Business eNews: Training events, Annual Loan Review tips, and more!

Business eNews

In This Issue

FAME Programs and OLA Training
How To: Annual Loan Review Process
FAME Financing to Assist Tanbark Molded Fiber Products
FAME Staff Spotlight
Save the Date - Showcase Maine 2024

FAME Programs and OLA Training

Additional training dates coming soon!

Thank you to the nearly 60 commercial banking professionals who joined us for our training event in April! During this training, we provided an overview of the variety of programs FAME administers that can be leveraged to build relationships with commercial loan customers as well as an in-depth training of FAME's OnLine Answer (OLA) platform. Plus, we had some fun with friendly games of corn hole and a raffle giveaway!

We will be hosting additional training events in various locations later this year - stay tuned for details!

Did you know that FAME provides custom training sessions for your team? Contact our team to schedule an on-site or virtual training.

Schedule a Training

Quick Facts: Annual Loan Review Process

Did you know any loans with FAME Commercial Loan Insurance in excess of $500,000 require an annual review? Here are some quick facts to help you navigate the annual review process.

120 days after the Borrower’s fiscal year end, FAME will send an email or letter to the lender requesting updated financials. Requested information may include:

Recent tax returns (business and personal)
Personal financial statements for all Guarantors
Year-to-date income statements and balance sheets
Reviewed, compiled, or audited financial reports
Lender’s analysis addressing management, balance sheet position, operating results, repayment ability, and adequacy of collateral

Every loan is unique and requested information is tailored to the specific needs of each loan. Our team is happy to help you through this process and work together for the success of Maine’s businesses.

Questions? Contact us at business@famemaine.com.

FAME Financing to Assist Tanbark Molded Fiber Products

At its monthly meeting held on February 15, 2024, the Finance Authority of Maine (FAME) approved financing for Tanbark Molded Fiber Products (Tanbark), a Saco-based manufacturer of molded fiber packaging products. The financing is expected to help create nine Maine jobs and retain an additional 23 Maine jobs.

Read the full press release.

Maine Funding Network - the gateway for Maine businesses to find public and nonprofit funding

The Maine Funding Network matches Maine businesses with public and nonprofit funding sources throughout the state with one form. By completing the online "match request" form, a business can connect with business counseling and public and nonprofit funding programs.

Learn More

FAME Staff Spotlight

Tori Schuster, Commercial Loan Assistant

Tori Schuster joined FAME's business team in May 2024 as a Commercial Loan Assistant. With nearly 10 years experience in an administrative role, Tori brings an array of business knowledge and an in-depth understanding of the intricacies of a variety of businesses.

With a few weeks at FAME now under her belt, Tori is excited to support Maine's businesses and communities. "Community involvement is something that is very important to me, and to find an organization that shares that same concept is amazing!"

When not at work, Tori is busy traveling to her 12- and 14-year-old's sporting events and finding time to enjoy yoga and reading. With a love for the outdoors, she is currently working on her beginner gardening skills.

SAVE THE DATE - Showcase Maine 2024

Thursday, November 21, 2024

Each year, FAME recognizes individuals and organizations who have distinguished themselves through their commitment to advancing Maine’s economy and quality higher education. Mark your calendars to join us at this year's celebration on Thursday, November 21, 2024 from 4:30 to 8:30 p.m. at the Portland Sheraton at Sable Oaks in South Portland. More details to come.

Jay Beck

Commercial Loan Officer

620-3553

Email Jay

Kim Getchell

Senior Commercial

Loan Officer

620-3507

Email Kim

Karen Kunesh

Workout Officer

620-3532

Email Karen

Matthew Lindquist

Commercial Loan Officer

620-3527

Email Matt

Jennifer Cummings

Director of Business

620-3531

Email Jennifer

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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.

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