater rafting adventures, including camping and lodging. In addition to being a top partner in stimulating economic development in Maine, Camden National Bank is actively committed to the communities in which it operates. Founded in 1875, the bank encourages employee volunteerism and makes donations to local nonprofits.
• Lender at Work for Maine Award (up to $1.5 billion in assets) – Evergreen Credit Union: Evergreen Credit Union was recognized for the second year in a row in the category for lenders with less than $1.5 billion in assets. Over the past year, FAME partnered with Evergreen Credit Union on 24 loans totaling approx. $8.5 million. This helped to create 43 Maine jobs and retain an additional 205 jobs. One company benefitting from FAME’s partnership with Evergreen Credit Union is MGS Services, LLC, d/b/a Maine GuardSafe, located in Portland and with clients in Maine and New Hampshire. The company offers a wide variety of professional security solutions from event security, corporate security and even construction site security. They also offer patrol services and pride themselves on customizing safety and security needs for their clients. Six jobs were created and 32 were retained as a result of this financing. Evergreen is one of the largest credit unions in Maine, with $508 million in assets as of March 2023. Evergreen proudly serves individuals, families, and local businesses throughout southern Maine. They strive to benefit their neighbors and organizations by donating time and resources, as well.
• Lender at Work for Maine Award (most enhanced partnership) – First National Bank: First National Bank was honored this year for having greatly increased its partnership with FAME on various financing projects. This past year, FAME partnered with the bank on 15 loans to Maine companies totaling approximately $9.3 million. This helped to create 54 Maine jobs and retain an additional 115 jobs. First National Bank partnered with FAME to provide a loan to Boothbay Sea and Science Center. The company provides a community sea and science education center that offers equal and affordable access to the waterfront for youth through sailing, boating, and marine science experiential learning programs, and activities. Boothbay Sea and Science Center aims to inspire individuals to strengthen themselves and their community through the enjoyment of the sea. First National Bank invites customers to become part of their Dream First Community. Members who open a Spark, #E-Chieve, or Inspire checking account are automatically enrolled in the Bank Local, Buy Local, Give Local Dream First Community program. By doing so, members can support local businesses while helping tackle food insecurity here in Maine. Also, when members shop locally with their First National Bank VISA® Debit Card, FNB donates money to local food banks.

Prior to the event, the FAME board of directors held its monthly meeting. The current slate of officers was re-elected to one-year terms. Officers elected for additional one-year terms include: Richard Trafton, Esq. (Chair); Dustin Brooks (Vice Chair); and Rebecca Asen (Treasurer).

FAME is a quasi-independent state agency celebrating its fortieth anniversary in 2023 that provides financial solutions that help Maine people achieve their business and higher education goals. FAME helps to create a Maine workforce that with good-paying jobs by focusing on the nexus of economic and educational development. FAME recently was recognized for the eighth year in a row as one of the Best Places to Work in Maine. To learn more about FAME, please visit www.FAMEmaine.com

Photos by Sharyn Peavey Photography

AUGUSTA – The Finance Authority of Maine (FAME) is pleased to announce that Jennifer Lanphear, FAME’s Education Programs Manager, has been elected President of the National Association of State Student Grant & Aid Programs (NASSGAP). 

NASSGAP, a national non-profit organization, is dedicated to advancing high standards in the management and execution of state-based student grant and aid initiatives. NASSGAP plays a pivotal role in facilitating the development and exchange of information, policy insights, and procedures among member agencies across the nation. This collaborative platform enables state agencies to learn from one another and fosters stronger state aid initiatives to expand higher education access and affordability for students. NASSGAP collaborates with similar associations and with the U.S. Department of Education to address the needs of state workforce shortages and enhance student higher education access and affordability.

Lanphear’s tenure as NASSGAP President began October 19, 2023. She previously served as the organization’s president-elect during the 2022-23 academic year. She has been an active and engaged member of NASSGAP for nearly ten years, with seven of those years serving on the Executive Committee.

“The NASSGAP members are an incredible group of people passionate about higher education access and affordability,” said Lanphear. “My association with NASSGAP began in 2014 in my role as FAME’s Customer Service Specialist when my responsibilities included Maine State Grant, data analysis, and responses to any legislative or governor constituent inquiries. I have had the honor of serving on the organization’s executive committee since 2016, in the elected positions of Member-at-Large, Secretary, and President-Elect, as well as the appointed role of Conference Co-chair. FAME’s support of my NASSGAP involvement is much appreciated. I am humbled to have been nominated and elected by my peers as NASSGAP President and proud to represent the great state of Maine.”

Lanphear brings thirty-five years of industry experience in her current role as FAME’s Education Programs Manager, where she provides policy guidance and operational support to FAME management and staff. She manages roughly $117 million in state grant, workforce development, and private education loan funds by partnering with her six-person team. FAME is tasked by the Maine Legislature with administering the state’s higher education grant, loan, loan repayment, and financial aid outreach and education programs. One such program is the Maine State Grant, the state’s need-based grant available to eligible undergraduate students pursuing higher education at Maine’s public and private higher educational institutions. Since 1992, FAME has awarded more than $420 million in need-based grants through the Maine State Grant Program. Over 350,000 grants were awarded during this period. 

Lanphear has been instrumental in launching several new postsecondary financing programs to help more Maine residents afford and achieve higher education and advance Maine’s workforce. One recently launched program is the Maine Health Care Provider Loan Repayment Pilot Program, which was enacted by the Maine Legislature and is geared toward certain healthcare professionals to address critical workforce shortages exacerbated by the COVID-19 pandemic, including, but not limited to, the behavioral health and oral care sectors. 

Lanphear earned a B.A. in Mathematics at the University of Maine and continually improves her skills through additional training. She lives in Manchester with her husband, Harry, who is a director in state government. They have two adult sons, two daughters-in-law, and two grandchildren.

The Finance Authority of Maine (FAME) is a quasi-independent state agency celebrating its 40th anniversary. FAME 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.