AUGUSTA — At its monthly meeting held on May 18, 2023, the board of directors of the Finance Authority of Maine (FAME) approved financing for Beansprouts Learning Center, which will enable the company to acquire and operate six childcare centers in central and southern Maine. The borrower, who currently owns and operates two childcare centers, will be able to increase her company’s capacity by 524 childcare spots to a total of 636 licensed spots for eight total centers. The company will now operate under the name Roselyn North Academy. The board’s action will help to retain seventy-seven jobs and create fifty-one jobs by the end of 2024.

FAME approved two FAME Direct loans totaling $2,370,200, as well as 90% pro rata loan insurance on a $795,000 loan by Bath Savings Institution to acquire the six additional childcare centers. Further, FAME and Coastal Enterprises, Inc. (CEI) are participating through the Grow Maine Program in a $1,575,000 loan. Each party will provide $787,500 in funding. CEI also is participating in one of the FAME Direct Loans, one totaling $795,000. CEI will provide $397,500 of that loan and FAME will do the same.

“We are very appreciative of FAME’s support as we increase our childcare services in other parts of the state,” stated Angela Garrison, owner of the former Beansprouts Early Learning Childcare. “We look forward to offering quality childcare for parents and quality compensation and benefits for our employees in order to provide the best atmosphere of care and work.”

“FAME is pleased to partner with Bath Savings Institution and CEI to support Beansprouts Learning Center with its plans to operate additional childcare centers in central and southern Maine,” stated Richard Trafton, FAME Board chair. “There is strong public benefit in this approval as there is high demand for childcare services in the state. Our actions should help to address this need and allow more adults to participate in Maine’s workforce.”

“Access to quality childcare is a key factor in parents’ ability to engage in the workforce and maintain economic stability, which is why we have supported the sector through advising and financing for over forty years,” said Daniel Wallace, Chief Investment Officer at CEI. “We first worked with Angela and Beansprouts as a startup in 2013, and it is exciting to be part of its continuing growth with this significant expansion that will connect more Maine families and children to quality early childhood education and care.” 

The Maine Economic Development Strategy 2020-2029 calls in Action E-1 for increased investments in Maine’s childcare system in order to prepare our children to succeed (p. 20). The report notes that one of the most frequently asked questions by individuals considering a move to Maine is “What is the childcare situation in Maine? Availability? Quality?” The high cost and lack of availability of daycare affects the ability of many parents to stay in the workforce and to attend school, as well. The report notes the reactivation of Maine’s Children’s Cabinet and its work to increase the number of quality infant and toddler care slots, invest in the childcare workforce, and improve access to a childcare subsidy program (p. 33). 

Grow Maine, administered by FAME in conjunction with various statewide lending partners like CEI, provides up to $62 million of State Small Business Credit Initiative (SSBCI) funding to eligible Maine businesses. Funding is available through FAME and its intermediary partners via loan guarantees, direct loans, and equity capital. Grow Maine is intended to provide broad access to capital to help Maine businesses grow and provide jobs for Maine people that will have long-term positive effects on Maine’s economy. Grow Maine: Small Business Loan and Capital Program – FAME Maine

FAME’s Direct Loan provides access to operating capital for startups and existing businesses for most business purposes. 

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.

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. To learn more about FAME, please visit www.famemaine.com

Selection promises continued strong support of Maine’s Section 529 plan

AUGUSTA — At its monthly meeting held on May 18, 2023, the board of directors of the Finance Authority of Maine (FAME) approved the selection of the following program management service providers to help manage the NextGen 529 plan going forward: Vestwell State Savings, LLC as Program Manager; BlackRock Advisors, LLC as Investment Manager; BlackRock Investments, LLC as Primary Distributor of the Client Select Series; and Bank of New York Mellon as Custodian. 

The selections were made in response to a Request for Responses issued by FAME for NextGen 529 on November 15, 2022.

FAME is proud to administer NextGen 529, Maine’s 529 plan, which provides an opportunity for investors, including Maine residents, to save for eligible education expenses.

“FAME and its partners are committed to implementing future enhancements to NextGen 529, which will be made possible through this collaboration,” stated Carlos Mello, FAME CEO. “NextGen 529 is an important tool for education savings for Maine families and other account holders across the nation. We are pleased to support them in saving for and reaching their higher education goals.”

NextGen 529 customers do not need to take any action at this time. Key enhancements will be communicated to Account Owners prior to their implementation. 

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. To learn more about FAME, please visit www.famemaine.com.

Notice is hereby given that York County Community Action Corporation has submitted an application to the Finance Authority of Maine (the “Authority”) pursuant to 10 MRSA §1063, requesting a Certificate of Approval with respect to the proposed issuance of Revenue Obligation Securities by the City of Sanford, Maine for the following purposes:

​BOND ISSUER:​ City of Sanford

​PROJECT OWNER / USER:​ York County Community Action Corporation (the “Agency”)

​PROJECT LOCATION:​ 6 Spruce St., Sanford, Maine  04073

​DESCRIPTION OF PROJECT:​ Bond proceeds will be loaned to the Agency and used (i) to refinance an existing bond issued by the City of Sanford in 2013, which in turn had refinanced a prior 2000 FAME bond issued to construct the Agency’scurrent building at 6 Spruce St, Sanford, Maine, and (ii) to finance energy efficiency upgrades to the building (i.e, insulation, energy efficient lighting, and HVAC updates).

MAXIMUM AMOUNT OF REVENUE OBLIGATION SECURITIES TO BE ISSUED BY MUNICIPALITY TO PROVIDE FINANCING FOR THE PROJECT:  $1,110,000

The Authority will conduct a public hearing at 2 Portland Fish Pier (Marine Trade Center), Suite 204, Portland, Maine, on May 30, 2023 at 10:00 A.M., in order to receive comments on and to consider the application for the Certificate of Approval.   Prior to issuing a Certificate of Approval, the Authority must make certain findings, including a finding under 10 MRS §1063(2)(B) that the Project will not result in substantial detriment to existing businesses.  Opponents of the Project are entitled to appear at the hearing and object to issuance of the Certificate of Approval on the grounds that the Project is likely to cause substantial detriment.  Any person or competitor who wishes to make an oral or written statement at the hearing should provide the Authority with written notice summarizing the statement and stating the person’s or competitor’s name, address and telephone number.  The written notice should be received at the Authority on or before May 23, 2023, and should be sent to:

Finance Authority of Maine
Attn:  Christopher H. Roney, General Counsel
5 Community Drive
P.O. Box 949
Augusta, Maine 04332-0949
(207) 623-3263

The hearing may be continued to a subsequent date and time without further notice other than to those who have entered objections or requests for notification of the hearing.

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FAME is seeking the services of a full-service marketing firm to serve as its marketing agency. The deadline for responses is 1:00 pm ET on Thursday, June 8, 2023. The deadline for all questions related to the RFP is May 25, 2023, at 5:00 pm ET.

Download the RFP.

$29 million in forgivable business loans ranging from $10,000 – $500,000

AUGUSTA–-The Finance Authority of Maine (FAME) is pleased to announce that the Thrive Maine program, which offers forgivable loans to eligible Maine small businesses negatively impacted by the pandemic, will launch its second application cycle on May 23. The application period will remain open until June 23, 2023. A total of $29 million will be available this cycle for loan requests ranging from $10,000 to $500,000. 

“We are looking forward to launching the second cycle of Thrive Maine to help Maine’s economy continue to move forward,” stated Carlos R. Mello, FAME CEO. “We listened to feedback from the first cycle and have accordingly modified the second cycle to address these concerns and suggestions.”

This cycle of Thrive Maine will be significantly different from the first, with new eligibility requirements, application questions, and a new award process featuring a longer application period. It will not be utilizing a first-come, first-served model. Instead, forgivable loan applications will be scored on eligibility criteria, an impact statement, and number of increased jobs.  Awards will be based on a cumulative score. Award amounts must be justified by the business’s impact statement submitted with the application. Loans may be forgiven at a rate of 25% per year over a four-year period provided certain conditions are met.

“The second cycle of Thrive Maine is designed to further strengthen the Maine economy through impactful investments for the future,” stated Heather Johnson, Commissioner of the Maine Department of Economic and Community Development and a FAME board member. “The businesses that are awarded these forgivable loans will be catalysts for development in our communities and job market, with strong and innovative business plans for future success. This second cycle will fund future plans for organizational improvement and growth, taking the next step beyond replenishing COVID-related negative economic impacts.”  

Priority will be given to businesses and projects in the construction, manufacturing, and science and technology industries, but all industries may apply. These industry sectors have been identified to be in alignment with Governor Mills’s ten-year economic strategic plan and proven to create more direct and indirect in-state jobs.

Recipients of forgivable loans from the first cycle are not eligible to apply. Business applicants will need to demonstrate a COVID-related negative economic impact on their businesses of more than $10,000. Losses for which a business previously received federal and state pandemic relief, such as Paycheck Protection Program (PPP), Economic Injury Disaster Loans (EIDL), or Maine Small Business Grant funding, cannot be part of the loss calculation, however. 

Thrive Maine is made possible by recovery funding under the American Rescue Plan Act of 2021 (ARPA) as allocated by the Maine Jobs & Recovery Plan enacted by the 130th Maine Legislature. In the first application cycle, which ran in October 2022, $26 million was awarded to 149 Maine businesses through forgivable loans. 

For more information about the Thrive Maine program, including eligibility details and program applications, please visit FAMEmaine.com/thrive.  Applications are anticipated to be available by noon or sooner on May 23, 2023.

FAME will be hosting an information webinar on Wednesday, May 10, at 11 a.m. This first webinar will feature general information about the program. To register, please visit: Webinar Registration – Zoom

A second webinar explaining how to apply is scheduled for May 16 at 11 a.m.

The Finance Authority of Maine (FAME) is a quasi-independent state agency celebrating its 40th Anniversary in 2023. We provide 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

NextGen 529® Offers Significant Benefits to Maine People and is a Leading Plan in the Nation 

AUGUSTA—May is 529 month, which is a great time to remind Maine people of NextGen 529’s many robust benefits. 

The Finance Authority of Maine (FAME) administers NextGen 529, providing an opportunity for investors, including Maine residents, to save for eligible education expenses while realizing potential tax advantages. It is one of the largest 529 plans in the nation and was recently recognized as one of the best in the nation on Money.com.

With 529 plans like NextGen 529, earnings have the opportunity to grow and withdrawals are federal and Maine state income tax-free when used for qualified education expenses. And, new for 2023, a benefit for Maine taxpayers, contributions to any 529 plan, up to $1,000 per student (designated beneficiary) may be eligible for a Maine state income tax deduction.

Accounts can be set up for any child or grandchild, friend or relative regardless of income, residency, or the age of the beneficiary. 529 plans can be used to pay for all kinds of education—four-year college, two-year associate degree programs, trade schools, apprenticeship programs, even qualified online courses—at home or abroad. In addition, 529 plans can be used to pay for up to $10,000 per year in K-12 tuition at eligible elementary or secondary schools. 

NextGen 529’s generous matching grants program can boost Mainers’ education savings. FAME provides a $100 Initial Matching Grant to eligible Maine NextGen 529 accounts upon opening. There is also a one-time $100 grant to eligible Maine NextGen 529 accounts with qualifying automatic contributions made directly from a bank account or via payroll deduction. And the Next Step Matching Grant is a 30%, up to $300 matching grant that can be earned each year. FAME has invested over $53 million in grant funds to Maine accounts. 

FAME also administers the $500 Alfond Grant. Thanks to the generosity of the late Maine philanthropist, Harold Alfond, the Alfond Scholarship Foundation gives all children born Maine residents since January 1, 2013 a jump-start on saving for college. The Alfond Grant is a $500 grant for eligible Maine resident babies to be used for future higher education expenses. The Alfond Scholarship Foundation has invested nearly $70 million in grant funds for more than 145,000 Maine children and more than 51,000 of those kids have a NextGen 529 account. 

Higher education can lead to a better job and better pay. Parents, relatives, and even friends can give a child more options when it is time for higher education by planning for future education expenses. To explore investment options and learn more about the details of 529 plans, visit FAME’s College Savings Guide at NextGenforME.com/college-savings-guide/.

“Having two kids at once was a pretty big surprise,” said Cory Schnaible, South Portland resident. “But opening a NextGen 529 account gave us a solid foundation for their education. It also, 9 years down the line, has given the girls a sense of responsibility and a passion for learning. Watching them think about their futures and set goals for themselves has been truly awesome. The peace of mind that comes with knowing money is being invested into whatever kind of education they want to chase after high school is pretty great, too.”

FAME CEO Carlos Mello invests in NextGen 529 for his grandchildren and said, “Please consider opening and contributing to a NextGen 529 account and help make your student’s higher education dream a reality.”

About FAME:

The Finance Authority of Maine (FAME) is a quasi-independent state agency celebrating its 40th Anniversary in 2023. We provide 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.

About Grants for Maine Residents: 

Grants for Maine residents are linked to eligible Maine accounts. Upon withdrawal, grants are paid only to institutions of higher education. Grants may lose value. See Terms and Conditions of Maine Grant Programs for details about eligibility and other conditions and restrictions that apply at NextGenforME.com/grants-for-maine-residents/.

About the Alfond Grant: 

Prior to 2013, the $500 Alfond Grant was available on a more limited basis from 2008-2012. The Alfond Grant is not automatic in all circumstances and is also available in limited other circumstances. The Alfond Grant may be linked to an eligible NextGen 529 account. Upon withdrawal, the grant is paid only to institutions of higher education. The use of the Alfond Grant is also subject to certain restrictions–see Alfond Grant Guidelines available at NextGenForMe.com/alfond-grant-eligibility-guidelines/.

About NextGen 529:

NextGen 529 is a Section 529 plan administered by the Finance Authority of Maine (FAME). FAME helps Maine students and families meet the costs associated with higher education through loan, grant, and scholarship programs. FAME also oversees an extensive outreach and counseling program that is designed to encourage young people to aspire to and pursue higher education.

You may obtain the NextGen 529 Program Description by requesting a copy from your financial professional, visiting NextGenforME.com or calling the program manager at 1-833-336-4529. The Program Description should be read carefully before investing.

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. If you are not a Maine resident, you also should consider whether your 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.

NextGen 529 accounts are not bank deposits and are not insured by the Federal Deposit Insurance Corporation (FDIC). Returns on investments in NextGen 529 accounts are not guaranteed or insured by the State of Maine, FAME or any NextGen 529 service providers. NextGen 529 participants assume all investment risk of an investment in NextGen 529, including the potential loss of principal and liability for tax penalties that are assessable in connection with certain types of withdrawals of amounts invested in NextGen 529.

Vestwell is the program manager; The Bank of New York Mellon is the program custodian; BlackRock Advisors, LLC is the program investment manager; and BlackRock Investments, LLC, Member FINRA, is the program distributor and underwriter. Merrill Lynch, Pierce, Fenner & Smith Incorporated (Merrill), a registered broker-dealer, registered investment adviser, Member SIPC, is the NextGen 529 Direct Series recordkeeping agent.

The Finance Authority of Maine is seeking a SaaS platform to host its conceptual, Web-based Business Funding Portal. The mission of the portal is to improve the experience of Maine business owners seeking funding by providing a central intake platform, common application, and automated lender matching. The deadline for responses is 11:59 pm EST on May 18, 2023. An optional Bidder’s Conference Zoom Call is scheduled for May 1, 2023, at 3 pm ET. The deadline for all questions related to the RFP is May 3, 2023, at 11:59 pm ET. 

Download RFP

Download Appendices

Updates:

One in Three Mainers Believe They Have Too Much Debt

Augusta – According to the 2021 National Financial Capability Study conducted by the FINRA Investor Education Foundation®, thirty percent of people in the United States are feeling financially fragile and one-third of Mainers believe they have too much debt. To help, the Finance Authority of Maine (FAME) has expanded its financial wellness efforts and outreach, including free online financial education resources and in-person events. These tools are designed to help individuals make better financial decisions, so they are more secure throughout their lives. Additionally, these resources can be used by Maine businesses and educators to teach and nurture students to understand and use good financial skills.

FAME has long been known as the trusted agency to help Maine businesses grow and for supporting Maine people in affording higher education. With more people than ever seeking financial stability since the onset of the pandemic, FAME continues to provide resources in support of Financial Literacy Month.

“If the pandemic era has taught us anything, it’s that we should be prepared financially,” says Mary Dyer, FAME’s Financial Education Programs Manager. “We have the resources to not only help people better afford higher education, but tools to help them build budgets, create a rainy-day fund, learn about careers, and so much more. Financial wellness plays a huge part in our overall health and well-being.”

Financial wellness refers to a person’s overall financial well-being and ability to meet both current and future financial obligations in order to achieve financial security and freedom of choice. Financial wellness is an important part of our health and well-being.

Three prominent features of FAME’s financial wellness offerings include:

Steps to Financial Wellness: For those who are ready to start on a path toward financial wellness but might be unsure where to begin.

Online Financial Wellness: for all Mainers, including a financial wellness check-up to assess your finances and recommend tools, content, and courses, including a money personality tool to help you understand what drives your financial decision-making.

Outreach Events: FAME is hosting Financial Wellness Industry Night at Après in Portland on April 10th from 4:30 – 7:30 p.m., as well as many Financial Aid Information Sessions and free events. FAME is also sponsoring, speaking and exhibiting at the upcoming Fostering Financial Education in Maine Schools Conference on April 27-28.

In addition, FAME provides:

  • Financial Literacy Social Media Toolkit can be used by anyone interested in launching a social media campaign or including financial wellness topics in their social media platform.
  • Financial Check-Ins with FAME webinar series to reach Maine people with the financial topics they care about through live interactive webinars on the first Friday of the month. The webinars are also recorded and available to all.
  • Claim Your Future®, an interactive game designed to encourage students to explore the return on investment of various career options and financial decisions. All Maine schools and non-profit organizations that work with youth can play Claim Your Future online or request a free game kit.
  • Invest in ME Reads, a family financial education program.
  • On-demand custom financial education programs for groups by FAME outreach staff.

“As State Treasurer and a FAME Board member, I want to encourage Maine families and students to focus on their financial wellness. Taking advantage of these free resources provided by FAME and others can help youth and adults develop lifelong financial wellness. This is especially helpful when it comes to saving and paying for higher education, and planning future careers and household budgets,” stated Maine State Treasurer Henry E.M. Beck.

About FAME:
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. To learn more about FAME, please visit www.FAMEmaine.com

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NOTICE OF PUBLIC HEARING AND OPPORTUNITY TO BE HEARD REGARDING PROPOSED TAX‑EXEMPT BOND ISSUANCE BY THE FINANCE AUTHORITY OF MAINE TO FINANCE AND REFINANCE ELIGIBLE STUDENT LOANS AND TO REFUND CERTAIN OUTSTANDING BONDS OF THE AUTHORITY.

The Finance Authority of Maine (the “Authority”) proposes to issue up to $30,000,000 in aggregate principal amount of its Student Loan Revenue Bonds (Supplemental Education Loan Program) Class A Series 2023A‑1 (the “Bonds”), pursuant to an Indenture of Trust dated as of May 1, 2009 (as supplemented and amended, including a Sixteenth Supplemental Indenture of Trust authorizing the issuance of the Bonds, the “Indenture”), by and between the Authority, as successor to Maine Educational Loan Authority, and ZB, National Association dba Zions Bank, as trustee, for the purposes of financing and refinancing eligible student loans (“Eligible Loans”) made primarily for the benefit of: (a) Maine residents attending institutions of higher education located within or without Maine; and (b) non‑resident students attending institutions of higher education located within Maine.  Proceeds of the Bonds will additionally be used to refund the Authority’s Student Loan Revenue Bonds (Supplemental Education Loan Program), Class A Series 2012A‑1 previously issued pursuant to the Indenture, fund reserves and pay a portion of the costs of issuing the Bonds.  Interest on the Bonds is not expected to be included in gross income for federal income tax purposes.  The Bonds are expected to be issued as a single Series of Class A (senior) Bonds under the Indenture but may be issued in other series or classes in response to market conditions.

The Bonds are to be payable from payments on financed and refinanced Eligible Loans pledged by the Authority to payment of the Bonds, a reserve fund and other moneys held and pledged under the Indenture securing the Bonds.  In addition, the Bonds are secured by a capital reserve fund which may be replenished by amounts appropriated by the State of Maine, but subject to an action appropriating the same.

Members of the Authority are expected to consider and act upon this financing proposal at a meeting expected to be held on or about April 27, 2023.

A public hearing will be held on March 16, 2023, at 11:30 a.m., Eastern Time, in the offices of the Authority at the address below, for the purpose of hearing the views of interested members of the public in relation to authorizing this financing and the issuance of the Bonds.  Notice of this public hearing is being published pursuant to Section 147(f) of the Internal Revenue Code of 1986, as amended.

Interested persons are invited to submit written comments, speak at the public hearing, or both.  Written comments must be received by the Authority no later than the time of the public hearing and may be submitted either by mailing or hand delivery to Christopher H. Roney at the address below or by hand delivery to the presiding official at the public hearing.  Persons wishing to speak at the hearing should contact the Authority at the address below.  They will be scheduled to speak for not more than 10 minutes by the presiding official for the public hearing.  Comments may also be submitted by phone to the number below.

Additional information may be obtained by writing or calling Christopher H. Roney at the following address and phone number:

FINANCE AUTHORITY OF MAINE
Physical Address:  5 Community Drive
Augusta, Maine 04330
Mailing Address:  P.O Box 949
Augusta, Maine 04332
(207) 623‑3263
croney@famemaine.com

MAC Financial of Waterville also approved for direct loan

AUGUSTA — At its monthly meeting held on February 16, 2023, the board of directors of the Finance Authority of Maine (FAME) approved loan insurance financing for Kingfish Maine, Inc., an aquaculture company based in Franklin with plans to construct a land-based facility in Jonesport.

FAME approved 90% pro rata loan insurance on a $2 million loan by Machias Savings Bank to support the development and construction of the new facility. The project is expected to create five to ten full-time jobs within three years and, when fully operational, is anticipated to support approximately seventy-five to one-hundred full and part-time Maine jobs. During the two-year construction period, the project is estimated (including multiplier effects) to create approximately 366 full and part-time jobs across Maine.

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.

Kingfish Maine, Inc. is a wholly owned subsidiary of The Kingfish Company N.V. based in The Netherlands. The parent company and its subsidiaries operate vertically integrated, advanced recirculating aquaculture systems raising yellowtail kingfish. The Dutch Yellowtail is a high-grade sashimi to be made available from Maine year-round servicing the U.S. market. It is considered to be sustainable, land-based, high-value marine aquaculture.

“We are very appreciative of FAME’s support as we expand into Maine and plan to construct our Washington County facility,” stated Megan Sorby, Operations Manager for Kingfish Maine, Inc. “We look forward to introducing the U.S. market to kingfish and to growing our business.”

“FAME is pleased to support Kingfish Maine, Inc. with its plans to construct a facility and create jobs in Washington County,” stated Richard Trafton, FAME Board chair. “Supporting aquaculture projects is part of Maine’s economic development plan and a high priority for FAME.”

Also approved at the February meeting was a $640,000 FAME Direct Loan to MAC Financial of Waterville. The action is expected to help create and retain a total of four Maine jobs. The transaction allows for the purchase of the company, previously known as Prime Financial, which engages in financial planning and investment advice, by a current employee and keep it based in Maine.

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.

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. To learn more about FAME, please visit www.famemaine.com

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