OCTOBER 2020 • IN THIS ISSUE
Recent Partnerships
FAME Extends COVID-19 Relief Programs for Maine Businesses
Reallocation Credits Available via Maine New Markets Capital Investment Program
Credits Still Available in Maine Seed Capital Tax Credit Program
Alfond Leaders: Student Loan Repayment Assistance for STEM Professionals
FAME Staff Spotlight: Roxanne Broughton
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FAME Extends Special Financing Programs for Maine Businesses
COVID-19 relief programs extended through March 31, 2021
In an effort to continue supporting its customers with their financing needs during the COVID-19 pandemic, FAME has announced a 6-month extension of its special COVID-19 business relief programs.
“Due to the lingering economic effects of the pandemic, as well as continued federal, state and regulatory economic stimulus programs, lender partner feedback, and our belief that credit impacts on borrowers are likely to manifest themselves in the coming six months, we have approved an extension of our special COVID relief programs through March 31, 2021,” stated Jay Violette, FAME board chair.
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; and up to 75% pro-rata loan insurance on loans up to $250,000.
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Notice of Availability & Request for Applications for Maine New Markets Capital Investment Program
Approximately $5.9 million now available for reallocation
Previously allocated tax credit authority corresponding to approximately $5.9 million of qualified equity investments has lapsed under 10 MRSA §1100-Z(3)(F) and is available for reallocation.
Qualified community development entities that are interested in being awarded reallocated tax credit authority under the program are instructed to file an Allocation Application with required attachments and the required $1,000.00 Allocation Application fee with FAME on or after October 15, 2020. Completed applications will be processed in the order received, and allocation authority will be awarded on a first-come, first-served basis.
Program details and Allocation Application are available on our website.
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Credits Still Available in Maine Seed Capital Tax Credit Program
Approximately $7 million in tax credits still available for eligible investments
Under recently enacted law (PL 2020, Ch. 616), tax credit authority for 2020 was expanded from $5 million to $15 million for the calendar year. As of this writing, approximately $7 million in tax credits is still available for eligible investments made in eligible companies on or after April 1, 2020.
EFFECTIVE 10/15/2020: New rules, applications and fees are in effect. Program details and updated applications (with fees listed) are available on our website. To view the new rule, please click here (.docx format).
Read the full press release here.
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Help Build Maine's STEM Workforce in One Simple Step
Alfond Leaders loan repayment assistance program now accepting applications
Applications are now being accepted through November 15, 2020 for up to $60,000 in student loan debt relief for professionals who live in or relocate to Maine and are employed by a Maine-based business in the STEM-related fields of science, technology, engineering, and math (STEM).
The program, funded by the Harold Alfond Foundation and administered by the Finance Authority of Maine (FAME), is known as Alfond Leaders. It assists Maine employers in attracting and retaining talented STEM professionals by providing student loan repayment assistance of up to $60,000 per recipient. Payment of the debt relief award is made directly to a recipient’s student loan servicer. Payments are made once at the end of three years of qualifying residency and employment and again at the end of a subsequent three-year period of qualifying residency and employment.
New in 2020, students who will complete their degree or certificate before May 31, 2021 are welcome to apply. Awards made to graduating students will be finalized once they have begun a STEM position in Maine and, if new to Maine, have relocated to the state. Selected awardees who have recently graduated will have until July 1, 2021 to relocate to Maine and begin their STEM employment for a Maine-based employer. An applicant must have a higher education degree or certificate, or be graduating by May 31, 2021 in order to apply during this current application collection period.
Applicants are being sought from across the nation, and current Maine residents are eligible and being encouraged to apply.
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? Simply share this link:
Applications are accepted in the fall and spring, with the current application cycle closing on November 15th.
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FAME Staff Spotlight
Roxanne Broughton, Commercial Loan Officer
Developing relationships with lenders throughout Maine is Roxanne's favorite aspect of her work. "I really enjoy helping them meet their goals, getting them to that "yes"—it's all about building strong communities throughout Maine."
Roxanne has 36 years of experience in the banking industry, with 18 of those years in Alaska. Before joining FAME, she served as the senior commercial loan officer at Matanuska Valley Federal Credit Union in Wasilla, Alaska, and as an AVP commercial loan officer with Northrim Bank in Anchorage, Alaska. She joined the commercial lending team at FAME six years ago, after she and her husband Mike, a Rumford native, moved back to Maine in order to be closer to family.
In her spare time, Roxanne enjoys working around the farm (gardening and maple sugaring), knitting, and weaving. A veteran knitter of 20 years, Roxanne first picked up the hobby as a meditative practice. "It calmed me down and helped me relax." She enjoys creating special homemade gifts for family and friends, and at this time of year, she's busy working on Christmas projects—hats, mittens, scarves, etc.
Roxanne and her husband live on a 60-acre farm in Jay with their dog, Timber, and horses Lakota and Pilgrim.
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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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