205 (138 full-time equivalent) jobs are expected to be created in Rangeley Area
$30-$50 million in public benefit expected

AUGUSTA — At its meeting today, the board of directors of the Finance Authority of Maine (FAME) approved leveraged loan insurance of 20% (or $2.5 million) on a $12.5 million loan by Arctaris Impact Investors, LP to Saddleback Community Loan Fund “(Arctaris”). FAME additionally approved a $1 million FAME Direct loan to Arctaris as part of the financing package, which totals $23.5 million. In December of 2019, the Maine Rural Development Authority (MRDA) approved a $1 million loan to Arctaris Saddleback Company, LLC, as well.

In addition to helping Arctaris, a national impact investment firm, to purchase the mountain and resume operations at the ski resort, the financing is expected to benefit area business and help stimulate the local economy. The action is expected to help create seventy-one full-time jobs and one-hundred and thirty-four seasonal ones. Skiing at the mountain has been dormant for the past five seasons.

FAME’s Commercial Loan Insurance Program insures a portion of a loan to a business made by a participating financial institution or investment firm. For a business, it may mean the difference between obtaining a loan or never getting the opportunity to start a business. FAME loan policy sets a maximum leveraged insurance guarantee of $2.5 million.

The FAME and MRDA funds will be used as part of a $23,509,000 funding package that includes private equity, New Market Tax Credits, community loans and community grants for the acquisition of the ski resort at Saddleback Mountain. After the business acquisition costs, the balance of funds will be used for renovations, as well as facility upgrades and new equipment, primarily lifts and snowmaking machines.

“We are pleased to help re-start this historic and beloved Maine ski mountain and to help stimulate economic development in Western Maine,” stated Bruce Wagner, Chief Executive Officer of FAME. “We know how important this mountain’s success is to the local population and economy, as well as to many others who love to recreate in all seasons in the Rangeley area.”

Saddleback Mountain offers a 2,000-foot vertical drop and is one of seven New England mountains with a top-lift elevation of over 4,000 feet. In terms of number of trails, Saddleback is the third-largest ski mountain in Maine and is first of the three mountains in Maine with over 2,000 feet of vertical drop (Sugarloaf and Sunday River are the others). There are presently five ski lifts and sixty-six trails on Saddleback. The mountain also has a highly regarded seven-acre terrain park, with plans to expand to over twenty acres by the 2020-2021 season.

“I am happy to be able to support the great work happening in the Rangeley area, led by community members,” said Heather Johnson, Commissioner of the Department of Economic and Community Development. “Tourism is one of the top economic drivers in our state and we are excited to see that the revitalization of Saddleback will bring more visitors to this beautiful area. In addition, outdoor recreation is a vital part of Maine’s economy, as well as important for the public health of our communities.”

“Arctaris is grateful for the support of state and local financing partners. We plan to revitalize the mountain resort and provide 200 full-time and seasonal jobs, which will help stimulate the local economy and the state of Maine as a whole,” stated Jonathan Tower, Managing Partner of Arctaris Impact Fund, LP

Plans to open Saddleback has been a group effort. Arctaris has raised approximately $2 million in private donations from condominium owners, philanthropists, and the community at large.

The Finance Authority of Maine (FAME) is a quasi-independent state agency that provides innovative financial solutions to help Maine citizens pursue business and educational opportunities. FAME helps to lead the creation of good-paying jobs for Maine citizens by working at the nexus between economic and workforce development.

The Maine Rural Development Authority (MRDA) was established by the Maine Legislature in 2002 to assist Maine communities in realizing their economic development goals. MRDA provides financial assistance to communities and their development partners to help develop speculative commercial and industrial buildings and to help develop/redevelop underutilized commercial industrial properties. The primary focus of MRDA’s activities is in the rural areas of Maine that have traditionally not experienced the same level of economic development success as other regions of the state, have experienced major economic losses such as plant closings and downsizings or are economically distressed. To learn more, please visit https://www.mainerda.org/laws-rules/

Arctaris Impact Investors, LP, is an Impact Investment fund manager providing capital to profitable, growth-oriented businesses in underserved regions throughout the United States, with emphasis on inner cities and targeted rural communities. Launched in 2009 and headquartered in Boston, Arctaris has partnered with state government agencies and the U.S. Treasury Department to form fund programs with primary emphasis on economic development and jobs creation.

Ushering in 2020, a new decade, and to celebrate the 20th Anniversary of NextGen 529, the Finance Authority of Maine (FAME) is announcing updated Grants for Maine residents[1].

Starting January 1, 2020, Maine residents will receive a $100 Initial Matching Grant after they open a NextGen 529 account and make at least a $25 contribution. And new this year, those Maine residents with an Alfond Grant can also receive the $100 Initial Matching Grant after they open a NextGen 529 account and make a $25 contribution by December 31, 2020.

And there are more grants for making additional contributions. For those who add to their NextGen 529 account, contributions in a calendar year will receive a 30% match, up to $300 a year with a NextStep Matching Grant. In addition to the updated matching grants for opening and contributing to a NextGen 529 account, FAME will also continue to offer a $100 Automated Funding Grant to those who make at least (6) consecutive automated contributions from payroll deduction or a bank account.

“We like to tell people ‘Don’t leave money on the table’” said Director of Education Programs, Martha Johnston. “Because not taking advantage of these grants is truly like leaving money on the table. We are lucky to be in Maine where Maine resident babies get a head start with the $500 Alfond Grant, and where those with NextGen 529 accounts can receive matching grants from FAME when they contribute. It is an amazing program to help spur more Mainers to aspire, save, and pay for education after high school.”

For anyone who has question or needs assistance with opening a NextGen 529 account, FAME will provide open phone lines (in addition to the regularly available phone help offered weekdays from 8-4:30) once a month on the third Wednesday, starting on January 15, 2020 through May 20, 2020, from 4:30 pm till 8 pm. FAME representatives will help anyone get started on the road to investing in future success.

About NextGen 529, NextGenforME.com

NextGen 529 is a Section 529 plan administered by the Finance Authority of Maine (FAME). Before you invest in NextGen 529, request a NextGen 529 Program Description from your Merrill Advisor or Maine Distribution Agent or call Merrill at 1‐877‐ 463‐9843 and read it carefully. The Program Description contains more complete information, including investment objectives, charges, expenses and risks of investing in NextGen 529, which you should carefully consider before investing. You also should consider whether you or your designated beneficiary’s home state offers any state tax or other state benefits such as financial aid, scholarship funds, and protection from creditors that are only available for investments in such state’s 529 plan. Merrill Lynch, Pierce, Fenner & Smith Incorporated, a registered broker‐dealer, member SIPC, is the program manager and underwriter.

[1] Grants for Maine residents are linked to eligible Maine accounts. Upon withdrawal, grants are paid only to institutions of higher education. See Terms and Conditions of Maine Grant Programs at NextGenforME.com for restrictions and limitations that apply. Grants may lose value.

The Finance Authority of Maine (FAME) celebrated successful business and educational partnerships at its annual meeting and awards event, Showcase Maine, which was held on Thursday, November 21, 2019, at Portland’s Holiday Inn By The Bay.

Showcase Maine is FAME’s annual celebration of its successful partnerships with Maine’s business, lending, governmental, and higher education communities. The evening featured a reception, including a showcase of exhibits by Maine businesses and educational organizations that partner with FAME; a dinner and awards presentation; and a keynote speech by Maine’s own U.S. Army Staff Sgt. (Retired) Travis Mills entitled “Never Give Up. Never Quit.”

River Tree Arts student Maggie McEwen, a freshman at Kennebunk High School, sang the National Anthem to begin the night. River Tree Arts, located in Kennebunk, is a non-profit center for the arts that has provided quality arts education to the Southern Maine community for over 30 years.

A large crowd of approximately 350 individuals listened raptly to Mills, a recalibrated warrior, motivational speaker, actor, author and an advocate for veterans and amputees. Despite losing portions of both arms and legs from an IED while on active duty in Afghanistan, Travis continues to overcome life’s challenges, breaking physical barriers and defying odds. In September 2013, Travis and his wife Kelsey founded the Travis Mills Foundation, a nonprofit organization formed to benefit and assist post-9/11 veterans who have been injured in active duty or as a result of their service to our nation. Veterans and their families receive an all-inclusive, all-expenses paid, barrier-free vacation to Maine where they participate in adaptive activities, bond with other veteran families, and enjoy much-needed rest and relaxation in Maine’s great outdoors.

“FAME enjoyed celebrating the successes of the past year with our partners in Maine’s business, lending, governmental, and higher education communities,” said Jay Violette, chair of the FAME board of directors. “Travis Mills inspired us all and we were pleased to honor our partners who help to make Maine’s economic and educational futures brighter.”

Earlier in the day, the FAME Board re-elected its current slate of officers to new terms of one-year each: James “Jay” Violette as chair; David Daigler as vice-chair; and James Howard as treasurer.

This year’s award recipients included:

  • Business at Work for Maine Award: Amplify Additive: Amplify, Inc., d/b/a AmplifyAdditive, was recognized as a leader in the “4th Industrial Revolution” for its innovative manufacturing and as a service provider leveraging its experience to help other companies choose the right technology for the right application. Amplify Additive’s technology leverages GE Additive’s Arcam Metal 3D Printing technology to engineer, design, and manufacture solid Titanium products such as implants for the human body and aerospace components. Based in Scarborough, the growing company benefitted from a unique partnership involving not only a FAME Direct Loan but also financing from other partners such as the Maine Venture Fund, Maine Technology Institute, and Coastal Enterprises, Inc.
  • Education at Work for Maine Award: Professional Logging Contractors of Maine: The Professional Logging Contractors of Maine (PLC) is the state’s only trade organization that exists to give independent logging contractors and sole proprietors a voice in Maine’s rapidly changing forest industry. The organization focuses on logger advocacy, safety, quality operations, and business innovation. The PLC was recognized for offering Maine’s only postsecondary training program for operators of mechanized logging equipment. Launched in 2017, the program involves a partnership between the Maine Community College System, the PLC, and industry partners.
  • Education at Work for Maine Award: Ronald Milliken and UMF Financial Literacy Peer Education Program: Ron Milliken, longtime Director of Financial Aid at University of Maine Farmington, as well as champion of financial literacy and responsible borrowing, was recognized along with the Financial Literacy Peer Education Program, which he helped to found. The program provides comprehensive personal financial education to students, delivered by their peers, with the goal of helping to improve financial well-being and reduce student loan indebtedness. The program’s mission is to increase the financial literacy capability of students by providing them with student-led informational programming regarding personal finance, student loan borrowing, default prevention, and financial aid. Although University of Maine Farmington is the home base for the program and host of the annual Peer Educator training camp, the group has begun a statewide expansion of the program, which will ultimately be offered at all seven campuses of the University of Maine System.
  • Lender at Work for Maine Award ($1.5 billion or above in assets): Camden National Bank: This was the bank’s tenth time as an awardee. Over the past year, Camden National partnered with FAME on 48 loans totaling approximately $13.6 million. This in turn helped to create 109 Maine jobs and retain an additional 484 jobs. In addition to being a top partner in stimulating economic development in Maine, Camden National is actively committed to the communities in which it operates. Founded in 1875, the bank encourages employee volunteerism and makes donations to local nonprofits.
  • Lender at Work for Maine Award (up to $1.5 billion in assets): Skowhegan Savings: Skowhegan Savings is currently celebrating its 150th year of doing business in Maine. This past year, FAME partnered with Skowhegan Savings on 8 loans to Maine companies totaling approximately $6 million. This helped to retain 53 Maine jobs. In partnership with Jobs for Maine’s Graduates (JMG), Skowhegan Savings has developed a unique career preparation and financial literacy program designed to give all students in Somerset and Franklin Counties the skills and experience needed to success in today’s workforce.
  • Lender at Work for Maine Award: Bar Harbor Bank & Trust: Founded in 1887, Bar Harbor Bank & Trust is a community bank offering a full-range of financial services for families, businesses, and nonprofit organizations. FAME partnered this year with the bank on 20 loans totaling approximately $5.1 million. This helped to create 39 Maine jobs and retain an additional 112 Maine jobs. The bank was recognized for its increased partnership with FAME this past year utilizing the agency’s commercial loan insurance program. Deeply committed to community service, Bar Harbor Bank & Trust raises funds for worthy causes and its employees volunteer hundreds of hours per year as members of local nonprofit boards, coaches of youth teams, and participants in various community events.

Also during the event Greenlight Maine host Julene Gervais announced the names of the twenty-six Maine Collegiate Challenge semi-finalists, who were in attendance. Greenlight Maine is a statewide collaboration of entrepreneurial catalysts and corporate leaders, designed to promote and mentor the development and growth of businesses in the state. FAME has sponsored the show in the past and was pleased to welcome the budding college entrepreneurs to join in the night’s festivities.

FAME is a quasi-independent state agency that provides financial solutions that help Maine people achieve their business and higher education goals. FAME helps to create a Maine workforce that with good-paying jobs by focusing on the nexus of economic and educational development. FAME recently was recognized for the fifth year in a row as one of the Best Places to Work in Maine. To learn more about FAME, please visit www.famemaine.com

As part of its ongoing efforts to immerse itself in the community and learn more about the needs and successes of their customers and partners, the board of directors and staff of the Finance Authority of Maine (FAME) recently toured parts of Kennebec and Somerset Counties.

On October 16, the group visited B&B Precise Products in Benton, a customer that has grown steadily in recent years. The company employs over fifty people and manufactures precision-machined components and assemblies for a variety of customers, including the aerospace and defense industries. Established in 1990, B&B Precise Products is a family-owned, certified small business spanning three generations. FAME also enjoyed a lunchtime presentation by Garvan Donegan of the Central Maine Growth Council at a downtown Waterville restaurant, The Proper Pig, about recent economic development efforts in the Central Maine area. Local legislators Rep. Bruce White of Waterville and Rep. Catherine Nadeau of Winslow joined the group for some of the events.

Later, the group visited Thomas College in Waterville, where it enjoyed presentations by Ed Cervone, executive director of the Center for Innovation in Education, as well as by Provost Tom Edwards. FAME later enjoyed a walking tour of the campus conducted by Thomas student Stevo Reid ‘19. The group later enjoyed a dinnertime presentation at Oakland’s Riverside Farm Market & Café by State Economist Amanda Rector regarding her involvement in helping to formulate a state economic development plan, as well as current challenges and opportunities facing the Maine economy.

FAME held its monthly board meeting on October 17 at the Alfond campus of Kennebec Valley Community College (KVCC) in Fairfield. Prior to the board meeting, the board enjoyed presentations by David Daigler, Maine Community College System President and vice chair of the FAME board, as well as by KVCC President Richard Hopper, on the various workforce development efforts and course offerings of the school.

FAME board Chair Jay Violette, a Waterville native and resident, stated: “FAME really benefits from these opportunities to get out in the community and visit with local businesses and institutions of higher education. There is a lot of positive educational and economic activity taking place in the Greater Waterville region. We enjoyed witnessing firsthand their success stories and learning about the needs and future plans of our business and higher education partners.”

FAME is a quasi-independent state agency that provides financial solutions that help Maine people achieve their business and higher education goals. FAME helps to create a Maine workforce that with good-paying jobs by focusing on the nexus of economic and educational development. FAME recently was recognized for the fifth year in a row as one of the Best Places to Work in Maine. To learn more about FAME, please visit www.famemaine.com.

Alfond Leaders Program Seeking More Applicants for Student Loan Debt Relief

Funded by the Harold Alfond Foundation, the Maine program aims to stimulate economic growth in key industries by attracting and retaining STEM graduates and professionals

The Harold Alfond Foundation and the Finance Authority of Maine (FAME) opened another application cycle to provide student loan debt relief for Maine residents who are employed by a Maine-based business in the STEM-related fields of science, technology, engineering, and math. Applications are now being accepted through November 15, 2019.

The Alfond Leaders program assists Maine employers in attracting and retaining talented STEM professionals by providing student loan debt relief of up to $60,000 per recipient. The grants are awarded through a competitive application process and, to date, 117 applicants have been selected to become Alfond Leaders. Cumulatively, awards now total just under $3.7 million and the average award is $31,400.

Shane Kelly, a transportation engineer at Sebago Technics in South Portland, was named an Alfond Leader in 2018. Kelley grew up in Westbrook and went away for college at Clemson University in South Carolina. He returned to Maine to live and work for the high quality of life here.

Kelly recently shared his story about applying for and receiving the Alfond Leader award in a Facebook Live interview in Fall 2018. “When I learned about the program details, it was another huge plus to living and working in Maine. Being selected for the award helped to improve my outlook by reducing the burden of my student loans. I’m married now and looking forward to raising my family here. I’m glad I came back; Maine has a lot to offer and I don’t plan on leaving. So the commitment to live here and work here was easy to make. This program is a real welcome home to Maine for STEM professionals.”

Applicants will be recruited from across the nation and internationally, and current Maine residents are eligible and encouraged to apply.

An Alfond Leaders Advisory Committee assists in the selection of applicants and recommends candidates. Applicants can apply by visiting AlfondLeaders.org.

Who is eligible?

  • Maine residents or persons who will become Maine residents upon being hired by a Maine-based employer;
  • A person employed, or who will be employed, by a Maine-based employer in a designated STEM occupation;
  • An applicant must have a higher education degree or certificate;
  • An applicant must have outstanding student loan debt;
  • Candidates must submit an application, including a written essay and resume, a statement of intent to live and work in Maine for six years; an employment certification by a Maine-based employer; and disclosure of the amount, source, and terms of the student loan indebtedness.
  • Those selected to become Alfond Leaders will receive debt reduction payments made on their behalf, paid in two disbursements after three and six years respectively, of qualifying employment.

To learn more about the program or to apply, please visit: AlfondLeaders.org

FAME is a proud member of the MaineSpark coalition. This initiative is a great example of a program that directly helps Maine achieve the MaineSpark goal: by 2025, 60% of Mainers will hold education and workforce credentials that position Maine and its families for success.

About the Harold Alfond Foundation:

The Harold Alfond Foundation furthers the legacy of Harold Alfond by investing in education, healthcare, youth development, and other philanthropic charitable causes that hold the promise of making enduring transformative contributions to the community and state of Maine. To learn more about the Harold Alfond Foundation, please visit www.haroldalfondfoundation.org.

FAME plans outreach efforts to help students apply for financial aid that doesn’t have to be repaid! AUGUSTA, Maine – October 1, 2019 – According to Nerdwallet.com[1], 2,595 Maine students left $10,017,502 in Pell Grants (federal student loans that don’t need to be paid back) on the table for the 2018-2019 academic year because they did not complete the Free Application for Federal Student Aid (FAFSA). Only 63% of Maine high school seniors completed the FAFSA, the federal application that college, universities, and trade schools use to determine student eligibility for federal financial aid, according to the Finance of Authority (FAME). “Unfortunately, many families mistakenly believe they won’t be eligible for federal financial aid, so they don’t fill out the FAFSA, leaving potentially significant grant money on the table or missing out on financial aid all together,” said Martha Johnston, FAME Director of Education. In addition to the FAFSA being the application for federal aid, the FAFSA is used to determine eligibility for the Maine State Grant, and most schools also use the FAFSA to determine eligibility for their own financial aid funds. “We want to encourage every Maine family sending a child off to college, trade or technical school to complete the FAFSA.  Any amount of financial aid can make a big difference and applying for financial aid is one of the best ways to reduce student loan debt,” added Johnston. The average student debt in Maine is $31,000 per student, and 56 percent of Maine students graduate with debt.[2] On Tuesday, October 1, 2019, the FAFSA for the 2020-2021 school year will become available to families at FAFSA.gov. “We encourage Maine families to complete the FAFSA as soon as they can – in fact we like to tell families to do it in October when it becomes available – because aid eligibility is different for every school and financial aid may disbursed on a first-come, first-served basis,” noted Johnston. Statewide Help Sessions Over the last fifteen years, FAME has hosted free statewide in-person help sessions for families. At those events, families can sit with an experienced FAME representative and fill out the FAFSA together. This year, fourteen sessions are scheduled throughout the state from October 10 to October 29. A complete list of dates and locations is available here: https://www.famemaine.com/events/categories/fafsa/ If families are not able to attend the in-person help sessions, FAME also offers online support at FAMEmaine.com. Families can also call 1-800-228-3734 with questions. For those families attending the in-person help sessions, FAME recommends bringing the following information:
  • FSA ID – this user name and password is needed to access all Federal Student Aid websites, including the FAFSA.  We recommend the student and one parent create it ahead of time at fsaid.gov.
  • Social Security numbers (SSN) for student and parents
  • 2018 Federal Income Tax Returns, including all schedules and W2s 
  • Current asset information  for student and parents
Facebook Live Sessions Mila Tappan, manager of FAME’s CAFE (College Access and Financial Aid) Team, returns to Facebook Live to talk about filing the FAFSA. Mila was joined by Mary Dyer, Financial Education Officer at FAME on September 16th. On October 7th, Mila and Nikki Vachon, College Access Counselor at FAME will be back with some more tips and tools. These Facebook Live sessions will help parents and students with the various stages of completing the FAFSA and answer questions in real-time. The Don’t Fear the FAFSA Facebook Live events will air on the following Mondays at 7 PM.  Dates and themes for each event are:
  • Monday, September 16th at 7PM – What is the FAFSA & How to Get Prepared
  • Monday, October 7th at 7PM – Filling out the FAFSA: Tips and Tools
The session recordings can be found at https://www.facebook.com/FAME.Education/ About the Finance Authority of Maine [FAME]: FAME is a quasi-independent state agency that provides innovative financial solutions to help Maine citizens pursue business and educational opportunities. FAME helps to lead the creation of good paying jobs for Maine citizens by working at the nexus between economic and workforce development. To learn more about FAME, please visit FAMEmaine.com. [1] For full analysis see: https://www.nerdwallet.com/blog/2018-fafsa-study/ [2] According to the Project on Student Debt by The Institute for College Access & Success. Read more at https://ticas.org/our-work/student-debt/
DECD, FAME, MRDA, MTI, CEI, EMDC, Somerset Economic Development Corp., and Town of Madison collaborate to fund start-up at former Madison Mill in Somerset County 100 jobs are expected to be created in Somerset County A diverse consortium of state and local funding entities has partnered to provide Belfast-based GO Lab, Inc. with $2.4 million in financing needed to complete the purchase and begin the refurbishment of the now-vacant Madison mill, as well as to purchase the necessary production equipment and transport it to the United States from Germany. Approximately 100 good-paying jobs are expected to be created in Somerset County as a result. The company plans to manufacture insulation products with wood fiber. In March, a diverse group of state funding sources was brought together under the leadership of Maine Department of Economic and Community Development (DECD) Commissioner Heather Johnson in an effort to assist GO Lab, Inc. in securing funding to help purchase and refurbish the shuttered Madison mill once operated by Madison Paper Industries. “This is an exciting project we are pleased to support. By partnering with state and local development entities we’ve been able to put together a financing package that helps to get GO Lab up and running. The use of wood fiber could help change the forestry industry in Maine by adding a new value-added product utilizing the vast forest resources of the state,” stated DECD Commissioner Heather Johnson. FAME has approved a FAME Direct Loan of $1,200,000 with FAME as lead lender at $500,000. Other partners in the loan include Coastal Enterprises Inc. (CEI) at $250,000, and Maine Technology Institute (MTI) at $200,000. Eastern Maine Development Corporation (EMDC) also has approved a $250,000 loan to round out the early-stage financing. Other key Maine financing entities have partnered as well to provide critical financing for the project. The Maine Rural Development Authority (MRDA) has approved $500,000 for the project, while the Town of Madison has authorized a $400,000 loan, which includes a Community Development Block Grant Program (CDBG) contribution through the DECD of $300,000, which will be used for engineering costs. Additionally, the Somerset Economic Development Corp. (SEDC) has authorized a $300,000 loan for the project. The loan proceeds, totaling $2.4 million, are part of a $60 plus million overall project. “By finding new uses for wood fiber, which has the potential of re-vitalizing the wood industries in Maine, this project is expected to create 100 new jobs in Somerset County and help refurbish and revitalize the mill building,” added Bruce Wagner, FAME CEO. “We are grateful for the support of state and local financing partners. GO Lab, Inc. plans to revitalize the Madison mill and provide over 100 good-paying jobs, which will help stimulate the local economy, the forest practices industry, and the state of Maine as a whole,” stated Dr. Joshua Henry, Go Lab, Inc. President. “Maine’s rural economy depends on natural resource innovations. CEI is pleased to invest in a next-generation model that leverages our forest product history while creating quality jobs in the region. It’s a formula that contributes to building an economy that works for everyone,” stated CEI Chief Investment Officer John Egan. “GO Lab is the beginning of a new era for the wood product industry in Maine,” said EMDC’s President & CEO Lee Umphrey. “EMDC is pleased to be part of this endeavor to help Maine compete globally.” “SEDC is thrilled to have been able to play a part in the revitalization of the former Madison Paper Mill. GO Lab’s innovative product line is a perfect fit for Somerset county in terms of available and capable workforce and the readily available raw material needed for production,” stated Christian Savage, Executive Director of SEDC. He added: “The collaboration between several private and state agencies to make this project happen is a true testament of what doing business in Maine is all about.”
FAME RECOGNIZED FOR FIFTH STRAIGHT YEAR AS A BEST PLACE TO WORK IN MAINE For the fifth year in a row, the Finance Authority of Maine (FAME) has been recognized as one of the Best Places to Work in Maine. The awards program, created in 2006, is a project of the Society for Human Resource Management–Maine State Council (MESHRM) and Best Companies Group. Partners endorsing the program include: Mainebiz, the Maine State Chamber of Commerce, the Maine Department of Labor, the Maine Department of Economic and Community Development, and Maine HR Convention. This statewide survey and awards program was designed to identify, recognize and honor the best places of employment in Maine, benefiting the state’s economy, its workforce and businesses. The 2019 Best Places to Work in Maine list is made up of 100 companies in various size categories. “Our associates are the reason we have earned this designation for a fifth straight year. FAME associates are dedicated and care deeply about the work they do because our mission is to provide financial solutions that help Maine people achieve their business and higher education goals,” stated Bruce Wagner, FAME’s Chief Executive Officer. “Engaged and happy employees are productive employees, and one of FAME’s strategic goals is to improve customer satisfaction by deploying processes that help all FAME associates perform to their highest potential.” Companies from across the state enter the two-part process to determine the Best Places to Work in Maine. The first part consists of evaluating each nominated company’s workplace policies, practices, and demographics. The second part consists of an employee survey to measure the employee experience. Kim Getchell, a commercial loan officer who recently joined FAME from the private sector, states: “I really appreciate the supportive, flexible, fun work environment here. We work hard but have an important public mission, which makes coming to work each day enjoyable and satisfying.” The FAME staff is deeply committed to providing superior customer service to its customers, the people of Maine, and believe that being a Best Place to Work creates a positive and productive work environment. On average, FAME customers have rated the agency a 4.63 on a scale of 5.0 over the past five years. FAME will be recognized as one of the 100 Best Places to Work in Maine awards gala on October 2nd and will be listed in a special publication by Mainebiz. The final rankings will be announced at the event. For more information on the Best Places to Work in Maine program, visit www.BestPlacestoWorkME.com or contact Jackie Miller at (717) 323-5237. FAME is a quasi-independent state agency that provides financial solutions that help Maine people achieve their business and higher education goals. FAME’s vision is to create a Maine workforce that with good-paying jobs by focusing on the nexus of economic and educational development. To learn more about FAME, please visit www.famemaine.com.
New Maine State Grant money now available for adult students who missed the 2019-2020 application deadline of May 1   File your 2019-2020 FAFSA as soon as possible as funds are limited! The Finance Authority of Maine (FAME) plans to make a limited number of Maine State Grant awards to Maine’s adult learners who have not begun or completed their degrees thanks to new funding recently approved by the Maine Legislature and Governor Janet Mills. New Maine State Grant money is now available for adult learners who missed the 2019-2020 application deadline of May 1. An additional $3 million ($1 million in FY20, $2 million in FY21) has been appropriated for the program by the Legislature to assist adult students to earn some form of a higher education credential. The goal of this funding it to provide the opportunity for an increased number of Maine adult learners to gain the skills needed to enjoy good paying jobs here in Maine. This effort supports Maine’s statewide goal that by 2025, 60% of Mainers will hold a credential of value to support workforce needs. The Maine State Grant Program is the state’s need-based undergraduate grant program. It is funded largely through state appropriations. Traditionally, the grant has been awarded annually to approximately 13,000 Maine students. Students apply using the Free Application for Federal Student Aid (FAFSA). Award levels for academic year 2019-20 are $1,500 for full-time study at Maine institutions (public and private) and $750 for part-time study. For the new adult learner version of the grant, eligible applicants must have been born before January 1, 1996; filed their FAFSA on or after May 2; and not received a Maine State Grant for the three most recent academic years. All other current Maine State Grant criteria apply. FAME estimates that the additional funds will help approximately 2,439 more adult learners over the next two years. Interested parties are encouraged to file their 2019-2020 FAFSA as soon as possible as funds are limited. FAME data shows that, on average, over the last three years, 3,800 adults who filed the FAFSA during the summer but after the May 1 Maine State Grant deadline would have qualified for this need-based grant. A study undertaken by FAME in 2016 found that Maine State Grant recipients had higher rates of degree completion than did their peers in Maine and in the nation. Students who receive the Maine State Grant to attend a four-year college complete their degree at a rate of 61% compared to an overall state completion average of approximately 48%. “The grant is an essential piece of the financial aid package for many students and families, and we are pleased to make awards available to adult learners who have missed the May 1 deadline for filing an application,” stated Bruce Wagner, FAME Chief Executive Officer. “Targeting adult learners with additional grant funding will help them complete their credentials and assist with Maine’s workforce needs.” This new Maine State Grant funding for adult learners is only available for a limited time as funds are limited. In future years, recipients of the grant must file their FAFSA by May 1 in order to continue to receive the grant. FAME is a quasi-independent state agency that provides innovative financial solutions to help Maine citizens pursue businesses and educational opportunities. FAME helps to lead the creation of quality jobs for Maine citizens by working at the nexus of economic and workforce development. To learn more about FAME, please visit www.famemaine.com.
At their June 20, 2019 monthly meeting, the board of directors of the Finance Authority of Maine (FAME) approved financing for two projects, one of which will help to provide care and support for Maine veterans while the other will help to renovate Millinocket’s local nonprofit library. The board approved conduit bond financing of $20 million for Maine Veterans’ Homes, a nonprofit organization which provides care and support for military veterans. The financing will help to finance the construction of a 179,000 square-foot, 138-bed residential and long-term care facility in Augusta. The FAME Board found that the project will help to make a significant contribution to the welfare of Maine residents by replacing an important but outdated facility for the care of local veterans. The plan is to construct four two-story buildings, including three residential housing buildings. FAME’s Revenue Obligations Securities Program provides tax-exempt bond financing to eligible borrowers without any recourse or obligation on the part of the state. The bonds carry no liability or credit enhancement on the part of FAME or the state. FAME acts as a conduit for borrowers in order to allow them to access favorable interest rates and to help stimulate the economy and create and retain Maine jobs. FAME’s utilization of tax-exempt private activity bonds has helped to create and retain thousands of Maine jobs in recent years. The projects financed in recent years range from not-for-profit health and higher education projects to solid waste improvements and public infrastructure. “Maine Veterans’ Homes very much appreciates FAME’s assistance in helping us to access lower-cost financing for this important project designed to help provide care and support for Maine veterans,” stated Kelley Kash, Chief Executive Officer. The FAME Board also approved the issuance of $517,312 in tax credits through the Maine New Markets Capital Investment Program related to approximately $1.3 million in investments to help renovate the Millinocket Memorial Library. Formerly operated by the town but now operated as a local nonprofit, the library has grown in use by the community, offering not only traditional library services but also used by other organizations for meetings and functions. The project involves a major renovation of the fifty-six-year-old library building, to not only address code compliance and safety issues, but also to dramatically increase the effective use of space to enable the library to achieve its visionary objectives. Future planned uses include: career counseling; computer learning; health and wellness workshops; nutrition and cooking workshops and advice; domestic violence outreach and counseling; and community engagement meetings. The qualified Maine investment is being made alongside a federal New Markets Tax Credit qualifying investment, which will result in a total investment of approximately $2 million, comprised of approximately $1 million of tax credit equity and another $1 million in donations and grants that the library has or will obtain for the project. FAME has administered the Maine New Markets Capital Investment Program since the Legislature created it in 2011. It does so in cooperation with Maine Revenue Services. The program is designed to attract investment in economically distressed areas of the state. It allows eligible investors to claim tax credits against state taxes in amounts up to 39 percent of a project’s total cost. The maximum aggregate amount of tax credit authority is set forth at $250 million, of which after today approximately $4 million remains. “FAME is pleased to help with financing for these important projects, which will help our veterans obtain quality housing and the Millinocket area develop an important community resource,” stated Jay Violette, FAME Board chair. “We are grateful for FAME’s assistance with our plans for the Millinocket Memorial Library,” stated Matt Delaney, Director. “The financing will help us renovate the building and help transform it into a community center for the benefit of area residents and organizations.” The Maine Library Association recently recognized Delaney as Maine’s “Outstanding Librarian of the Year” for 2018. FAME is a quasi-independent state agency that provides innovative financial solutions to help Maine citizens pursue business and educational opportunities. FAME helps to lead the creation of good paying jobs for Maine citizens by working at the nexus between economic and workforce development. To learn more about FAME, please visit www.famemaine.com.