At their July 15, 2021 meeting, the board of directors of the Finance Authority of Maine (FAME) approved state new markets tax credit financing to benefit MedRhythms, Inc., a digital therapeutics company located in Portland. The board also approved bond financing for Vertical Harvest, L3C, a company planning to operate a vertical hydroponic greenhouse in Westbrook.

The board approved the issuance of tax credit certificates related to approximately $2,818,690 in investments through the Maine New Markets Capital Investment Program to assist MedRhythms, Inc. with financing the costs of developing and executing a commercialization strategy for a stroke rehabilitation digital therapeutic device, as well as additional R & D expenses. The certificates authorize the issuance by the state of approximately $1.1 million in tax credits through the program.

“We are pleased to support MedRhythms’ plans to advance their digital therapeutic for stroke rehabilitation, as well as additional research and development,” stated David Daigler, Chair of the FAME Board. “Digital therapeutics are a cutting-edge field that can help to improve the everyday lives of Mainers and other patients who will benefit from the company’s technology.”

“Digital therapeutics are the future of healthcare, and we appreciate the support of FAME. We are eager to advance our pipeline of prescription digital therapeutics targeting rehabilitation and prevention in areas of neurologic injury and disease,” said Brian Harris, CEO and Founder of MedRhythms, Inc.

MedRhythms, Inc. is a digital therapeutics company that uses sensors, music, and software to build evidence-based, neurologic interventions to measure and improve walking. The company, which currently employs eighteen individuals, with thirteen full-time employees in Maine, hopes to triple its workforce in the next few years.

The board approved the Certification Applications of Advantage Capital Community Development Fund XXXIII, LLC (ACC) and Midwest Community Development Fund XIII, LLC (MCD), both affiliates of Advantage Capital Community Fund, LLC. They relate to a $1,326,441.90 Qualified Equity Investment to be used for a Qualified Low Income Community Investment (QLICI) by MCD, and to a $1,492,248 Qualified Equity Investment to be used for a QLICI by ACC, in MedRythms, Inc.

The transactions involve investment proceeds to be used for prospective costs only, and no more refinancing of prior costs than permitted by rule. The transactions do not involve any “one-day” loans.

FAME administers the Maine New Markets Capital Investment Program 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 investment authority is set forth at $250 million, which equates to approximately $100 million of tax credits, of which after today approximately $550,000 in credits remains.

Also at the July meeting, the board approved up to $45 million in conduit bond financing for Vertical Harvest, L3C, a company formed to build, equip and operate a vertical hydroponic greenhouse in Westbrook. The company plans to produce over one million pounds of produce annually to sell to local consumers.

FAME’s funds will be used by the company to finance a portion of the construction costs to build the facility, including the acquisition of equipment, materials, and other eligible costs of the business. The project ultimately is expected to create approximately fifty full and part-time jobs at the company, many of which are expected to be performed by individuals with disabilities. The project is part of a larger master-planned development that is expected to include affordable housing and parking in downtown Westbrook.

“We appreciate FAME’s support for the agricultural component of this project,” stated Greg Day, President of TDB, LLC, developer of the project. “This master-planned program establishes a compelling business model for food production in an urban core that our firm is expanding to other communities throughout New England and the nation.”

FAME’s utilization of tax-exempt private activity bonds has helped to create and retain thousands of Maine jobs over the past five years alone. Such bonding, commonly referred to as “conduit bonds” due to their pass-through nature, are authorized by the Internal Revenue Code in order to stimulate economic development in certain targeted industries. The projects financed in recent years range from not-for-profit health and higher education projects to solid waste improvements, public infrastructure, and manufacturing.

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. Because this project will treat wastewater as an exempt facility, all or a portion of the bonds will be eligible for tax-exempt treatment under federal tax law.

Maine State Grant money still available!

Good news for students who missed the 2021-2022 Maine State Grant filing deadline of May 1: the Finance Authority of Maine (FAME) has extended the deadline for this academic year only. Students should immediately file the 2021-2022 Free Application for Federal Student Aid (FAFSA) to apply, however, as grant funds are limited and will be awarded on a first-come, first-served basis.

The deadline extension includes adult learners returning to school. The action is being taken in light of the continuing pandemic and the uncertainty surrounding some students’ plans for enrolling in the fall.

“We are taking this step in order to help as many students as possible who may have missed the May 1 deadline due to the uncertainty of their plans caused by the pandemic,” stated Carlos Mello, Acting FAME CEO. “This extension includes adult learners who may find themselves wishing to return to school, as well.”

The Maine State Grant Program is the state’s need-based undergraduate grant program. It is funded largely through state appropriations. The grant is awarded annually to approximately 12,500 Maine students. Students are considered for the grant simply by filing the FAFSA. Award levels for academic year 2021-22 are $1,500 for full-time enrollment at Maine institutions (public and private) and $750 for part-time enrollment. The grant may be used at eligible Maine institutions of higher education or in association with New England Board of Higher Education (NEBHE) Tuition Break Programs at eligible New England institutions.

Interested students are encouraged to file their 2021-2022 FAFSA as soon as possible as funds are limited.

“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 students who are still considering college. Extending the deadline for filing a FAFSA presents a good opportunity for those students to get financial aid and enroll now,” stated David Daigler, President of the Maine Community College System and Chair of the FAME Board of Directors. “We understand that many Maine families are facing significant challenges during the pandemic and the additional time will help them to afford and attend college.”

University of Maine System Chancellor Dannel P. Malloy added: “Making sure you are eligible for as many grants and scholarships as possible is the smartest decision an incoming student or returning adult learner can make. We have been working all year to keep Mainers on track for college. There is still time for students planning to attend one of our University of Maine System universities to file the FAFSA and qualify for a Maine State Grant award to cover college and reduce future student debt.”

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%.

“Thomas College is absolutely thrilled that FAME will be extending the eligibility timeframe for the Maine State Grant during this extraordinarily difficult year. As many in Higher Education know, FAFSA filing for the state of Maine is down this year, though less than nationally, due to the upheaval and stress of the pandemic. Since the FAFSA filing is a prerequisite for receiving this very important financial support, extending the eligibility timeframe is a critically important step towards ensuring that our shared goal of making the dream of a college degree a reality for all Maine students is met,” said Thomas College President Laurie Lachance.

Two years ago, additional Maine State Grant funding for adult learners became available thanks to support from Governor Janet Mills and the Maine Legislature. This funding provides the opportunity for Maine adult learners to return to school and obtain the skills they seek and are needed to help address Maine’s workforce needs. This effort supports Maine’s statewide goal that by 2025, 60% of Mainers will hold a credential of value to support workforce needs.

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.

$135 million in bond financing to help fund resort in Piscataquis County

Biodiversity Research Institute also approved for financing

At their April 15, 2021 meeting, the board of directors of the Finance Authority of Maine (FAME) approved up to $135 million in conduit bond financing for Provident Group-Moosehead Lake L3C ( “Provident”). The funds will be used to finance a portion of the costs related to the acquisition, rehabilitation, design, construction and equipping of a resort located in Big Moose Township,Piscataquis County, including, but not limited to, the following: chairlift, surface lifts, base lodge and conference center with a connecting restaurant/pub, snowmaking system, Zip Tour system, hotel and restaurant, marina, trail system improvements, observatory, event center, ski area grooming equipment and maintenance garage. The project ultimately is expected to create approximately 380 full and part-time jobs in Piscataquis County.

FAME’s utilization of tax-exempt private activity bonds has helped to create and retain thousands of Maine jobs over the past five years alone. Such bonding, commonly referred to as “conduit bonds” due to their pass-through nature, are authorized by the Internal Revenue Code in order to stimulate economic development in certain targeted industries. The projects financed in recent years range from not-for-profit health and higher education projects to solid waste improvements, public infrastructure, and manufacturing.

The board determined the project, located near Greenville at the former Big Squaw Mountain ski resort, will make a significant contribution to the economic growth of the state by investing millions of dollars into the construction of the facility, and significantly increasing employment in the region, both from a construction standpoint and ongoing operations. This is expected to lead to significant employment tax revenue, as well as the benefit of down-stream spending in the region by those on the payroll, as well as tourists attracted to the Greenville area to visit the resort.

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. Because this project will involve a recreational enterprise, the bonds will be eligible for tax-exempt treatment under federal tax law.

“We are pleased to provide support for Provident’s project in Piscataquis County,” stated David Daigler, chair of the FAME Board. “Plans for the re-birth of the now-dormant ski resort into a four-season recreation destination is promising news for the Greenville area, and we wish the developers the best of luck as they proceed with construction.”

“We deeply appreciate the support of FAME. We are eager to get to work to revitalize this once-popular ski mountain and to expand area offerings year-round so as to help stimulate continued economic development in the Greenville area,” stated Steve Hicks, Chairman & CEO of Provident Resources Group Inc.

In other action, the board approved up to $1,706,250 in conduit bond financing for the Biodiversity Research Institute, which is located in Portland. The Institute’s mission is to assess emerging threats to wildlife and ecosystems through collaborative research, and to use scientific findings to advance environmental awareness and inform decision-makers. The financing will allow the organization to purchase its current facility at 276 Canco Road in Portland. The transaction is expected to help the company with its planned growth and help it continue to employ at least thirty-three employees.

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

Claim Your Future – financial education and career exploration like you’ve never seen it – now available nationwide!

With educators across the country seeking high-quality, engaging lesson plans for online learning, the creators of Claim Your Future (CYF) are making the career planning and financial education program available for FREE to students across the country. According to the Council for Economic Education, more than 1 in 6 students in the U.S. do not meet the baseline level of proficiency in financial literacy. CYF was designed to empower middle and high school students to explore the return on investment of various career pathways and financial decisions.

“There’s never been a more urgent need for programs like this,” said Mary Dyer, FAME Financial Education Officer, who led the creation of Claim Your Future. Originally designed as a teacher facilitated classroom kit with game wheels and worksheets, the program was expanded into an adaptable digital platform. Recently, the game was deployed with two enhanced editions – Middle School and Younger and High School and Beyond. To date, hundreds of thousands of students have played CYF in all 50 states and in 90 countries worldwide.

Dyer cited the increase in remote and hybrid classroom learning as one reason that educators, whom she described, as “desperately seeking online resources that are adaptable for all students, is turnkey, easy to execute, and engaging.” Dyer believes the success of CYF is attributable to the fact that it provides students with memorable, real-life lessons. CYF is adaptable and ideal for remote learning, hybrid classrooms, and independent lessons. It is exactly the tool that educators and students need, right now. Through the game, students learn life skills, and begin to understand the strong connection between the choices they make today and their opportunities in the future. They will also learn that higher education leads to more career options and higher-paying jobs.

The online version of CYF is available for use by anyone for FREE. Since April is National Financial Capability Month – educators and sponsors can order CYF Game Kits by May 31, 2021, and use the coupon code: APR100 to save $100 off the price of each game kit.

$85 million in bond financing to help fund start-up at former Madison paper mill in Somerset County

At yesterday’s monthly meeting, the board of directors of the Finance Authority of Maine (FAME) approved up to $85 million in conduit bond financing for GO Lab, Inc. The funds will be used to finance a portion of the construction costs to renovate the former Madison paper mill, purchase equipment, and other eligible costs of the business. The company plans to recycle wood fiber biomass to produce wood fiber-based building insulation products. The project is expected to create approximately 114 well-paying jobs in Somerset County.

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. Because this project will involve both manufacturing and solid waste activities, the bonds will be eligible for tax-exempt treatment under federal tax law.

FAME’s utilization of tax-exempt private activity bonds has helped to create and retain thousands of Maine jobs over the past five years alone. Such bonding, commonly referred to as “conduit bonds” due to their relatively risk-free, pass-through nature, are authorized by the Internal Revenue Code in order to stimulate economic development in certain targeted industries. The projects financed in recent years range from not-for-profit health and higher education projects to solid waste improvements, public infrastructure, and manufacturing.

“We are pleased to provide additional support for GO Lab’s project in Madison,” stated David Daigler, chair of the FAME Board. “Finding new uses for wood fiber, including innovative building materials, has the potential of re-vitalizing the forest products industry in Maine and is a key recommendation of the state’s Ten-Year Economic Development Strategy.”

In addition to today’s bond financing, FAME has approved approximately $860,000 in Seed Capital Tax Credit financing for the company, as well as a FAME Direct Loan totaling $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 to provide critical 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. 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.

“We are grateful for the continued support of FAME. GO Lab, Inc. plans to revitalize the Madison mill and provide approximately 114 well-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.

Also at today’s board meeting, the board approved another three-month extension of FAME’s special COVID relief programs through June 30, 2021. In March of 2019, FAME announced that it would be partnering with local Maine lenders to offer special, limited-time loans and loan insurance for eligible Maine businesses affected by COVID-19. Since then, FAME has maintained close communication with its lending partners and business customers and received feedback regarding its product offerings, including suggestions on how to improve and expand them.

FAME and participating lenders have made special terms available to Maine-based businesses that have experienced interruption or hardship due to COVID-19. Benefits include: loans up to $50,000 offered at reduced interest rates; interest-only payments; up to 75% pro-rata loan insurance on loans up to $250,000; and refinancing of existing lender debt.

The FAME COVID-19 business response programs are outlined in greater detail at FAME’s website, www.FAMEmaine.com

“During this key period of transition as the Maine economy enters its recovery phase, FAME is pleased to extend our COVID-relief programs to enable us and our lending partners to meet the needs of Maine businesses as they prepare for the summer tourist season,” stated Carlos Mello, Acting CEO of FAME.

FAME Chief Risk Officer Carlos Mello to assume role of Acting CEO

FAME Chief Executive Officer Bruce Wagner recently announced his intention to retire on February 5, 2021. He will be replaced on an interim basis by FAME’s Chief Risk Officer, Carlos Mello. The FAME Board of Directors will begin an immediate, national search for his successor.

“On behalf of the people of Maine, I thank Bruce for his leadership of FAME and for his partnership, particularly in the development of the State’s Ten Year Strategic Economic Development Plan,” said Governor Mills. “I wish Bruce well in his future endeavors and I look forward to working with FAME’s Board of Directors to identify a potential successor for this important role.”

“We will miss Bruce and his leadership and wish him an enjoyable and well-deserved retirement,” stated David Daigler, chair of FAME’s board of directors and President of the Maine Community College System. “His contributions to FAME over the past seven years have been remarkable, and, as we seek a suitable successor to recommend to Governor Mills, we will seek to find someone capable of continuing his work while elevating the agency’s impact for the benefit of Maine people and businesses.”

Wagner’s contributions to the agency include leading FAME through two intensive strategic planning exercises; a focused approach to taking on financial risk for public benefit; and FAME being named one of Maine’s Best Places to Work for six years in a row. Additionally, Wagner led FAME’s efforts to improve customer satisfaction and grow the agency’s business and education offerings significantly.

Wagner helped to lead the Governor’s Ten-Year Economic Strategic Plan effort in partnership with DECD Commissioner Heather Johnson and, more recently, led FAME’s efforts to provide COVID relief to its customers, both commercial and education, such as loan deferrals, modified terms/interest rates, and other special programs.

FAME Chief Risk Officer Carlos Mello will begin transitioning to the role of Acting Chief Executive Officer immediately. Mello is a senior member of FAME’s management team and has been with the agency for the past eight years. He is a former president and chief executive officer of Prudential Bank and Trust, FSB, in Hartford, Connecticut; a certified financial planner; and holds a Bachelor of Science degree in accounting from Boston College.

The Governor is expected to name a permanent chief executive officer, subject to legislative confirmation, following a search process led by the FAME Board of Directors.

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.

Projects expected to benefit area businesses and families and help spur economic development

AUGUSTA — At its monthly meeting held remotely on December 17, the board of directors of the Finance Authority of Maine (FAME) approved up to $1.9 million in loan insurance and a $1 million direct loan to help support increased access to broadband in the cities of Belfast and South Portland.

The board approved a request by Arctaris Impact Fund, LP & Arctaris Opportunity Zone Fund, LLC (Arctaris) for 20% leveraged loan insurance on $9.5 million of funding to construct dark fiber networks in South Portland and Belfast. Arctaris Broadband Company, LLC (ABC,) a related entity, will act as the distribution agent and lessor owning the network. Biddeford Internet Corporation, d/b/a GWI, will serve as lessee and build and operate the fiber network in both cities. A $1 million FAME Direct Loan was approved as well, and will be used for post-construction capital expenditures and working capital.

FAME’s financing is expected to benefit numerous businesses and homes in both cities, including low-income families. The action is expected to help retain a total of 51 Maine jobs at GWI and have additional positive impacts on indirect job growth in the areas as projects progress and businesses grow.

Communities with good communications infrastructure are attractive to current and future residents and businesses. Residents with good broadband access enjoy employment opportunities through telecommuting and Cloud-remote offices. They have more educational opportunities through distance learning, and telehealth allows for better and less expensive healthcare access. Remote monitoring promotes “aging in place,” permitting the elderly to remain in their homes longer, as well. There are growing needs for bandwidth on a daily basis. Gigabit fiber infrastructure plays a vital role in addressing these challenges for the long-term.

“High-speed internet access is more important than ever these days, with so many households working and learning from home. Financing this important project will make a huge difference to workers and residents in Belfast and South Portland who will be able to tap into much-needed broadband,” said David Daigler, FAME Board chair. “FAME is pleased to be part of the solution as Maine moves to improve broadband access statewide. The need for this technology will only increase in the future as our economy recovers.”

FAME was provided with information, letters of support, and public testimony from city officials from Belfast and South Portland, as well as ConnectMaine. ConnectMaine is the state’s broadband authority charged with expanding not only broadband connections but also citizen use and understanding of the value of a high-quality broadband connection.

“This is a great project for Maine,” stated Peggy Schaffer, executive director of the ConnectMaine Authority, who submitted a letter of support for the financing. “It will help to connect neighborhoods in Belfast and South Portland with faster, more affordable broadband connections. GWI is making a commitment to ensure that residents can afford this economic tool.”

The expected public benefits of the projects relate to improving the quality and consistent internet accessibility in Belfast and South Portland. Belfast’s city manager spoke of the need for improved access in that city and noted how many residents park in front of city hall and the municipal library in order to obtain access to the internet. 

Belfast City Manager Erin Herbig stated: “It cannot be stressed enough what a tremendous impact this investment will have on students, families, and businesses in our community. Thank you to FAME, Arctaris, and GWI for investing in the public benefit this project will provide to rural Maine!”

Belfast City Councilor Mary Mortier, who spearheaded the city’s broadband efforts for the past eight years and is a member of the local broadband committee, stated: “Our economic development and future success as a thriving small city depend on this absolutely-needed infrastructure of the 21st Century. During this especially challenging time of COVID-19, it’s exciting to learn there is light in our future and it will be delivered by fiber-optics to our homes and businesses.” 

Despite being Maine’s fourth-largest city, South Portland still has areas lacking basic broadband access. One such area is Redbank, which contains low-income and minority, immigrant populations lacking access to quality broadband.

Increasing access to quality, high-speed, affordable broadband is a central goal of the state’s and is discussed at length in recent reports and recommendations included in the Governor’s Ten-Year Strategic Economic Development Plan; the recommendations made by the Governor’s Economic Recovery Committee; as well as the state’s Broadband Action Plan.

Heather Johnson, Commissioner of the Maine Department of Economic and Community Development and a FAME board member, stated: “Access to faster, affordable broadband is key not only to Maine’s short-term economic recovery but also to our long-term economic growth. This project has strong public benefit elements to it.”

Kerem Durdag, President and COO of GWI, commented: “As a B Corp certified fiber-optic broadband internet provider, our focused commitment is to bring choice, affordability, and access to all citizens of Maine. We sincerely thank FAME, Arctaris, the City of Belfast, and the City of South Portland for their input as we press on with all our stakeholders to execute this project.”

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’s Direct Loan program provides subordinate or gap financing to businesses affected by their current economic situation. This program helps new or existing businesses with flexible gap financing directly from 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

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. 

GWI: A Maine-owned and operated company since 1994, GWI is a fiber-optic broadband internet service provider headquartered in Biddeford, Maine, that provides residential and business services to customers throughout Maine. The company is committed to providing its customers with the fastest, most reliable internet services available and to protect open access, data privacy, and net neutrality. It is the first B Corporation-certified telecommunications carrier in the United States.

FAME HONORS MAINE BUSINESSES, EDUCATORS, AND LENDERS

Awards Bestowed Virtually in Lieu of Annual Dinner Celebration

Although unable to gather in person over dinner with its diverse partners this year, the Finance Authority of Maine (FAME) nonetheless is honoring its annual awardees in virtual fashion and celebrating its 2020 successful business and educational partnerships.

Showcase Maine, FAME’s annual celebration of its successful partnerships with Maine’s business, lending, governmental, and higher education communities, was cancelled this year due to health and safety concerns related to the pandemic; however, FAME has bestowed awards on some of its partners to recognize their meaningful contributions to the state. The FAME Board and staff recognized this year’s recipients via Zoom technology at today’s monthly board meeting.

“Although we are unable to gather in person this year, FAME nonetheless believes it is vitally important to honor our partners and provide an alternative means to recognize their contributions to Maine’s economic and educational well-being,” said Bruce Wagner, FAME’s Chief Executive Officer. “We are pleased to honor our partners who help to make Maine’s economic and educational futures brighter, especially during these challenging times.”

At today’s FAME Board meeting, FAME presented the awards virtually and enjoyed remarks by officials representing each of the awardees. This year’s award recipients include:

• Business at Work for Maine Award:Origin: Origin is being honored for helping to return manufacturing to Maine by revitalizing old textile mill equipment and manufacturing processes. The company manufactures products for Brazilian Jiu Jitsu, MMA, Grappling and Lifestyle athletes. To accommodate the company’s growth, Origin acquired a new manufacturing space in the heart of Farmington in 2017 with the help of FAME loan insurance and financing through Franklin Savings Bank. The company has continued to expand its product lines into more mainstream apparel including denim jeans and leather boot manufacturing. Origin’s Nutritional Division continues to expand its supplement and energy drink business operations, which is experiencing rapid growth. Origin is planning to make real estate improvements at an additional location in North Jay, where the company will add manufacturing and warehouse space for its operations. The Origin companies now employ more than eighty people in the Farmington area. They were recently recognized on the Inc. 5000 list (number 362) as one of the nation’s fastest growing private companies. Origin continues to grow at a rapid pace and has built a national and international following.
• Education at Work for Maine Award: University of Maine Pulp & Paper Foundation: The University of Maine Pulp & Paper Foundation is being honored for playing an integral role in the transformation and revitalization of the Maine forest products industry. The Foundation helps to create world-class engineers who will become the next great leaders in the industry, while introducing top-notch talent to industry leaders who are looking to hire them. The recent growth of student scholarships, now offering 130 annually to engineering students at the University of Maine who express an interest in pursuing a career in the pulp and paper industry, and the solid support of companies in this space, have created a dynamic and growing organization. Within the next four years, 150 scholarships will be offered annually with the support of nearly seventy corporate sponsors and many more individual donors both in Maine and beyond. The Foundation acts as “matchmaker” between students and employers, as well. This is done throughout the student’s academic career, but most notably at the annual “Paper Days” networking event that now hosts over 350 guests including students, university faculty and staff, government officials, and corporate partners from locations nationwide and globally. Students are required to complete two semesters of paid co-op or internship, where they earn $20-25/hour and build on the skills learned in the classroom. They do so while still graduating in just four years. The Foundation also offers “Consider Engineering”, a four-day immersive residential summer program on the UMaine campus, to introduce high school juniors to engineering annually.  This program is offered free of charge to all students thanks to the financial support of the Foundation’s donors and corporate supporters.
• Lender at Work for Maine Award ($1.5 billion or more in assets): Camden National Bank: This is the bank’s eleventh time as an awardee. Over the past year, Camden National partnered with FAME on 30 loans totaling approximately $3.8 million. This in turn helped to create and retain 408 Maine 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 (less than $1.5 billion in assets): Norway Savings Bank: Founded in 1866, Norway Savings Bank has been supporting generations of Maine families and business owners live unique lives. With locations throughout Maine, the bank fosters a culture of giving by encouraging its employees to find ways to contribute to their communities. Each year an employee is honored with the Extra Mile Award for going above and beyond in their volunteer achievements. This past year, FAME partnered with Norway Savings on 26 loans to Maine companies totaling approximately $2.8 million. This helped to create and retain 279 Maine jobs.
• Lender at Work for Maine Award (most increased partnership): Franklin Savings Bank: A community bank based in Farmington, Franklin Savings conducts business primarily in Western and Central Maine with commercial services offered in Ellsworth. In addition to its main office in Farmington, the bank has branches in Rumford, Rangeley, Skowhegan, Jay, Wilton and Mt. Blue Campus. FAME partnered this year with Franklin Savings on 13 loans totaling approximately $2.1 million. This helped to create and retain 152 Maine jobs. Franklin Savings is being recognized for its increased partnership with FAME this past year utilizing the agency’s commercial loan insurance program. Through its FSB Community Development Foundation, the bank takes pride in its generous support of various causes in the community.

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 sixth year in a row as one of the Best Places to Work in Maine. To learn more about FAME, please visit www.famemaine.com.

UMaine Students Papermaking in Lab

Origin Team

Also elects new board officers for 2020-2021

AUGUSTA — At its remote meeting held on November 19, the board of directors of the Finance Authority of Maine (FAME) approved state new markets tax credit financing to benefit Arctaris Saddleback Company, LLC (“Arctaris”), the owner/operator of the Saddleback Ski Resort in Rangeley.

The board approved the issuance of a tax credit certificate related to $1,492,247 in investments through the Maine New Markets Capital Investment Program to help with financing the costs of capital improvements, construction, equipment procurement, and other related improvements at the ski resort. The certificate authorizes the issuance by the state of $581,976 in tax credits through the program.

The board also elected board officers for the year-long period running from now until November of 2021. Officers elected include: David Daigler, chair; Richard Trafton, Esq., vice chair; and Dustin Brooks, Treasurer. Daigler is the President of the Maine Community College System; Trafton is a partner with the law firm of Trafton, Matzen, Belleau & Frenette in Auburn. Brooks is the Assistant Vice President of Global Marketing at Unum, where he leads the market strategy function.

The board approved the Certification Application of PACESETTER CDE XL, LLC (“Pacesetter”) related to a $1,492,247.13 Qualified Equity Investment to be made by ARCTARIS IMPACT FUND, LP in Pacesetter, which will in turn be used by Pacesetter for a Qualified Low Income Community Investment of approximately $1,372,867 in Arctaris Saddleback Equipment Company, LLC or an affiliate thereof under the Maine New Markets Capital Investment Program. This is the second new markets investment by Arctaris Impact Fund, LP and Pacesetter in the Saddleback project. A prior investment totaling $1,326,441.90 was approved by the FAME Board at their March 2020 meeting.

FAME previously approved in January 2020 leveraged loan insurance of 17% (or $2.5 million) on a $14.1 million loan by Arctaris Impact Investors, LP to Arctaris, as well as a $1 million FAME Direct loan to Arctaris. In December of 2019, the Maine Rural Development Authority (MRDA) approved a $1 million loan to Arctaris Saddleback Company, LLC, as well.

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 investment authority is set forth at $250 million, which equates to approximately $100 million of tax credits.

“FAME is pleased to help with additional financing for this important project, which will help Saddleback pay for the costs of equipment and construction associated with reopening and operating this season,” stated Dave Daigler, FAME Board chair. “We are happy to help re-start this beloved Maine ski mountain and to help stimulate year-round economic development in Rangeley and Western Maine.”

In addition to helping Arctaris purchase the mountain and resume operations at the ski resort, FAME’s financing is expected to benefit area business and help stimulate the local economy and increase tax revenues. The action is expected to help create seventy-one full-time jobs and one-hundred and thirty-four seasonal ones. Skiing at the mountain had been dormant for the past five seasons, but is resuming this season.

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. There are presently three 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.

Saddleback is in the process of making a number of improvements as part of their reopening plan, including construction of a new base lodge; the purchase and installation of a high-speed detachable quad lift; expanded snowmaking; a new grooming fleet; and increased four-season destination programs for weddings and summer outdoor recreations. Additional improvements are planned over the next several years.

“We remain grateful for the ongoing support of FAME. We are looking forward to Saddleback’s grand opening in mid-December and a great season of skiing and other recreation year-round,” stated Uche Osuji, Managing Director at Arctaris Impact Investors, LP.

Plans to open Saddleback have 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. To learn more about FAME, please visit www.famemaine.com

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.

Windham-based Anania & Associates acquires Jones & Vining manufacturing plant in Lewiston and relaunches it as Polymer Laboratories and Solutions LLC

The Finance Authority of Maine (FAME) recently approved a $500,000 FAME Direct Loan to help facilitate the purchase of the business assets and commercial real estate of the Lewiston division of Jones & Vining. The action will help to create and retain a total of thirty-nine Maine jobs. The 88,000-square-foot plant is located at 765 Webster St. in Lewiston. Operations have been rebranded Polymer Laboratories and Solutions LLC, d/b/a Poly Labs.

In late July of 2020, Jones & Vining notified its customers that it would be closing its Lewiston facility effective September 30, 2020. The closure was reportedly due to recent reduced production activity caused by the COVID-19 pandemic and the closure of some of the company’s customers. An investment group spearheaded by Windham-based Anania & Associates, Polymer Laboratories & Solutions, LLC, will purchase and operate the facility, thereby avoiding company closure and job layoffs, and also allowing the hiring of additional employees.

The deal was made in partnership with FAME, the city of Lewiston’s economic and community development office, individual investors, company management, and several customers, including audio equipment maker Bose Corp. and manufacturer H.F. Staples.

The new company, Poly Labs, will continue to produce self-skinning, flexible, viscoelastic polyurethane foam products and injection-molded thermoplastic rubber (TPR), thermoplastic elastomer (TPE), and thermoplastic urethane (TPU) products for application in sporting equipment, safety equipment, shoes, and medical devices for commercial, individual consumer, and military use.

FAME’s Direct Loan Program provides subordinate or gap financing to businesses affected by their current economic situation. This program helps new or existing business with flexible gap financing directly from FAME.

“This deal squarely satisfies FAME’s mission, especially during a pandemic, of taking increased risk for public benefit in order to save and grow quality Maine jobs,” stated Bruce Wagner, FAME Chief Executive Officer. “In the absence of this transaction, important Lewiston manufacturing jobs could have been lost and the company shuttered. We are pleased to play a role in supporting Maine’s manufacturing industry and the continuation of a company that is producing high-tech products with growth potential.”

“Polymer Labs is grateful for FAME’s support. This financing will enable us to acquire Jones & Vining’s Lewiston facility and keep business operations up and running. We see great potential for retaining existing customers and growing the business, and also for retaining and hopefully expanding the existing workforce that would have been eliminated as a result of the planned closure,” stated Peter Anania, President of Anania & Associates.

Jones & Vining, a family-owned company headquartered in Brockton, Massachusetts, was established in 1930 as a manufacturer of component parts and tooling for the footwear industry. It opened its Lewiston plant in 1985 and added an industrial division to offer foam parts to other industries, including construction/building materials, consumer electronics, medical, furniture and sporting goods.

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