The Finance Authority of Maine is seeking a SaaS platform to host its conceptual, Web-based Business Funding Portal. The mission of the portal is to improve the experience of Maine business owners seeking funding by providing a central intake platform, common application, and automated lender matching. The deadline for responses is 11:59 pm EST on May 18, 2023. An optional Bidder’s Conference Zoom Call is scheduled for May 1, 2023, at 3 pm ET. The deadline for all questions related to the RFP is May 3, 2023, at 11:59 pm ET. 

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Updates:

One in Three Mainers Believe They Have Too Much Debt

Augusta – According to the 2021 National Financial Capability Study conducted by the FINRA Investor Education Foundation®, thirty percent of people in the United States are feeling financially fragile and one-third of Mainers believe they have too much debt. To help, the Finance Authority of Maine (FAME) has expanded its financial wellness efforts and outreach, including free online financial education resources and in-person events. These tools are designed to help individuals make better financial decisions, so they are more secure throughout their lives. Additionally, these resources can be used by Maine businesses and educators to teach and nurture students to understand and use good financial skills.

FAME has long been known as the trusted agency to help Maine businesses grow and for supporting Maine people in affording higher education. With more people than ever seeking financial stability since the onset of the pandemic, FAME continues to provide resources in support of Financial Literacy Month.

“If the pandemic era has taught us anything, it’s that we should be prepared financially,” says Mary Dyer, FAME’s Financial Education Programs Manager. “We have the resources to not only help people better afford higher education, but tools to help them build budgets, create a rainy-day fund, learn about careers, and so much more. Financial wellness plays a huge part in our overall health and well-being.”

Financial wellness refers to a person’s overall financial well-being and ability to meet both current and future financial obligations in order to achieve financial security and freedom of choice. Financial wellness is an important part of our health and well-being.

Three prominent features of FAME’s financial wellness offerings include:

Steps to Financial Wellness: For those who are ready to start on a path toward financial wellness but might be unsure where to begin.

Online Financial Wellness: for all Mainers, including a financial wellness check-up to assess your finances and recommend tools, content, and courses, including a money personality tool to help you understand what drives your financial decision-making.

Outreach Events: FAME is hosting Financial Wellness Industry Night at Après in Portland on April 10th from 4:30 – 7:30 p.m., as well as many Financial Aid Information Sessions and free events. FAME is also sponsoring, speaking and exhibiting at the upcoming Fostering Financial Education in Maine Schools Conference on April 27-28.

In addition, FAME provides:

  • Financial Literacy Social Media Toolkit can be used by anyone interested in launching a social media campaign or including financial wellness topics in their social media platform.
  • Financial Check-Ins with FAME webinar series to reach Maine people with the financial topics they care about through live interactive webinars on the first Friday of the month. The webinars are also recorded and available to all.
  • Claim Your Future®, an interactive game designed to encourage students to explore the return on investment of various career options and financial decisions. All Maine schools and non-profit organizations that work with youth can play Claim Your Future online or request a free game kit.
  • Invest in ME Reads, a family financial education program.
  • On-demand custom financial education programs for groups by FAME outreach staff.

“As State Treasurer and a FAME Board member, I want to encourage Maine families and students to focus on their financial wellness. Taking advantage of these free resources provided by FAME and others can help youth and adults develop lifelong financial wellness. This is especially helpful when it comes to saving and paying for higher education, and planning future careers and household budgets,” stated Maine State Treasurer Henry E.M. Beck.

About FAME:
The Finance Authority of Maine (FAME) is a quasi-independent state agency that provides innovative financial solutions to help Maine citizens pursue business and educational opportunities. FAME helps to lead the creation of good paying jobs for Maine citizens by working at the nexus between economic and workforce development. To learn more about FAME, please visit www.FAMEmaine.com

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NOTICE OF PUBLIC HEARING AND OPPORTUNITY TO BE HEARD REGARDING PROPOSED TAX‑EXEMPT BOND ISSUANCE BY THE FINANCE AUTHORITY OF MAINE TO FINANCE AND REFINANCE ELIGIBLE STUDENT LOANS AND TO REFUND CERTAIN OUTSTANDING BONDS OF THE AUTHORITY.

The Finance Authority of Maine (the “Authority”) proposes to issue up to $30,000,000 in aggregate principal amount of its Student Loan Revenue Bonds (Supplemental Education Loan Program) Class A Series 2023A‑1 (the “Bonds”), pursuant to an Indenture of Trust dated as of May 1, 2009 (as supplemented and amended, including a Sixteenth 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 purposes of financing and refinancing 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 refund the Authority’s Student Loan Revenue Bonds (Supplemental Education Loan Program), Class A Series 2012A‑1 previously issued pursuant to the Indenture, 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 and refinanced 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 April 27, 2023.

A public hearing will be held on March 16, 2023, at 11:30 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 writing or calling Christopher H. Roney at the following address and phone number:

FINANCE AUTHORITY OF MAINE
Physical Address:  5 Community Drive
Augusta, Maine 04330
Mailing Address:  P.O Box 949
Augusta, Maine 04332
(207) 623‑3263
croney@famemaine.com

MAC Financial of Waterville also approved for direct loan

AUGUSTA — At its monthly meeting held on February 16, 2023, the board of directors of the Finance Authority of Maine (FAME) approved loan insurance financing for Kingfish Maine, Inc., an aquaculture company based in Franklin with plans to construct a land-based facility in Jonesport.

FAME approved 90% pro rata loan insurance on a $2 million loan by Machias Savings Bank to support the development and construction of the new facility. The project is expected to create five to ten full-time jobs within three years and, when fully operational, is anticipated to support approximately seventy-five to one-hundred full and part-time Maine jobs. During the two-year construction period, the project is estimated (including multiplier effects) to create approximately 366 full and part-time jobs across Maine.

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.

Kingfish Maine, Inc. is a wholly owned subsidiary of The Kingfish Company N.V. based in The Netherlands. The parent company and its subsidiaries operate vertically integrated, advanced recirculating aquaculture systems raising yellowtail kingfish. The Dutch Yellowtail is a high-grade sashimi to be made available from Maine year-round servicing the U.S. market. It is considered to be sustainable, land-based, high-value marine aquaculture.

“We are very appreciative of FAME’s support as we expand into Maine and plan to construct our Washington County facility,” stated Megan Sorby, Operations Manager for Kingfish Maine, Inc. “We look forward to introducing the U.S. market to kingfish and to growing our business.”

“FAME is pleased to support Kingfish Maine, Inc. with its plans to construct a facility and create jobs in Washington County,” stated Richard Trafton, FAME Board chair. “Supporting aquaculture projects is part of Maine’s economic development plan and a high priority for FAME.”

Also approved at the February meeting was a $640,000 FAME Direct Loan to MAC Financial of Waterville. The action is expected to help create and retain a total of four Maine jobs. The transaction allows for the purchase of the company, previously known as Prime Financial, which engages in financial planning and investment advice, by a current employee and keep it based 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.

The Finance Authority of Maine (FAME) is a quasi-independent state agency that provides innovative financial solutions to help Maine citizens pursue business and educational opportunities. FAME helps to lead the creation of good paying jobs for Maine citizens by working at the nexus between economic and workforce development. To learn more about FAME, please visit www.famemaine.com

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The members of the Board of the Finance Authority of Maine (FAME) will meet at 9:00 a.m. on Thursday, February 16, 2023.  This will be an online meeting via Zoom only.  Members of the public can participate by conference call. As of February 3, 2023 action items to be considered are as follows (1) Loan Request- MAC Financial, LLC. (Economic Recovery Loan Program); (2) Loan  Insurance Request- Kingfish Maine, Inc. (Commercial Loan Insurance Program); (3) Loan Insurance Change Request- Springworks Farm Maine, Inc. (Commercial Loan Insurance Program); old and new business.  For further information on this meeting or to obtain Zoom/conference call information, contact Summer Knowlton, Legal/HR Assistant, at (207) 620-3549.

AUGUSTA — At its monthly meeting on November 17, 2022, the board of directors of the Finance Authority of Maine (FAME) approved a $1.2 million term loan for KV Tooling Systems, LLC, a precision tool manufacturer located in Augusta. The funds are comprised of a $600,000 FAME Direct Loan and $600,000 from the Grow Maine Program, which FAME administers utilizing federal SSBCI funds.

The approved funds will help the company to meet increased demand and purchase a new computer numerical control (CNC) machine, prep and finish equipment, build an addition to the property, and provide ongoing working capital. The action is expected to help to create three new jobs and retain an additional six jobs.

KV Tooling Systems was founded in 2002 and initially operated out of its founder’s basement. The business has since relocated and expanded over the years and needs more space for its operations. The company provides tool re-sharpening and grinding services, custom-cutting tool design, as well as engineering and manufacturing services. The company also has in-house computerized design CAD capabilities.

“We are very appreciative of FAME’s support as we continue to expand our operations,” stated Brian Beland, president and owner of KV Tooling Systems. “We look forward to meeting customer demand in our growing business.”

Grow Maine, administered by FAME in conjunction with various statewide lending partners, provides State Small Business Credit Initiative (SSBCI) funding to eligible Maine businesses. SSBCI is a federal program administered by the U.S. Department of the Treasury that was created to strengthen state programs that support private financing to small businesses. FAME is partnering with over thirty intermediary lenders across the state for the Grow Maine program. The lenders are community-based, Community Develop Financial Institutions (CDFIs), and local and municipal economic development lenders that are already partners with FAME’s direct lending programs. Funding is available through FAME and its intermediary partners via loan guaranties, direct loans, and equity capital. To learn more about the program, please visit: www.FAMEmaine.com/Grow

“FAME is pleased to help support the continued growth of KV Tooling Systems,” stated Richard Trafton, FAME Board chair. “Supporting precision manufacturing is part of Maine’s economic development plan and a high priority for FAME.”

The Finance Authority of Maine (FAME) is a quasi-independent state agency that provides innovative financial solutions to help Maine citizens pursue business and educational opportunities. FAME helps to lead the creation of good paying jobs for Maine citizens by working at the nexus between economic and workforce development. To learn more about FAME, please visit www.famemaine.com

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At their annual meeting held on Thursday, November 17, 2022, at Portland’s Holiday Inn By The Bay, members of the Finance Authority of Maine (FAME) Board of Directors elected new officers for 2022-2023.

This year’s officers, whose terms will run from November 2022 through November 2023, are:  

  • Chair: Hon. Richard L. Trafton, Esq. A resident of Brunswick, Dick is a partner with the law firm of Trafton, Matzen, Belleau & Frenette in Auburn, where he lived from childhood. He was educated at Phillips Academy, Dartmouth College, and the University of Maine School of Law. Dick served in the Maine Senate from 1982 through 1986, chairing the Joint Standing Committees on Judiciary and Legal Affairs. He also served as Mayor of the City of Auburn from 1989 through 1994. Dick served as President of the Auburn Public Library Board of Trustees for six years and on two Charter Commissions for the City of Auburn, re-writing its Charter. Married with three adult children, Dick is an outdoor enthusiast and has served as Chairman of the Outdoor Sports Institute’s Board of Trustees. Dick previously served as Vice Chair of the FAME Board.
  • Vice Chair: Dustin Brooks. Dustin is the Vice President of Market Strategy at Unum Group, where he leads market research and growth initiatives. He holds an MBA from Stanford University and, prior to multiple roles at Unum, worked in marketing and public relations at the law firm Preti Flaherty. Originally from Island Falls in Aroostook County, he now resides in Portland with his wife Jessica, a small business owner and Oxford County native, and their two daughters. He earned his undergraduate degree at Bowdoin College and is a George J. Mitchell Scholar Alumnus. Dustin most recently served as Treasurer of the FAME Board.
  • Treasurer: Rebecca Asen, Esq. Becca is Director of Attorney Recruiting & Professional Development at Bernstein Shur. After growing up in Casco, she graduated with honors from Barnard College and Georgetown University Law School. Becca previously worked at IDEXX Laboratories, Inc. as Associate General Counsel and in the capital markets group at Sidley Austin LLP, where she represented a broad array of clients that ranged from the large financial institutions to regional real estate companies in registered deals and private placements. Becca also serves on the Board of Directors at Preble Street. She lives in Falmouth with her husband, Taylor, and their two daughters and son. Becca also serves as chair of FAME’s Risk Management and Audit Committee.

“FAME serves an important role in Maine’s economic development and higher education landscapes, and I look forward to leading the board as we continue to develop and administer important programs to keep Maine’s economy and workforce moving forward,” stated Board Chair Richard L. Trafton, Esq. “I want to thank outgoing chair Dave Daigler for his many contributions over the past two years and for his steadfast devotion to the board and agency as a whole.”

Maine Community College System President Daigler, who served as board chair for the past two years, will remain on the board and continue as a member of FAME’s Executive Committee in his capacity as Immediate Past Chair.

FAME is a quasi-independent state agency that provides financial solutions that help Maine people achieve their business and higher education goals. FAME helps to create a Maine workforce that with good-paying jobs by focusing on the nexus of economic and educational development. FAME recently was recognized for the 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.

Hon. Richard L. Trafton, Esq. (Chair)
Dustin Brooks (Vice Chair)
Rebecca Asen, Esq. (Treasurer)

In-person event returns after two-year hiatus

The Finance Authority of Maine (FAME) celebrated successful business and educational partnerships at its annual meeting and awards event, Showcase Maine, held this year on Thursday, November 17, 2022, at Portland’s Holiday Inn By The Bay.

Showcase Maine is FAME’s annual celebration of its successful partnerships with Maine’s business, lending, governmental, and higher education communities. The evening featured a reception, including a showcase of exhibits by Maine businesses and educational organizations that partner with FAME; a dinner and awards presentation; and entertainment by comedian Juston McKinney. Ava Hackley, a junior 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 celebrate the successes of the past year,” said Acting FAME CEO Carlos Mello. “We are proud to showcase the progress we are making together in educating our workforce and growing well-paying Maine jobs, despite the recent pandemic challenges. We were pleased, as well, to return to an in-person event to honor our partners who help to make Maine’s economic and educational future brighter.”

This year’s award recipients included: 

  • Business at Work for Maine Award: MedRhythms, Inc. — Located in Portland, MedRhythms is a cutting-edge digital therapeutics company that uses sensors, music, and software to build evidence-based, neurologic interventions to measure and improve walking for individuals suffering from certain neurological conditions including stroke, multiple sclerosis, and Parkinson’s disease. The two founders, Brian Harris, and Owen McCarthy, are both Alfond Leaders (an education loan repayment program designed to attract and retain STEM focused professionals in Maine, funded by the Alfond Foundation and administered by FAME), and their business has taken advantage of FAME’s Seed Capital and New Markets Tax Credit Programs to assist them in raising investments to grow their business and contribute in a material way to the Maine economy.
  • Education at Work for Maine Award: Next Gen Personal Finance — FAME recognized Next Gen Personal Finance for their commitment to improving the financial lives of the next generation of Mainers by partnering with teachers, schools, districts, and other like-minded organizations. The nonprofit company has developed free training, resources, and curriculum to support educators both locally and nationally, including professional development that is offered both in-person and virtually, an annual State of Financial Education report, and grants to support schools to expand financial education. Their mission is that by 2030, all U.S. high schoolers will have guaranteed access to at least one semester-long personal finance course before graduation.
  • Dirigo Lifetime Achievement Award: Ron Milliken, longtime Director of Financial Aid who recently retired from the University of Maine at Farmington, was honored by FAME for his forty-seven-year career helping Maine students afford and achieve higher education. He has been a tireless advocate for students and families in pursuit of higher education and worked tirelessly for improvements to and expansion of the FAME-administered Educators for Maine Program and the Maine State Grant Program.
  • Lender at Work for Maine Award (over $1.5 billion in assets): Camden National Bank — This was the bank’s twelfth time as an awardee. Over the past year, Camden National partnered with FAME on 67 loans totaling approximately $24 million. This in turn helped to create 115 Maine jobs and retain an additional 884 jobs. FAME and Camden recently partnered on financing for Scarborough-based Blue Barn, LLC, a company producing sparkling blueberry wine made from Maine wild blueberries.
  • Lender at Work for Maine Award (up to $1.5 billion in assets): Evergreen Credit Union — Evergreen Credit Union was recognized in the category for lenders with less than $1.5 billion in assets. This past year, FAME partnered with Evergreen on 12 loans to Maine companies totaling approximately $7 million. This helped to create 34 Maine jobs and retain an additional 132 jobs. One of the largest credit unions in Maine, FAME recently partnered with Evergreen on financing for Westbrook-based Atlantic Transport and Rustler’s Steakhouse in Windham.
  • Lender at Work for Maine Award (most enhanced partnership): Norway Savings Bank — Over the past year, Norway Savings Bank has increased its partnership with FAME more than any other lender in the state. This past year, FAME partnered with Norway Savings on 20 loans to Maine companies totaling approximately $12 million. This helped to create 139 Maine jobs and retain an additional 145 jobs. Norway Savings partnered with FAME to provide a loan to Veggie Life, located in Freeport, which produces vegan and plant-based food products. With locations throughout Maine, the bank has achieved the FDIC’s highest “Outstanding” rating for lending, service, and investment for the two most recent three-year Community Reinvestment Act (CRA) assessment periods.

Finally, the evening’s entertainment was provided by comedian Juston McKinney. Juston grew up in Portsmouth, NH and Kittery. He attended Southern Maine Community College and spent seven years as a York County deputy sheriff. Juston has appeared multiple times on The Tonight Show, Comedy Central specials, and two Amazon Prime specials, including his latest, “Parentally Challenged.”

FAME is a quasi-independent state agency that provides financial solutions that help Maine people achieve their business and higher education goals. FAME helps to create a Maine workforce that with good-paying jobs by focusing on the nexus of economic and educational development. FAME recently was recognized for the 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.

Business at Work for Maine award presentation to MedRhythms, Inc. founders (left to right): Brian Harris and Owen McCarthy.
Dirigo Lifetime Achievement award presentation to Ron Milliken (right) of the University of Maine Farmington by Martha Johnston (left), FAME Director of Education.
Lender at Work for Maine award #1 (assets of $1.5 billion or greater) presentation by FAME Acting CEO Carlos Mello (left) and Camden National Bank’s James Adsit, Senior Vice President and Southern Maine Director of Commercial Banking.
FAME Acting CEO Carlos Mello presents Lender At Work for Maine award (up to $1.5 billion in assets) to Jere Shaw, Vice President and Senior Commercial Officer, of Evergreen Credit Union.
FAME Director of Business Programs Jennifer Cummings presents Lender at Work for Maine award (most enhanced partnership) to Norway Savings Bank’s Rick Flagg, Senior Vice President of Commercial Lending (center), and Rob Harville, Vice President of Commercial Lending (right).
Comedian Juston McKinney
Photos by Sharyn Peavey Photography

The Finance Authority of Maine (FAME), an independent agency of the State of Maine with its principal office in Augusta, is issuing a Request for Responses (RFR) for services related to program management for its Section 529 qualified tuition plan. FAME seeks a Program Service Provider and an Investment Manager, or a Program Manager who will provide the combined services of a Program Service Provider and an Investment Manager, all as further described in the RFR. The deadline for responses is 5:00 pm EST on January 17, 2023. An optional Bidder’s Conference Call is scheduled for November 21, 2022, at 1 pm EST. The deadline for all questions related to the RFR is November 28, 2022, at 5 pm EST.  To request a copy of the RFR, or to participate in the call, please email us at nextgen529@famemaine.com.

FAME is requesting proposals to secure innovative, high-quality, efficient, and cost-effective origination solutions for a $68 million alternative student loan portfolio consisting of The Maine Loan® and The Maine Medical Loan® in accordance with applicable federal and state statutes and regulations.  Annual new originations average $13 million.

Download the RFP.