The Finance Authority of Maine (FAME) is pleased to announce that Mary Dyer, FAME’s Financial Education Programs Manager, has been selected to serve on the National Jump$tart Board of Directors.

Dyer currently serves in the role as President of the Maine Jump$tart Coalition for Personal Financial Literacy, an all-volunteer nonprofit Coalition whose mission is to improve the financial knowledge of Maine citizens by providing training and support to Maine personal finance and economics teachers. The coalition was recently awarded State Coalition of the Year, which includes a one-year term on the National Board of Directors. FAME is a founding partner and supporter of Maine Jump$tart.

The National Jump$tart Coalition for Personal Financial Literacy, formed in 1995, is a nonprofit organization based in Washington D.C. whose mission is to advance financial literacy and financial equity, especially among the nation’s youth. The Coalition includes more than 100 national partner organizations from business, finance, education, academia, government, and more, as well as a network of independent, affiliated state coalitions across the country. National Jump$tart was the original promoter of the concept of annually celebrating April as financial literacy month.

Dyer’s tenure as Maine Jump$tart President began in 2011. During that time, the coalition has provided over twenty statewide teacher trainings, including the Fostering Financial Education in Maine Schools Conference, which is now in its fifteenth year. Over the years, hundreds of teachers have benefited from these trainings and thousands of Maine students have been impacted. This is the second time the Coalition has received the State Coalition of the Year Award.

“National Jump$tart is an incredible organization made up of individuals who are passionate about financial literacy,” said Dyer. “The Coalition is committed to providing teachers with the knowledge, skills, and confidence to bring personal finance into their classrooms. Each year, the Coalition hosts the only national training devoted to personal finance and economics educators, and they do it at no cost to teachers. The all-scholarship event has become the go-to training event for educators. This past year, nearly 350 educators from across the country attended the event. I am proud to be part of National Jump$tart and I look forward to serving on the National Board during the coming year.”

Dyer brings thirty years of industry experience in her role as FAME’s Financial Education Programs Manager, a position she has held for nearly seventeen years. Dyer has been instrumental in launching several statewide financial education programs designed to support Mainers in strengthening their financial knowledge and capability. Most notably, Mary is responsible for the development of FAME’s Claim Your Future® Program, an interactive educational game that encourages students to explore career pathways, financial decision-making, and the future return on investment of postsecondary education and training. Claim Your Future is played by nearly 300,000 students each year, not only in Maine, but across the country.

“We are proud of Mary’s leadership and accomplishments in the field of financial education,” said Carlos R. Mello, FAME Chief Executive Officer. “Her leadership with the Maine Jump$tart Coalition has been innovative and impressive. I have no doubt that she will bring her experience and expertise to the National Jump$tart board, but more importantly her enthusiasm for the subject, which is contagious.”

Book collection and book reading awarded by agency to Zippel Elementary School

Augusta — Zippel Elementary School, located in Presque Isle, was recently awarded the Finance Authority of Maine (FAME) Invest in ME Reads Giveaway, which includes the complete Money on the Bookshelf collection, a variety of family resources, and a special visit from Maribeth Boelts, author of Those Shoes. Boelts and FAME staff visited the school on April 9, 2024.

Created by FAME in partnership with the Consumer Financial Protection Bureau, Invest in ME Reads is a statewide program designed to support family financial education by empowering families to engage in conversations about future goals, saving money, and the value of choice. Unlike many financial education programs that focus on high school students, Invest in ME Reads engages children and their families early in elementary school to help them begin to learn about money and financial decision making. FAME launched the program in 2020 and it now serves all Maine second through fifth grade students. Students receive a collection of educational resources, including free books that introduce topics such as saving, giving, and delayed gratification. Families also receive materials to use at home, including a parent guide, information to support college savings, and special content to encourage them to visit FAMEmaine.com/elementary, which includes resources, activities, and tips for parents at home.

“Our students were excited to meet Maribeth Boelts”, said Zippel Elementary Principal Christopher Hallett. “We enjoyed hearing Maribeth share her new book, as well as what inspired her to become a writer. Invest in ME Reads is a wonderful program, and we are thrilled to be recipients of the school giveaway.”

The Invest in ME Reads program helps to support Maine’s statewide goal to produce an educated and skilled workforce. For many Mainers, a lack of financial capability can be a significant barrier to pursuing education and training after high school, which in turn can have an impact on an individual’s ability to seek employment and earnings, ultimately, the strength of Maine’s economy.

“At FAME, we recognize that financial capability is a key ingredient for lifelong success, and we want to do our part by providing resources that will support financial education – even as early as elementary school,” said FAME Director of Education Martha Johnston. “Schools across Maine have embraced the program.”

For more information about how FAME can support your family’s financial goals, please visit FAMEmaine.com/build.

The Finance Authority of Maine (FAME) is a quasi-independent state agency celebrating its fortieth anniversary 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. For more information, please visit FAMEmaine.com.

April 1, 2024 – Augusta – April is Financial Literacy Month and the Finance Authority of Maine (FAME) believes that Maine has room for growth in financial education, as currently only 16% of Maine high school students are required to complete a personal finance course prior to graduation. As a result, many students may not be equipped to handle the basics of money management when they graduate, which could leave them vulnerable and impact their ability to afford higher education. To address this challenge, FAME has developed resources to help Maine people on a path toward financial capability.

“Money Matters for ME” – Learning, Teaching, and Living Personal Finance is a new blog written by Steve Kautz, FAME’s Financial Education Programs Specialist. The blog is intended to entertain, inform, and humanize the topic of finances and is intended for individuals who support, teach, or champion financial education in Maine.

“Launching this new personal finance blog is a testament to our commitment to empowering communities through financial education,” said Mary Dyer, FAME’s Financial Education Programs Manager. “We understand that there isn’t enough time in the day for many schools to adequately address financial education, and we aim to support schools and educators who wish to do more.”

Maine lawmakers recently considered, L.D. 1284, An Act to Require Personal Finance to be Taught as a Separate Course to Obtain a High School Diploma, a bill that would have required all Maine high schools to teach personal finance as a standalone course and require it for a student’s graduation. The Legislature’s Joint Standing Committee on Education and Cultural Affairs amended the bill so that the graduation requirement was removed.

“FAME will continue to work with Maine schools to ensure that all students have access to important personal finance,” noted Dyer. “‘Money Matters for ME’ represents our continued dedication to further empowering educators to expand financial education in their school and community.”

In addition to the new blog, FAME offers a variety of resources and events to support financial wellness in Maine:

• Financial Check-in with FAME Webinar on April 5th: How to Build Financial Freedom When Starting from Scratch: Dr. Sarah Newcomb provides insights from economics and psychology to create a roadmap to financial freedom. Individuals can sign up here.
• Free Online Personal Financial Education: FAME offers free online financial education to support Maine people during high school, college, and beyond through its partnership with Enrich®. Any Maine resident can create their own account and use the interactive modules to learn their money personality, create budgets, and more.
• Claim Your Future®: Created by FAME, Claim Your Future encourages students to explore education after high school, future careers, and money management. It has recently been enhanced to include career comparison tools, expanded student loan decision-making, and career videos. Highly engaging to students, this free game is available as both a classroom game and an online resource.
• Invest in ME Reads: A family financial wellness program created by FAME in partnership with the Consumer Financial Protection Bureau (CFPB) to help parents and caregivers teach and discuss goals, saving, and financial skills. As part of the program, FAME provides free books, educational resources, activities, and tips to all Maine public school students in grades two through five to share at home with their families. Invest in ME Reads is now reaching over 56,000 elementary students across Maine.
• Maine Jumpstart Fostering Financial Education in Maine Schools Conference: FAME is proud to continue its support of the Maine Jumpstart Coalition for Personal Financial Literacy which was recently awarded State Coalition of the Year by the National Jumpstart Coalition for Personal Financial Literacy. The Coalition will also be hosting the 15^th Annual Fostering Financial Education in Maine Schools Conference on May 17^th.
• RaisingME Podcast Feature: Mary Dyer, FAME’s Financial Education Programs Manager, shared insights on WGME’s RaisingME podcast, discussing topics like money mindset and teaching kids about money.

About FAME:
The Finance Authority of Maine (FAME) is a quasi-independent state agency celebrating its fortieth anniversary that provides innovative financial solutions to help Maine citizens pursue business and educational opportunities. FAME also provides valuable financial education resources free to all Maine people. To learn more about FAME, please visit FAME at FAMEmaine.com.

$500,000 additional financing to assist wood fiber-based insulation manufacturer at former Madison paper mill in Somerset County

AUGUSTA — At its monthly meeting held on January 18, 2024, the Finance Authority of Maine (FAME) approved additional financing for GO Lab, Inc. (d/b/a TimberHP), a manufacturer of wood fiber-based insulation products located in Madison. FAME’s actions are expected to help to create and retain approximately 114 jobs in Somerset County.

FAME approved a $500,000 FAME Direct Loan to support the company’s purchase of explosion suppression equipment needed to complete the second and third production lines for its board and batten insulation products. The Maine Rural Development Authority also recently approved a $500,000 loan to GO Lab, Inc. to assist with this same project.

TimberHP manufactures high-performing wood fiber insulation made with renewable resources. Their products are resistant to moisture liabilities, mold and fire, and offer superior properties to reduce heating and cooling loads. Wood fiber insulation is cost-competitive and has been manufactured and used in Europe for decades.

“We are grateful for the continued support of FAME. TimberHP plans to complete our production line for our board insulation product in Q2 of 2024, which will complete TimberHP’s suite of building products offered in Madison Maine. Financing we have received from FAME, the Maine Rural Development Authority, and other economic development entities across the state have been instrumental in getting us to the finish line on schedule,” stated Dr. Joshua Henry, GO Lab, Inc. President.

“We are pleased to provide additional support for GO Lab’s project in Madison,” stated FAME CEO Carlos Mello. “Finding new uses for wood fiber, including innovative building materials, has the potential of revitalizing the forest products industry in Maine, which we fully support.”

In addition to today’s FAME Direct Loan financing, FAME previously approved up to $85 million in conduit bond financing for GO Lab, Inc; approximately $860,000 in Seed Capital Tax Credit financing; as well as a FAME Direct Loan totaling $1,200,000, with FAME as lead lender at $500,000. Other partners in that 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. 

Other Maine financing entities have partnered to provide support for the purchase and refurbishment of the Madison mill, as well as to purchase the necessary production equipment for the company’s operation. The Maine Rural Development Authority (MRDA) has approved $1 million 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 Maine Venture Fund recently invested $3.5 million in the company as part of the Grow Maine program funded through federal State Small Business Credit Initiative funds.

Also at the recent board meeting, FAME approved a renewal of Commercial Loan Insurance on a $2.2 million line of credit from Gorham Savings Bank for American Unagi. American Unagi, which operates in Waldoboro, purchases locally harvested glass eels and grows them to market size for the domestic seafood market. In 2019, FAME approved a FAME Direct Loan of $1 million for the company, as well as 50% pro rata Commercial Loan Insurance on the Gorham Savings Bank line of credit for the purchase and construction of a Recirculating Aquaculture System (RAS). Twelve jobs are expected to be created or retained in Lincoln County by FAME’s financing.

FAME’s Direct Loan provides access to operating capital for startups and existing businesses for most business purposes. Loans up to $1 million may be available if substantial public benefit is demonstrated and sufficient funds are available. 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.