The members of the Board of the Finance Authority of Maine (FAME) will meet at 9:00 a.m. on Thursday, February 16, 2023. This will be an online meeting via Zoom only. Members of the public can participate by conference call. As of February 3, 2023 action items to be considered are as follows (1) Loan Request- MAC Financial, LLC. (Economic Recovery Loan Program); (2) Loan Insurance Request- Kingfish Maine, Inc. (Commercial Loan Insurance Program); (3) Loan Insurance Change Request- Springworks Farm Maine, Inc. (Commercial Loan Insurance Program); old and new business. For further information on this meeting or to obtain Zoom/conference call information, contact Summer Knowlton, Legal/HR Assistant, at (207) 620-3549.
AUGUSTA — At its monthly meeting on November 17, 2022, the board of directors of the Finance Authority of Maine (FAME) approved a $1.2 million term loan for KV Tooling Systems, LLC, a precision tool manufacturer located in Augusta. The funds are comprised of a $600,000 FAME Direct Loan and $600,000 from the Grow Maine Program, which FAME administers utilizing federal SSBCI funds.
The approved funds will help the company to meet increased demand and purchase a new computer numerical control (CNC) machine, prep and finish equipment, build an addition to the property, and provide ongoing working capital. The action is expected to help to create three new jobs and retain an additional six jobs.
KV Tooling Systems was founded in 2002 and initially operated out of its founder’s basement. The business has since relocated and expanded over the years and needs more space for its operations. The company provides tool re-sharpening and grinding services, custom-cutting tool design, as well as engineering and manufacturing services. The company also has in-house computerized design CAD capabilities.
“We are very appreciative of FAME’s support as we continue to expand our operations,” stated Brian Beland, president and owner of KV Tooling Systems. “We look forward to meeting customer demand in our growing business.”
Grow Maine, administered by FAME in conjunction with various statewide lending partners, provides State Small Business Credit Initiative (SSBCI) funding to eligible Maine businesses. SSBCI is a federal program administered by the U.S. Department of the Treasury that was created to strengthen state programs that support private financing to small businesses. FAME is partnering with over thirty intermediary lenders across the state for the Grow Maine program. The lenders are community-based, Community Develop Financial Institutions (CDFIs), and local and municipal economic development lenders that are already partners with FAME’s direct lending programs. Funding is available through FAME and its intermediary partners via loan guaranties, direct loans, and equity capital. To learn more about the program, please visit: www.FAMEmaine.com/Grow
“FAME is pleased to help support the continued growth of KV Tooling Systems,” stated Richard Trafton, FAME Board chair. “Supporting precision manufacturing is part of Maine’s economic development plan and a high priority for 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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At their annual meeting held on Thursday, November 17, 2022, at Portland’s Holiday Inn By The Bay, members of the Finance Authority of Maine (FAME) Board of Directors elected new officers for 2022-2023.
This year’s officers, whose terms will run from November 2022 through November 2023, are:
- Chair: Hon. Richard L. Trafton, Esq. A resident of Brunswick, Dick is a partner with the law firm of Trafton, Matzen, Belleau & Frenette in Auburn, where he lived from childhood. He was educated at Phillips Academy, Dartmouth College, and the University of Maine School of Law. Dick served in the Maine Senate from 1982 through 1986, chairing the Joint Standing Committees on Judiciary and Legal Affairs. He also served as Mayor of the City of Auburn from 1989 through 1994. Dick served as President of the Auburn Public Library Board of Trustees for six years and on two Charter Commissions for the City of Auburn, re-writing its Charter. Married with three adult children, Dick is an outdoor enthusiast and has served as Chairman of the Outdoor Sports Institute’s Board of Trustees. Dick previously served as Vice Chair of the FAME Board.
- Vice Chair: Dustin Brooks. Dustin is the Vice President of Market Strategy at Unum Group, where he leads market research and growth initiatives. He holds an MBA from Stanford University and, prior to multiple roles at Unum, worked in marketing and public relations at the law firm Preti Flaherty. Originally from Island Falls in Aroostook County, he now resides in Portland with his wife Jessica, a small business owner and Oxford County native, and their two daughters. He earned his undergraduate degree at Bowdoin College and is a George J. Mitchell Scholar Alumnus. Dustin most recently served as Treasurer of the FAME Board.
- Treasurer: Rebecca Asen, Esq. Becca is Director of Attorney Recruiting & Professional Development at Bernstein Shur. After growing up in Casco, she graduated with honors from Barnard College and Georgetown University Law School. Becca previously worked at IDEXX Laboratories, Inc. as Associate General Counsel and in the capital markets group at Sidley Austin LLP, where she represented a broad array of clients that ranged from the large financial institutions to regional real estate companies in registered deals and private placements. Becca also serves on the Board of Directors at Preble Street. She lives in Falmouth with her husband, Taylor, and their two daughters and son. Becca also serves as chair of FAME’s Risk Management and Audit Committee.
“FAME serves an important role in Maine’s economic development and higher education landscapes, and I look forward to leading the board as we continue to develop and administer important programs to keep Maine’s economy and workforce moving forward,” stated Board Chair Richard L. Trafton, Esq. “I want to thank outgoing chair Dave Daigler for his many contributions over the past two years and for his steadfast devotion to the board and agency as a whole.”
Maine Community College System President Daigler, who served as board chair for the past two years, will remain on the board and continue as a member of FAME’s Executive Committee in his capacity as Immediate Past Chair.
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 eighth year in a row as one of the Best Places to Work in Maine. To learn more about FAME, please visit www.famemaine.com.
In-person event returns after two-year hiatus
The Finance Authority of Maine (FAME) celebrated successful business and educational partnerships at its annual meeting and awards event, Showcase Maine, held this year on Thursday, November 17, 2022, 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 entertainment by comedian Juston McKinney. Ava Hackley, a junior at Kennebunk High School who studies voice at River Tree Arts, performed the national anthem, as well.
“It is through our partners in Maine’s business, lending, governmental, and higher education communities that we are able to celebrate the successes of the past year,” said Acting FAME CEO Carlos Mello. “We are proud to showcase the progress we are making together in educating our workforce and growing well-paying Maine jobs, despite the recent pandemic challenges. We were pleased, as well, to return to an in-person event to honor our partners who help to make Maine’s economic and educational future brighter.”
This year’s award recipients included:
- Business at Work for Maine Award: MedRhythms, Inc. — Located in Portland, MedRhythms is a cutting-edge digital therapeutics company that uses sensors, music, and software to build evidence-based, neurologic interventions to measure and improve walking for individuals suffering from certain neurological conditions including stroke, multiple sclerosis, and Parkinson’s disease. The two founders, Brian Harris, and Owen McCarthy, are both Alfond Leaders (an education loan repayment program designed to attract and retain STEM focused professionals in Maine, funded by the Alfond Foundation and administered by FAME), and their business has taken advantage of FAME’s Seed Capital and New Markets Tax Credit Programs to assist them in raising investments to grow their business and contribute in a material way to the Maine economy.
- Education at Work for Maine Award: Next Gen Personal Finance — FAME recognized Next Gen Personal Finance for their commitment to improving the financial lives of the next generation of Mainers by partnering with teachers, schools, districts, and other like-minded organizations. The nonprofit company has developed free training, resources, and curriculum to support educators both locally and nationally, including professional development that is offered both in-person and virtually, an annual State of Financial Education report, and grants to support schools to expand financial education. Their mission is that by 2030, all U.S. high schoolers will have guaranteed access to at least one semester-long personal finance course before graduation.
- Dirigo Lifetime Achievement Award: Ron Milliken, longtime Director of Financial Aid who recently retired from the University of Maine at Farmington, was honored by FAME for his forty-seven-year career helping Maine students afford and achieve higher education. He has been a tireless advocate for students and families in pursuit of higher education and worked tirelessly for improvements to and expansion of the FAME-administered Educators for Maine Program and the Maine State Grant Program.
- Lender at Work for Maine Award (over $1.5 billion in assets): Camden National Bank — This was the bank’s twelfth time as an awardee. Over the past year, Camden National partnered with FAME on 67 loans totaling approximately $24 million. This in turn helped to create 115 Maine jobs and retain an additional 884 jobs. FAME and Camden recently partnered on financing for Scarborough-based Blue Barn, LLC, a company producing sparkling blueberry wine made from Maine wild blueberries.
- Lender at Work for Maine Award (up to $1.5 billion in assets): Evergreen Credit Union — Evergreen Credit Union was recognized in the category for lenders with less than $1.5 billion in assets. This past year, FAME partnered with Evergreen on 12 loans to Maine companies totaling approximately $7 million. This helped to create 34 Maine jobs and retain an additional 132 jobs. One of the largest credit unions in Maine, FAME recently partnered with Evergreen on financing for Westbrook-based Atlantic Transport and Rustler’s Steakhouse in Windham.
- Lender at Work for Maine Award (most enhanced partnership): Norway Savings Bank — Over the past year, Norway Savings Bank has increased its partnership with FAME more than any other lender in the state. This past year, FAME partnered with Norway Savings on 20 loans to Maine companies totaling approximately $12 million. This helped to create 139 Maine jobs and retain an additional 145 jobs. Norway Savings partnered with FAME to provide a loan to Veggie Life, located in Freeport, which produces vegan and plant-based food products. With locations throughout Maine, the bank has achieved the FDIC’s highest “Outstanding” rating for lending, service, and investment for the two most recent three-year Community Reinvestment Act (CRA) assessment periods.
Finally, the evening’s entertainment was provided by comedian Juston McKinney. Juston grew up in Portsmouth, NH and Kittery. He attended Southern Maine Community College and spent seven years as a York County deputy sheriff. Juston has appeared multiple times on The Tonight Show, Comedy Central specials, and two Amazon Prime specials, including his latest, “Parentally Challenged.”
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 eighth year in a row as one of the Best Places to Work in Maine. To learn more about FAME, please visit www.famemaine.com.
The Finance Authority of Maine (FAME), an independent agency of the State of Maine with its principal office in Augusta, is issuing a Request for Responses (RFR) for services related to program management for its Section 529 qualified tuition plan. FAME seeks a Program Service Provider and an Investment Manager, or a Program Manager who will provide the combined services of a Program Service Provider and an Investment Manager, all as further described in the RFR. The deadline for responses is 5:00 pm EST on January 17, 2023. An optional Bidder’s Conference Call is scheduled for November 21, 2022, at 1 pm EST. The deadline for all questions related to the RFR is November 28, 2022, at 5 pm EST. To request a copy of the RFR, or to participate in the call, please email us at nextgen529@famemaine.com.
FAME is requesting proposals to secure innovative, high-quality, efficient, and cost-effective origination solutions for a $68 million alternative student loan portfolio consisting of The Maine Loan® and The Maine Medical Loan® in accordance with applicable federal and state statutes and regulations. Annual new originations average $13 million.
As part of its continuing efforts to strengthen financial capability in Maine, the Finance Authority of Maine (FAME) has once again partnered with the Consumer Financial Protection Bureau (CFPB) to offer Invest in ME Reads, a program 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 early in elementary school to help them begin to learn about money and financial decision making. FAME launched the program in 2020 to serve all Maine second graders and this year has expanded it to provide free resources to all public second, third, and fourth-grade students.
Through the Invest in ME Reads program, students will receive a collection of educational resources, including free books that encourage saving, giving, and delayed gratification. Families will also receive materials to use at home, including a parent guide, information to help kick-start their focus on college savings, and special content to encourage them to visit InvestinMeReads.com, an interactive web page with fun activities and resources for students and their families.
“The Invest in ME program has become a yearly event here at the Etna-Dixmont School,” said Jane York, who serves as principal of the elementary school. “Our students and teachers have enjoyed reading the book, having a virtual visit with the author, Maribeth Boelts, and discussing the importance of friendship, caring, and helping others. The financial information for the parents has sparked conversations about saving, needs and wants, and giving back. It is a great program, and we are thrilled that it has been expanded to now include students in the second through fourth grades. The experience they had with the book and the parent connection last year has now been reaffirmed. Thank you for this wonderful program.”
The 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, 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 and we look forward this year to expanding the program to reach even more students and their families.”
In November, FAME will offer a virtual reading featuring one of the books, Those Shoes, read by the author Maribeth Boelts. “A child’s financial education can begin simply through families, teachers, and caregivers sharing a story and engaging in conversation,” said Boelts. “I am so honored that my book is a part of the Invest in ME Reads Program and is included among the many helpful and rich resources provided on FAME’s website.”
For more information about how FAME can support your family’s financial goals, please visit the Invest in ME Reads website.
Course designed to improve personal financial knowledge for Maine youth
Maine has received a “B” from the Nation’s Report Card on Financial Literacy, which suggests that at least some of our graduating students lack basic financial knowledge, such as the importance of saving for a rainy day, or even opening a bank account. Being unprepared poses a challenge for those students who take on student loan debt to achieve higher education. To help Maine educators better prepare students with financial knowledge, the Finance Authority of Maine (FAME) announced today that the Center for Financial Literacy at Champlain College, in partnership with the Maine Jump$tart Coalition for Personal Financial Literacy and its sponsors, FAME, the Office of the Maine State Treasurer, and Next Gen Personal Finance (NGPF), is offering free online and on-demand training for Maine teachers.
The Financial Educator Virtual Academy will train Maine educators on how to successfully teach personal finance in their classrooms and communities. Educators will receive contact hours for each course module attended, and the first 100 Maine classroom teachers to complete all seven hours of training will receive a $50 Amazon gift card. The online course offering will be available starting October 12, 2022 and will close on December 16, 2022.
According to NGPF’s 2022 State of Financial Education Report, only 15.6% of Maine students have guaranteed access to a semester-long personal finance course. The goal of this training is to support educators as they work to ensure that all Maine students have access to high-quality personal financial education. Mary Dyer, President of the Maine Jumpstart Coalition for Personal Financial Literacy and FAME’s Financial Education Programs Manager, said Maine and other states have embraced the online training since it provides educators with an opportunity to expand their knowledge and teaching strategies without losing time in the classroom. “Educators will be able to participate in the online training at any time, which provides much-needed flexibility. Teachers at any grade level will find appropriate and relevant content and resources that align with Maine’s Learning Results for personal finance and economics,” said Dyer.
Maine State Treasurer Henry E.M. Beck, whose office is a sponsor of the training, stated: “My office is glad to join FAME in this effort to share ways Maine people can better earn, spend and save money.”
John Pelletier, Director of the Center for Financial Literacy at Champlain College, says the virtual academy is primarily designed to improve the financial knowledge of K-12 students by giving Maine educators access to the tools, resources and training they need to successfully integrate Maine’s personal finance and economics standards into their classrooms. Pelletier says Maine educators can earn up to seven hours of professional development training and receive suggestions for grade-appropriate personal finance classroom resources over the duration of the virtual academy.
“COVID-19 has changed our approach to teaching as educators” said Jacob Newcomb, a teacher at Bonny Eagle High School. “We need as many professional development and training opportunities as possible to make these changes, and I am so impressed with this online program offered by Maine Jumpstart that is now accessible to all K-12 educators in Maine. These seven short trainings will be integral to helping our students and their families make sound economic and personal finance decisions in this challenging world.”
During the virtual academy, which features nationally known experts, participants will learn how to implement theJumpStart National Standards in K-12 Financial Personal Finance Education. These standards allow for the teaching of personal finance in an interdisciplinary or stand-alone manner.
Interested educators may register for the program with this link.
The Maine Jump$tart Coalition for Personal Financial Literacy is an independent affiliate of the National Jump$tart Coalition for Personal Financial Literacy, a 501(c)(3) tax-exempt non-profit organization headquartered in Washington, DC. Maine Jump$tart understands that K-12 educators play a significant role in shaping the financial future of Maine youth and our focus is to support Maine teachers, administrators and counselors through statewide training, advocacy, and efforts to increase awareness of quality financial education resources and experts.
Established in 2010, The Center for Financial Literacy (CFL) at Champlain College was designed to promote and develop financial literacy skills among individuals, allowing them to make more sound decisions about spending, credit, debt, investments, and complex financial situations such as buying a home and saving for retirement. The CFL is nationally acclaimed for its efforts to increase the personal finance knowledge of our citizens and has become the credible, go-to source for national media coverage of financial literacy.
Founded in 1878, Champlain College is a small, not-for-profit, private college in Burlington, Vermont, with additional campuses in Montreal, Canada, and Dublin, Ireland. Champlain offers a traditional undergraduate experience from its beautiful campus overlooking Lake Champlain. Since 1993, Champlain has also offered industry-focused undergraduate and graduate programs fully online to working adults, and, through its truED workforce development program, to leading organizations across the country. Champlain’s distinctive career-driven approach to higher education embodies the notion that true learning occurs when information and experience come together to create knowledge. Champlain College is included in the Princeton Review’s The Best 386 Colleges: 2021 Edition and was named the best private online college by Intelligent.com in 2020. Champlain was ranked among the top 100 Regional Universities in the North and named a “Most Innovative School” for the sixth year in a row by U.S. News & World Report. For more information, visit www.champlain.edu
Next Gen Personal Finance (NGPF) has become the “one-stop shop” for about than 70,000 educators looking for high-quality, engaging personal finance curriculum to equip students with the skills they need to thrive in the future. More than 14,000 teachers have invested 350,000 hours in NGPF professional development, which includes live virtual sessions, certification courses and asynchronous On-Demand modules. The non-profit has been recognized by Common Sense Education as a “Top Website for Teachers to Find Lesson Plans” and “Best Business and Finance Games.”
Finance Authority of Maine (FAME) accepting applications October 4 – December 3
Governor Janet Mills announced that the Finance Authority of Maine (FAME) will begin accepting applications for $58 million in forgivable small business loans through the “Thrive Maine” initiative of her Maine Jobs & Recovery Plan starting next Tuesday, October 4.
Under the program, eligible Maine small businesses who experienced losses, increased costs, or market interruptions as a result of the pandemic may receive a forgivable loan of up to $2 million if selected. Awardees that follow program terms may have their loans fully forgiven over a four-year period.
“From increased costs to nationwide supply chain disruptions and workforce issues, many of Maine’s small businesses are still hurting as a result of the pandemic,” said Governor Janet Mills. “Thrive Maine is the latest way that my Administration is offering meaningful relief to small businesses to support their continued economic recovery.”
“FAME looks forward to helping Maine’s small businesses recover from the pandemic and to moving them and Maine’s economy forward,” said Carlos Mello, Acting CEO of the Finance Authority of Maine. “We have been actively conducting outreach to the business community in order to get the word out to Maine businesses so they can apply.”
Applications can be submitted online starting Tuesday, October 4th at 9 a.m. through the Finance Authority of Maine at www.famemaine.com/thrive. “Thrive Maine” will offer two separate application periods, the first beginning Tuesday and running through December 3, 2022, or until funds are exhausted. Businesses are eligible to apply if they have fewer than 500 employees and are located or have significant operations in Maine. Full eligibility criteria can be found on the Finance Authority of Maine website.
Governor Mills first unveiled “Thrive Maine” in July as part of a $120 million investment in small businesses that also includes the “Grow Maine” small business loan and capital program. Since the onset of the pandemic, the Mills Administration has allocated more than $288 million in assistance to support Maine small businesses across a variety of economic sectors.
The Maine Jobs & Recovery Plan is the Governor’s plan, approved by the Legislature, to invest nearly $1 billion in Federal American Rescue Plan funds to improve the lives of Maine people and families, help businesses, create good-paying jobs, and build an economy poised for future prosperity.
It draws heavily on recommendations from the Governor’s Economic Recovery Committee and the State’s 10-Year Economic Development Strategy, transforming them into real action to improve the lives of Maine people and strengthen the economy.
For more about the Maine Jobs & Recovery Plan, visit maine.gov/jobsplan.
For the eighth 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 2022 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 an eighth straight year. The FAME team is a dedicated group of professionals who are passionate about the work we do because our mission is to provide financial solutions that help Maine people achieve their business and higher education goals,” stated Carlos Mello, FAME’s Acting Chief Executive Officer. “The past two-years have brought into stark relief the incredible challenges facing Maine’s working families and individuals. We strive to provide our associates with the respect, support, flexibility and work-life balance to allow them to perform at their highest potential for the people and businesses of Maine.”
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.
Torrey Sheafe, a digital marketing specialist who joined FAME from the private sector, states: “One of the first things I noticed when I began working at FAME is the agency’s passion for the well-being of Maine people. It’s amazing how different teams come together on a laser-focused goal and I’m proud to be a part of that. I can’t imagine working anywhere else.”
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. FAME customers recently rated the agency with a 4.75 score on a scale of 5.0 on its annual customer survey.
The list of the 100 Best Places to Work in Maine and how they rank will be unveiled in a special supplement produced by Mainebiz in their October 17th issue. 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
