Recent News

Governor Mills Announces Opening of “Thrive Maine” Program to Support Small Businesses

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.

Public Service Workers Can Potentially Save Thousands of Dollars Through Public Service Loan Forgiveness Expanded Temporary Waiver

The Public Service Loan Forgiveness program forgives the remaining balance on a borrower’s federal direct loans after the borrower has made 120 qualifying monthly payments under a qualifying repayment plan while working full-time for a qualifying employer. For a limited time, eligible borrowers may receive credit for past periods of repayment on student loans that had not previously qualified for PSLF. Under this temporary waiver, payments made while working for a qualifying employer may count as a qualifying payment, regardless of the loan program, repayment plan, or whether the payment was made in full or on time.

Governor Mills Announces $120 Million Initiative to Support Maine Small Businesses

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 […]

FAME Financing to Help Atlantic Great Dane, Inc. Maintain Maine Operations

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 […]

This Financial Literacy Month, FAME Promotes Financial Wellness Opportunities for Maine People

 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. tTo support Mainers on their path toward financial wellness, FAME recently launched an Employer Financial Wellness Roadmap and continues to support online financial wellness for all Maine people through an innovative tool powered by Enrich.

FAME Approves Financing for Fork Food Hub, L3C

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 […]

FAME Approves Additional Saddleback Financing

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. […]

FAME Honors Maine Businesses, Educators, and Lenders

Annual “At Work” awards bestowed virtually Although FAME did not host its annual Showcase Maine event in person this year, it bestowed the annual “At Work for Maine” awards virtually. FAME presented the awards to business, lending, and higher education partners in order to recognize their meaningful contributions to the state. Video profiles of each […]

Over 28,000 Maine Public Elementary Students to Receive Free Books from FAME to Help Build Financial Skills for Life

In recognition of October as Financial Planning Month and 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.

FAME Doubles Commercial Loan Insurance Online Answer Limit

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.

Increased Maine State Grant Funding Still Available for this Academic Year

Good news on three fronts for Maine students planning to attend college this fall: Maine State Grant funds remain available and awards have been increased! Also, for students who missed the Maine State Grant filing deadline of May 1, the Finance Authority of Maine (FAME) has extended the deadline for this academic year.

FAME Approves Financing for MedRhythms, Inc. and Vertical Harvest, L3C

At their July 15, 2021 meeting, the board of directors of the Finance Authority of Maine (FAME) approved state new markets tax credit financing to benefit MedRhythms, Inc., a digital therapeutics company located in Portland. The board also approved bond financing for Vertical Harvest, L3C, a company planning to operate a vertical hydroponic greenhouse in Westbrook.

FAME Extends Deadline for Maine State Grant Eligibility

Good news for students who missed the 2021-2022 Maine State Grant filing deadline of May 1: the Finance Authority of Maine (FAME) has extended the deadline for this academic year only. Students should immediately file the 2021-2022 Free Application for Federal Student Aid (FAFSA) to apply, however, as grant funds are limited and will be awarded on a first-come, first-served basis.

FAME Approves Additional Financing for GO Lab, Inc.

The FAME Board has approved $85 million in bond financing to help finance GO Lab, Inc., a start-up company at the former Madison paper mill in Somerset County. The project is expected to create approximately 114 well-paying jobs in Somerset County.

FAME CEO Bruce Wagner Announces Retirement

FAME Chief Executive Officer Bruce Wagner recently announced his intention to retire on February 5, 2021. He will be replaced on an interim basis by FAME’s Chief Risk Officer, Carlos Mello.

For Educators

Check out FAME’s free training opportunities such as webinars and training events for school counselors, college access advisors, financial aid counselors and administrators.