As part of its continuing efforts to strengthen financial capability in Maine, the Finance Authority of Maine (FAME) has once again partnered with the Consumer Financial Protection Bureau (CFPB) to offer Invest in ME Reads, a program 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 early in elementary school to help them begin to learn about money and financial decision making. FAME launched the program in 2020 to serve all Maine second graders and this year has expanded it to provide free resources to all public second, third, and fourth-grade students.   

Through the Invest in ME Reads program, students will receive a collection of educational resources, including free books that encourage saving, giving, and delayed gratification. Families will also receive materials to use at home, including a parent guide, information to help kick-start their focus on college savings, and special content to encourage them to visit InvestinMeReads.com, an interactive web page with fun activities and resources for students and their families.

“The Invest in ME program has become a yearly event here at the Etna-Dixmont School,” said Jane York, who serves as principal of the elementary school. “Our students and teachers have enjoyed reading the book, having a virtual visit with the author, Maribeth Boelts, and discussing the importance of friendship, caring, and helping others. The financial information for the parents has sparked conversations about saving, needs and wants, and giving back. It is a great program, and we are thrilled that it has been expanded to now include students in the second through fourth grades. The experience they had with the book and the parent connection last year has now been reaffirmed. Thank you for this wonderful program.”

The 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, 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 and we look forward this year to expanding the program to reach  even more students and their families.”

In November, FAME will offer a virtual reading featuring one of the books, Those Shoes, read by the author Maribeth Boelts. “A child’s financial education can begin simply­ through families, teachers, and caregivers sharing a story and engaging in conversation,” said Boelts. “I am so honored that my book is a part of the Invest in ME Reads Program and is included among the many helpful and rich resources provided on FAME’s website.”

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

Course designed to improve personal financial knowledge for Maine youth 

Maine has received a “B” from the Nation’s Report Card on Financial Literacy, which suggests that at least some of our graduating students lack basic financial knowledge, such as the importance of saving for a rainy day, or even opening a bank account. Being unprepared poses a challenge for those students who take on student loan debt to achieve higher education. To help Maine educators better prepare students with financial knowledge, the Finance Authority of Maine (FAME) announced today that the Center for Financial Literacy at Champlain College, in partnership with the Maine Jump$tart Coalition for Personal Financial Literacy and its sponsors, FAME, the Office of the Maine State Treasurer, and Next Gen Personal Finance (NGPF), is offering free online and on-demand training for Maine teachers. 

The Financial Educator Virtual Academy will train Maine educators on how to successfully teach personal finance in their classrooms and communities. Educators will receive contact hours for each course module attended, and the first 100 Maine classroom teachers to complete all seven hours of training will receive a $50 Amazon gift card. The online course offering will be available starting October 12, 2022 and will close on December 16, 2022.

According to NGPF’s 2022 State of Financial Education Report, only 15.6% of Maine students have guaranteed access to a semester-long personal finance course. The goal of this training is to support educators as they work to ensure that all Maine students have access to high-quality personal financial education. Mary Dyer, President of the Maine Jumpstart Coalition for Personal Financial Literacy and FAME’s Financial Education Programs Manager, said Maine and other states have embraced the online training since it provides educators with an opportunity to expand their knowledge and teaching strategies without losing time in the classroom. “Educators will be able to participate in the online training at any time, which provides much-needed flexibility. Teachers at any grade level will find appropriate and relevant content and resources that align with Maine’s Learning Results for personal finance and economics,” said Dyer.

Maine State Treasurer Henry E.M. Beck, whose office is a sponsor of the training, stated: “My office is glad to join FAME in this effort to share ways Maine people can better earn, spend and save money.”

John Pelletier, Director of the Center for Financial Literacy at Champlain College, says the virtual academy is primarily designed to improve the financial knowledge of K-12 students by giving Maine educators access to the tools, resources and training they need to successfully integrate Maine’s personal finance and economics standards into their classrooms. Pelletier says Maine educators can earn up to seven hours of professional development training and receive suggestions for grade-appropriate personal finance classroom resources over the duration of the virtual academy. 

“COVID-19 has changed our approach to teaching as educators” said Jacob Newcomb, a teacher at Bonny Eagle High School. “We need as many professional development and training opportunities as possible to make these changes, and I am so impressed with this online program offered by Maine Jumpstart that is now accessible to all K-12 educators in Maine. These seven short trainings will be integral to helping our students and their families make sound economic and personal finance decisions in this challenging world.”

During the virtual academy, which features nationally known experts, participants will learn how to implement theJumpStart National Standards in K-12 Financial Personal Finance Education. These standards allow for the teaching of personal finance in an interdisciplinary or stand-alone manner. 

Interested educators may register for the program with this link.

The Maine Jump$tart Coalition for Personal Financial Literacy is an independent affiliate of the National Jump$tart Coalition for Personal Financial Literacy, a 501(c)(3) tax-exempt non-profit organization headquartered in Washington, DC. Maine Jump$tart understands that K-12 educators play a significant role in shaping the financial future of Maine youth and our focus is to support Maine teachers, administrators and counselors through statewide training, advocacy, and efforts to increase awareness of quality financial education resources and experts.

Established in 2010, The Center for Financial Literacy (CFL) at Champlain College was designed to promote and develop financial literacy skills among individuals, allowing them to make more sound decisions about spending, credit, debt, investments, and complex financial situations such as buying a home and saving for retirement. The CFL is nationally acclaimed for its efforts to increase the personal finance knowledge of our citizens and has become the credible, go-to source for national media coverage of financial literacy.

Founded in 1878, Champlain College is a small, not-for-profit, private college in Burlington, Vermont, with additional campuses in Montreal, Canada, and Dublin, Ireland. Champlain offers a traditional undergraduate experience from its beautiful campus overlooking Lake Champlain. Since 1993, Champlain has also offered industry-focused undergraduate and graduate programs fully online to working adults, and, through its truED workforce development program, to leading organizations across the country. Champlain’s distinctive career-driven approach to higher education embodies the notion that true learning occurs when information and experience come together to create knowledge. Champlain College is included in the Princeton Review’s The Best 386 Colleges: 2021 Edition and was named the best private online college by Intelligent.com in 2020. Champlain was ranked among the top 100 Regional Universities in the North and named a “Most Innovative School” for the sixth year in a row by U.S. News & World Report. For more information, visit www.champlain.edu

Next Gen Personal Finance (NGPF) has become the “one-stop shop” for about than 70,000 educators looking for high-quality, engaging personal finance curriculum to equip students with the skills they need to thrive in the future. More than 14,000 teachers have invested 350,000 hours in NGPF professional development, which includes live virtual sessions, certification courses and asynchronous On-Demand modules. The non-profit has been recognized by Common Sense Education as a “Top Website for Teachers to Find Lesson Plans” and “Best Business and Finance Games.”

Finance Authority of Maine (FAME) accepting applications October 4 – December 3 

Governor Janet Mills announced that the Finance Authority of Maine (FAME) will begin accepting applications for $58 million in forgivable small business loans through the “Thrive Maine” initiative of her Maine Jobs & Recovery Plan starting next Tuesday, October 4. 

Under the program, eligible Maine small businesses who experienced losses, increased costs, or market interruptions as a result of the pandemic may receive a forgivable loan of up to $2 million if selected. Awardees that follow program terms may have their loans fully forgiven over a four-year period.  

“From increased costs to nationwide supply chain disruptions and workforce issues, many of Maine’s small businesses are still hurting as a result of the pandemic,” said Governor Janet Mills. “Thrive Maine is the latest way that my Administration is offering meaningful relief to small businesses to support their continued economic recovery.”  

“FAME looks forward to helping Maine’s small businesses recover from the pandemic and to moving them and Maine’s economy forward,” said Carlos Mello, Acting CEO of the Finance Authority of Maine. “We have been actively conducting outreach to the business community in order to get the word out to Maine businesses so they can apply.” 

Applications can be submitted online starting Tuesday, October 4th at 9 a.m. through the Finance Authority of Maine at www.famemaine.com/thrive. “Thrive Maine” will offer two separate application periods, the first beginning Tuesday and running through December 3, 2022, or until funds are exhausted. Businesses are eligible to apply if they have fewer than 500 employees and are located or have significant operations in Maine. Full eligibility criteria can be found on the Finance Authority of Maine website. 

 Governor Mills first unveiled “Thrive Maine” in July as part of a $120 million investment in small businesses that also includes the “Grow Maine” small business loan and capital program. Since the onset of the pandemic, the Mills Administration has allocated more than $288 million in assistance to support Maine small businesses across a variety of economic sectors.  

The Maine Jobs & Recovery Plan is the Governor’s plan, approved by the Legislature, to invest nearly $1 billion in Federal American Rescue Plan funds to improve the lives of Maine people and families, help businesses, create good-paying jobs, and build an economy poised for future prosperity.  

It draws heavily on recommendations from the Governor’s Economic Recovery Committee and the State’s 10-Year Economic Development Strategy, transforming them into real action to improve the lives of Maine people and strengthen the economy.  

For more about the Maine Jobs & Recovery Plan, visit maine.gov/jobsplan. 

For the eighth year in a row, the Finance Authority of Maine (FAME) has been recognized as one of the Best Places to Work in Maine. The awards program, created in 2006, is a project of the Society for Human Resource Management–Maine State Council (MESHRM) and Best Companies Group. Partners endorsing the program include: Mainebiz, the Maine State Chamber of Commerce, the Maine Department of Labor, the Maine Department of Economic and Community Development, and Maine HR Convention.

This statewide survey and awards program was designed to identify, recognize, and honor the best places of employment in Maine, benefiting the state’s economy, its workforce, and businesses. The 2022 Best Places to Work in Maine list is made up of 100 companies in various size categories.

“Our associates are the reason we have earned this designation for an eighth straight year. The FAME team is a dedicated group of professionals who are passionate about the work we do because our mission is to provide financial solutions that help Maine people achieve their business and higher education goals,” stated Carlos Mello, FAME’s Acting Chief Executive Officer. “The past two-years have brought into stark relief the incredible challenges facing Maine’s working families and individuals. We strive to provide our associates with the respect, support, flexibility and work-life balance to allow them to perform at their highest potential for the people and businesses of Maine.”

Companies from across the state enter the two-part process to determine the Best Places to Work in Maine. The first part consists of evaluating each nominated company’s workplace policies, practices, and demographics. The second part consists of an employee survey to measure the employee experience.

Torrey Sheafe, a digital marketing specialist who joined FAME from the private sector, states: “One of the first things I noticed when I began working at FAME is the agency’s passion for the well-being of Maine people. It’s amazing how different teams come together on a laser-focused goal and I’m proud to be a part of that. I can’t imagine working anywhere else.”

The FAME staff is deeply committed to providing superior customer service to its customers, the people of Maine, and believe that being a Best Place to Work creates a positive and productive work environment. FAME customers recently rated the agency with a 4.75 score on a scale of 5.0 on its annual customer survey.

The list of the 100 Best Places to Work in Maine and how they rank will be unveiled in a special supplement produced by Mainebiz in their October 17th issue. For more information on the Best Places to Work in Maine program, visit www.BestPlacestoWorkME.com or contact Jackie Miller at (717) 323-5237.

FAME is a quasi-independent state agency that provides financial solutions that help Maine people achieve their business and higher education goals. FAME’s vision is to create a Maine workforce that with good-paying jobs by focusing on the nexus of economic and educational development. To learn more about FAME, please visit www.famemaine.com

FAME employees at a recent outing to Boothbay Harbor to celebrate the past year’s accomplishments.

There has been much discussion about student loan forgiveness since the federal student loan payment pause began in March of 2020. One form of loan forgiveness that is available is the Public Service Loan Forgiveness (PSLF) Temporary Expanded Waiver. This is exciting news for public service employees and could provide student loan repayment relief to individuals with federal student loan debt who work for eligible public service employers.

The PSLF Program forgives the remaining balance on a borrower’s Federal Direct Loans after they have made 120 qualifying monthly payments under a qualifying repayment plan while working full-time for a qualifying employer. PSLF is administered by the Office of Federal Student Aid within the U.S. Department of Education.

For a limited time, eligible borrowers may receive credit for past periods of repayment on student loans that had not previously qualified for PSLF. Payments made while working for a qualifying employer may count as a qualifying payment under this temporary waiver, regardless of the loan program, repayment plan, or whether the payment was made in full or on time. The deadline to file for the waiver is October 31, 2022.

“Student loan forgiveness can be a financial game-changer for individuals working in public service. With the rising cost of living, forgiveness can help ease a major financial burden for many borrowers,” said Mary Dyer, Financial Education Programs Manager at the Finance Authority of Maine (FAME). “The starting salary for some public service jobs may not be high enough to support student loan payments, but for those who qualify for forgiveness, this could mean an additional $50 – $1,000 a month that could be directed toward investing, saving, purchasing a home, or spending money in the local economy.”

FAME has been offering presentations, webinars, and assistance to help Maine borrowers determine if they qualify for forgiveness and how to file for the waiver. The next webinar, “Understanding PSLF and Temporary Expanded Waiver,” will be conducted on Thursday, August 25, at noon. For those unable to attend, the webinar  will be recorded and saved to FAME’s PSLF webpage.

“This expanded temporary waiver could bring welcome relief for anyone whose payments didn’t previously qualify under PSLF,” said Sarah Newcomb, Financial Education Program Specialist at FAME. Sarah has been working for a qualifying employer since 2014 and was making regular payments on her loans, but she did not learn about PSLF until 2019. “I consolidated all my loans into one direct federal loan so I could qualify for PSLF. Under the previous rules, my loans weren’t scheduled to be forgiven until 2029, despite my having made payments under a qualifying employer for over five years. With the new temporary waiver, however, the payments I made from 2014-2019 will now count toward forgiveness, meaning my pay-off date will come much sooner. Now, instead of having to make payments for another seven years, I only have two and a half more years of payments remaining, which will potentially save me approximately $10,000.”

According to Educationdata.org, 35% of student loan holders find it difficult to buy daily necessities because of their monthly student loan payments. Studies show that when consumers have less expendable income due to debt obligations, they decrease spending: https://educationdata.org/student-loan-debt-economic-impact

If you think you or someone you know could potentially qualify for and benefit from PSLF and the temporary waiver, FAME encourages you to take the following steps:

  1. Visit studentaid.gov/pslf and use the PSLF tool to fill out the waiver and complete your employment verification forms. This will require contacting the HR or payroll specialist for your employer/previous employer(s);
  2. Contact your federal loan servicer to discuss any questions you may have regarding consolidation, which loans will or won’t qualify, etc. If you don’t know who your servicer is, you can determine that at studentaid.gov; and
  3. Visit FAME’s recently developed PSLF webpage, which includes a recorded informational webinar and other resources.

Public service-eligible employers include, but are not limited to: federal, state, local and tribal government agencies; military and public health service jobs; law enforcement positions or public service law; public school, college and university jobs, including administrative and teaching roles, private schools, colleges, and universities that operate as not-for-profit organizations; other positions in 501(c)(3) not-for-profit organizations; and AmeriCorps (full-time) and Peace Corps.

It is important to note that the above example related to Sarah Newcomb is fact-specific to the particular circumstances of her loans and work. FAME cannot guarantee whether a particular borrower will qualify for PSLF or to what extent, if any, they may be able to take advantage of the PSLF Temporary Expanded Waiver.

Thrive Maine will offer $58 million in forgivable loans for Maine small businesses; Grow Maine will offer $62 million in direct loans, commercial loan insurance, and equity investments for Maine small businesses.

Governor Janet Mills recently announced a $120 million initiative to support Maine small businesses. The initiative features two separate programs: Thrive Maine and Grow Maine. The programs aremade possible by recovery funding under the American Rescue Plan Act of 2021 (ARPA). The state funds for the Thrive Maine initiative were appropriated to FAME by the Legislature and Governor Mills pursuant to L.D. 1733, the Maine Jobs & Recovery Plan. The federal funds for the Grow Maine initiative are made possible by the State Small Business Credit Initiative (SSBCI) passed by Congress.

Thrive Maine, a program administered by the Finance Authority of Maine (FAME), will provide up to $2 million in forgivable loans to eligible Maine businesses. The funds will be deployed on a first-come, first-served basis and be forgiven at a rate of 25% per year over a four-year period provided certain conditions are met. A total of $58 million in ARPA funds will be dedicated to this program.

Eligible businesses include Maine businesses with fewer than 500 employees. A business must demonstrate that it has experienced COVID-related negative economic impacts, including loss of revenue; expenses or increased costs incurred; broader economic impacts such as supply chain interruptions and/or “soft cost” increases; and broader economic impacts incurred or to be incurred between March 2021 to present.  

The program will offer two separate grant application periods, the first anticipated to begin on or around September 7 and running for a period of sixty days, or until funds are exhausted. Award amounts are determined by the business’s economic loss as a result of the COVID-19 pandemic. Losses for which a business previously received federal and state pandemic relief, such as Paycheck Protection Program (PPP), Economic Injury Disaster Loans (EIDL), or Maine Small Business Grant funding, cannot be re-submitted, however.

“FAME looks forward to administering this program to help support Maine’s small businesses and to move Maine’s economy forward,” said Carlos Mello, Acting CEO at FAME.

For more information about the Thrive Maine program, including eligibility details and program applications, please visit www.famemaine.com/thrive. Applications will be available in early September.

Grow Maine, to be administered by FAME in conjunction with various statewide lending partners, will provide up to $62 million of 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. Governor Mills has designated FAME to serve as the state agency to accept the allocated funds for the program.

To ensure broad access to capital, 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 will be available through FAME and its intermediary partners via loan guaranties, direct loans, and equity capital.

Direct loans will be deployed through Community Development Financial Institutions (CDFIs); the state’s various Economic Development Districts (EDDs); and other local agencies that participate in FAME’s Regional Economic Development Revolving Loan Program (REDRLP). Loans up to $5 million will be available (not to exceed $20 million per project) and interest rates will be set by the participating lending institution. Participating agencies will be able to retain the funds and use them after the loans are paid back to relend into these communities so as to prolong their beneficial impact.

The commercial loan insurance portion will be deployed through FAME’s existing OnLine Answer (OLA) portal in partnership with Maine banks, savings institutions, credit unions, and alternative commercial lenders. The lending institutions will expand to include CDFIs, EDDs, and REDRLP participants. Up to 80% commercial loan insurance will be available, with a cap of $1.5 million when using OLA. Also, there will be a reduced fee structure and expanded approval limits, with additional incentives for socially and economically disadvantaged individuals, as well as very small businesses (fewer than ten employees). Commitment fees will be waived on all products, as well.

Equity investments will be deployed through Equity investment partners in the form of business direct investments and fund investments.

“FAME is pleased to partner with various economic development entities across Maine, as well as our commercial lending partners, to help successfully support Maine’s small businesses,” said Carlos Mello, Acting CEO of FAME.

At the end of the ten-year funding cycle for Grow Maine, the state anticipates leveraging ten dollars in private loans and investments for every dollar of SSBCI lending/investment. Upon loan repayment or return on investment, SSBCI capitalization will be retained by originating lenders or state venture funds as permanent capitalization for ongoing and future economic development purpose lending and investment.

For more information about the Grow Maine programs, including eligibility details and program applications, please visit www.famemaine.com/grow. Applications are anticipated to be available in early September.

At its monthly meeting on April 21, 2022, the board of directors of the Finance Authority of Maine (FAME) approved 50% pro rata loan insurance on a $5.1 million loan by Gorham Savings Bank for borrower Atlantic Great Dane, Inc. to help finance the purchase of the company by one of its employees and retain operations and jobs in Maine. The action is expected to help retain and create a total of twenty-seven jobs.

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.

“FAME is pleased to help finance the purchase of Atlantic Great Dane, Inc., by one of its longtime employees and to help the company maintain operations and jobs in Maine,” stated David Daigler, FAME Board chair. “The pandemic and resulting pent-up demand for goods in the supply chain nationwide has made it difficult for many businesses and consumers to access adequate freight transportation services. Atlantic Great Dane has been able to prosper during these challenging times and has plans for growth moving forward.”

Atlantic Great Dane, Inc., located in South Portland, was formed in 1988 as an independent dealer of Great Dane Trailers, Inc., a privately held company based in Chicago and Savannah, Georgia. Atlantic Great Dane, Inc. provides sales, service, parts and rentals to the transportation industry. The company also buys, leases, sells, and repairs trailers, as well as refrigerated and dry freight truck bodies, flatbed trailers, and converter dollies.

“We are very appreciative of FAME’s support as we keep the company in Maine hands with local control and employees,” stated buyer and longtime employee, Scott “Gene” Masteller. “We look forward to continued growth as we strive to address the need for transportation services nationwide as the pandemic lessens. Demand for new trucking trailers is high and the outlook for the trucking industry generally looks positive for growth.”

When it comes to finances, many Mainers are feeling unwell. According to a recent study by the Financial Industry Regulatory Authority (FINRA)1, over 45% of Maine people are living without a rainy-day fund and 18% are spending more money than they are able to earn. These financial realities can have a major impact on one’s financial stability. Financial instability can lead to feeling stressed, and stress, especially over time, can have a negative impact on our overall health and well-being. The Finance Authority of Maine (FAME) has solutions to help.

FAME has long been known as the agency to help Maine businesses grow, but another important part of its mission is to support Maine people in affording higher education through a variety of grants, loans, loan repayment, college access, outreach, and financial education programs.

FAME’s new Employer Financial Wellness Roadmap provides a step-by-step guide to employers who may be interested in offering financial wellness programs to their employees. The roadmap provides evidence for why employee financial wellness is so valuable in improving employees’ lives, and in turn, the overall success of an organization. The roadmap includes resources, best practices, technical support, and research to guide development and implementation, including an overview of FAME’s employee financial wellness program.

Mary Dyer, FAME’s Financial Education Programs Manager, states: “One-third of employees rank financial wellness programs as their top employee benefit, and studies show that employees want help with their finances but may be too embarrassed to ask. In 2018, we implemented our own employee financial wellness program and the benefits have far exceeded the monetary costs. Despite the challenges of the pandemic, our employees have been able make significant financial gains, including reductions in debt, increased savings, and improvement in their overall financial well-being.”

In addition to the Roadmap, FAME also provides every Maine person free access to a robust online personal wellness tool. FAME’s online financial education platform, powered by Enrich, starts with a financial checkup, makes personalized recommendations, and helps users track progress on their financial wellness journey. The online tool also offers on-demand courses and tools, including a money personality tool that helps users understand their money mindset.

A similar tool for high school and college students is also available. Powered by iGrad, the content on the site is designed to help students on a path toward financial wellness, and includes topics such as responsible borrowing, budgeting, saving and more.

“FAME is expanding our focus on financial wellness as we try to help Maine become a healthier economy for its residents and businesses. We provide outreach to families, students, and those seeking workforce accreditation of all ages throughout the state to help prepare the people of Maine for financially successful futures,” stated FAME Acting Chief Executive Officer Carlos Mello.

In addition, FAME continues to provide:

  • Financial Check-Ins with FAME webinar series to reach Maine people with the financial topics they care about and 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.
  • Support in filing the Free Application for Federal Student Aid (FAFSA).
  • Timely information and tips via reminder texts, emails and social media campaigns to help Maine people become financially fit. Anyone can join or follow to receive this valuable information.

“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 iGrad and Enrich:
iGrad is a San Diego-based financial technology company that offers artificial intelligence-powered financial wellness solutions to more than 600 colleges and universities, and more than 20,000 employers and more than 300 financial institutions. For more information about the iGrad platform, visit https://www.igradfinancialwellness.com For more information about the Enrich platform for employers and financial institutions, visit https://www.enrich.org.

1 – FINRA Study: https://www.usfinancialcapability.org/results.php?region=ME

FAME financing will help Fork Food Labs cooperative to relocate to South Portland and provide larger commercial space for its members’ needs.

AUGUSTA — At its monthly meeting on March 17, 2022, the board of directors of the Finance Authority of Maine (FAME) approved 90% pro rata loan insurance on a $3.6 million commercial real estate loan by Mascoma Bank for borrower Fork Food Hub, L3C, to help finance the purchase of a commercial property in South Portland for the relocation and expansion of Fork Food Labs’ cooperative food manufacturing operations. The action is expected to permit the company to grow and accommodate the needs of more members, as well as to retain six jobs and create an additional three.

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. 

“FAME is pleased to help finance Fork Food Labs’ relocation to a larger commercial space, which will enable them to grow and accommodate their members’ needs,” stated David Daigler, FAME Board chair. “Greater Portland’s food industry has experienced significant growth over the past decade and Fork Food Labs provides a critical starting point for many businesses seeking to launch their operations without investing large amounts of capital upfront.” 

Fork Food Hub, L3C is a real estate holding company for Fork Food Labs, the operating company, which is a Maine-based 501(c)(3) non-profit founded in 2016. Fork Food Labs is a membership-based shared kitchen offering commercial equipment necessary for food production. Fork Food Labs provides entrepreneurs with workspace, equipment, and access to locally-sourced ingredients for the development of products prior to food entrepreneurs owning their own facilities. 

Fork Food Labs is Maine’s only food business incubator and shared production facility and has facilitated the start-up and scale-up of approximately 120 companies. Currently leasing space in Portland’s Bayside neighborhood, where space is too small at 5,200 square feet and not configured to accommodate growing demand, the company plans to relocate to South Portland, where the commercial space will be almost eight-times larger at 42,000 square feet and will allow for growth. The move is expected to help the cooperative accommodate the needs of up to ninety members, including some growing companies needing more space for light manufacturing and packaging to help their businesses scale-up.

“We are very appreciative of FAME’s support as we grow and expand our operations,” stated Bill Seretta, Executive Director. “Fork Food’s relocation will help to accommodate more members and expand our already successful programs, and provide more food industry businesses a cost-effective way to build their brands and provide locally-sourced food products to Mainers and out-of-state visitors and the region alike.”

At its monthly meeting on January 20, 2022, the board of directors of the Finance Authority of Maine (FAME) approved additional financing to Arctaris Impact Investors, LLC (Arctaris), the owner/operator of the Saddleback Ski Resort in Rangeley.

FAME approved 50% pro rata commercial loan insurance on $5.5 million in financing (or $2.75 million) by Arctaris. The financing is expected to assist with additional project costs planned for the resort, including workforce housing; additional ski lifts; a new mid-mountain lodge; and additional snowmaking equipment, among other items.

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. “This program is a critical economic development tool which can help to improve the economic vitality of one of Maine’s key recreation and business regions,” stated Carlos Mello, FAME Acting CEO.

FAME has been supportive of the Saddleback project from the beginning. In January 2020, FAME approved commercial loan insurance for the project, but this financing was never used and has since expired. FAME also approved a $1 million FAME Direct Loan to Arctaris. Additionally, in March and November of 2020, FAME approved state New Markets Tax Credit financing related to investments to help with financing the costs of capital improvements, construction, equipment procurement, and other related improvements at the ski resort. Including a prior Maine Rural Development Authority   $1 million loan, as well as the above FAME financing, total state commitment to the Saddleback project now totals approximately $6.5 million.

“FAME is pleased to help with continued financing for this important project, which will enable Arctaris to continue their plans for additional improvements at the Saddleback Ski Resort,” stated Dave Daigler, FAME Board chair. “We are impressed by the progress made by Arctaris thus far, as well as by the benefits the resort’s operations have brought to the local economy in Rangeley.”

The resort’s resumed operations have benefitted area business and helped to stimulate the local economy and increase tax revenues. Arctaris successfully reopened the mountain in 2020, attained over 72,000 skier visits in the first year of operations, and provided economic support for the greater Rangeley community. Arctaris has successfully leveraged the local community, and state support of the project to attain secured financing from third-parties, as well.

Saddleback Mountain offers a 2,000-foot vertical drop and is one of seven New England mountains with a top-lift elevation of over 4,000 feet. In terms of number of trails, Saddleback is the third-largest ski mountain in Maine and is first of the three mountains in Maine with over 2,000 feet of vertical drop. There are presently six ski lifts and sixty-eight trails on Saddleback. The mountain also has a highly regarded twenty-acre terrain park.

Saddleback has made a number of improvements at the resort since its reopening, including renovations to the base lodge; the purchase and installation of a high-speed detachable quad lift; expanded snowmaking; a new grooming fleet; and increased four-season destination programs for weddings and summer outdoor recreations. Additional improvements are planned over the next several years.

“We remain grateful for FAME’s ongoing support of Saddleback Mountain as an economic development driver for the region, as the mountain becomes a year-round destination for outdoor recreation,” stated Jonathan Tower, Founder and Managing Partner of Arctaris Impact Investors, LLC. “Saddleback is back, and its future has never been brighter.” 

Arctaris Impact Investors, LLC (Arctaris) is a Boston-based impact investment firm with experience spanning more than 12 years and six funds, with both debt and Opportunity Zone equity investments. The firm manages funds which invest in growth-oriented operating businesses and community infrastructure projects located in underserved communities. Founded in 2009, Arctaris has partnered with the Kresge Foundation, Harvard Business School Professor Michael Porter’s Initiative for a Competitive Inner City, and multiple other foundation, federal and state government agencies to invest in Opportunity Zones, inner cities and targeted rural communities throughout the U.S., with the aim of delivering above market investment returns alongside positive social impact. For more information on Arctaris, visit www.arctaris.com.

Children skiing at Saddleback (photo courtesy of Arctaris)