APRIL 2021 • IN THIS ISSUE
Recent Partnerships
CEO Bruce Wagner Retires
In the News:
- Saddleback Reopening Boosts Businesses
- Rumford Hotel Set to Open this Summer
FAME Approves Additional Financing for GO Lab, Inc.
COVID-19 Relief Programs Extended through June
Financing Approved for Expanded Broadband in Belfast & S. Portland
FAME Direct Loan Helps Anania & Associates Acquire Jones & Vining
Bonus Programs to Share with Your Colleagues & Customers:
- New Webinar Series: Financial Check-In with FAME Education
- Alfond Leaders Student Loan Repayment Assistance Program for STEM Students / Professionals
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FAME CEO Bruce Wagner Retires
Chief Risk Officer Carlos Mello appointed Acting CEO
After serving seven years as FAME Chief Executive Officer, Bruce Wagner retired in February of this year. Chief Risk Officer Carlos Mello has been appointed Acting CEO while the FAME Board of Directors undertakes a national search for his successor.
“On behalf of the people of Maine, I thank Bruce for his leadership of FAME and for his partnership, particularly in the development of the State’s Ten Year Strategic Economic Development Plan,” said Governor Mills. “I wish Bruce well in his future endeavors and I look forward to working with FAME’s Board of Directors to identify a potential successor for this important role.”
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NewsCenter Maine—Saddleback, Rangeley businesses see success since the mountain's reopening
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Mainebiz—Much-needed hotel set to open this summer in Rumford |
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FAME Approves Additional Financing for GO Lab, Inc.
$85 million in bond financing to help fund start-up at former Madison paper mill in Somerset County
At its March meeting, the FAME board of directors approved up to $85 million in conduit bond financing for GO Lab, Inc. The funds will be used to finance a portion of the construction costs to renovate the former Madison paper mill, purchase equipment, and other eligible costs of the business. The company plans to recycle wood fiber biomass to produce wood fiber-based building insulation products. The project is expected to create approximately 114 well-paying jobs in Somerset County.
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COVID-19 Relief Programs Extended
Special financing programs for Maine businesses extended through June 30, 2021
Since March 2020, FAME and participating lenders have made special terms available to Maine-based businesses that have experienced interruption or hardship due to COVID-19. Benefits include: loans up to $50,000 offered at reduced interest rates; interest-only payments; up to 75% pro-rata loan insurance on loans up to $250,000; and refinancing of existing lender debt.
At its most recent meeting, the FAME board approved another three-month extension of these programs through June 30, 2021. “During this key period of transition as the Maine economy enters its recovery phase, FAME is pleased to extend our COVID-relief programs to enable us and our lending partners to meet the needs of Maine businesses as they prepare for the summer tourist season,” stated Carlos Mello, Acting CEO of FAME.
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Financing Approved for Expanded Broadband in Belfast and South Portland
Projects expected to benefit area businesses and families and help spur economic development
At its December meeting, FAME's board of directors approved up to $1.9 million in loan insurance and a $1 million direct loan to help support increased access to broadband in the cities of Belfast and South Portland.
FAME’s financing is expected to benefit numerous businesses and homes in both cities, including low-income families. The action is expected to help retain a total of 51 Maine jobs at GWI and have additional positive impacts on indirect job growth in the areas as projects progress and businesses grow..
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Operations at Lewiston manufacturing plant relaunch as PolyLabs; 39 Maine jobs created/retained
FAME approved a $500,000 FAME Direct Loan to help facilitate the purchase of the business assets and commercial real estate. The action will help to create and retain a total of thirty-nine Maine jobs. The deal was made in partnership with FAME, the city of Lewiston’s economic and community development office, individual investors, company management, and several customers, including audio equipment maker Bose Corp. and manufacturer H.F. Staples..
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Bonus Programs to Share with Your Colleagues and Customers |
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NEW! Once-A-Month Webinar Series: "Financial Check-In with FAME Education"
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Help Build Maine's STEM Workforce
Alfond Leaders loan repayment assistance program now accepting applications from STEM students & professionals
Applications are now being accepted through May 15, 2021 for the Alfond Leaders student loan debt reduction program. The program provides student loan repayment assistance to people who live and work in Maine in a STEM-designated occupation (Science, Technology, Engineering and Math) at a Maine-based employer. Alfond Leaders may qualify for loan repayment up to half of their outstanding student loan balance at the time of application to the program, not to exceed $60,000.
You can help build Maine's STEM workforce by letting your customers and colleagues know about the Alfond Leaders program. Do you know of an employer, STEM student, or STEM professional who could benefit from the program? Encourage them to visit AlfondLeaders.org to learn more.
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Roxanne Broughton
Commercial Loan Officer
620-3547
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Matthew Lindquist
Commercial Loan Officer
620-3527
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Karen Kunesh
Workout Officer
620-3532
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Kim Getchell
Commercial Loan Officer
620-3507
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Jennifer Cummings
Dir. Business Programs
620-3531
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207-623-3263 or 1-800-228-3734
TTY: 207-626-2717
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2015 • 2016 • 2017 • 2018 • 2019 • 2020
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The Finance Authority of Maine (FAME) does not discriminate in the administration of any of its programs or in its employment practices on the basis of race, color, national origin, age, gender, religion, physical or mental disability, political affiliation, marital status or sexual orientation. FAME is an equal opportunity employer, provider and lender.
FAME provides links to other websites as a convenience and does not endorse or guarantee the content, accuracy or usability of such sites.
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