BIG Deal: Finance Authority of Maine Doubles Commercial Loan Insurance Online Answer Limit
Loan Insurance up to $1.5 million now faster and easier to process, one more way FAME works for Maine lenders and businesses
Augusta, ME – The Finance Authority of Maine (FAME) recently doubled the limit on applying for commercial loan insurance through the online answer (OLA) process. The online answer process allows a lender to apply and receive an immediate answer. The limit was previously up to $750,000 for commercial loan insurance. The new limit allows lenders to easily and quickly submit applications for commercial loan insurance up to $1.5 million.
“We are committed to Maine business successes,” said Carlos Mello, FAME’s acting CEO. “We routinely ask our lender partners how we can better serve Maine businesses. They asked us to increase OLA limits to help more businesses faster, so we made the change.”
Using OnLine Answer (OLA), which is a secure web application, lenders can apply for commercial loan insurance online by entering a limited amount of data to receive a decision in seconds. OLA is provided by FAME to financial institutions that have signed both the master Loan Insurance Agreement and the Addendum to Loan Insurance Agreement with FAME. For commercial loan insurance (CLI) over $1.5 million, FAME provides a traditional application process.