Maine is an even better place to live and work, thanks to the Harold Alfond Foundation

The Harold Alfond Foundation and the Finance Authority of Maine (FAME) are once again seeking applications for student loan debt relief for Maine residents who are employed by a Maine-based business in the STEM-related fields of science, technology, engineering, and math. Applications are now being accepted through November 15, 2020. The Alfond Leaders program assists Maine employers in attracting and retaining talented STEM professionals by providing student loan debt relief of up to $60,000 per recipient.

The Harold Alfond Foundation recently invested $500 million in making Maine a great place to live, work, and learn. The Alfond Leaders is just one more example of the Foundation’s ongoing investment in the effort to attract and retain qualified STEM workers for Maine’s future.

An applicant must have a higher education degree or certificate, or be graduating by May 31, 2021 in order to apply during this current application collection period.

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

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

Who is eligible?

• Maine residents or persons who will become Maine residents upon being hired by a Maine-based employer;
• A person employed, or who will be employed, by a Maine-based employer in a designated STEM occupation;
• An applicant must have a higher education degree or certificate or be graduating by May 31, 2021 to apply in this current application cycle (September 15, 2020 – November 15, 2020)

• An applicant must have outstanding student loan debt;
• Candidates must submit an application, including a written essay, an official college transcript and resume, a statement of intent to live and work in Maine for six years; an employment certification by a Maine-based employer; and disclosure of the amount, source, and terms of the student loan indebtedness.
• Those selected to become Alfond Leaders will receive debt reduction payments made on their behalf, paid in two disbursements after three and six years respectively, of qualifying employment.

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

155 Alfond Leaders currently employed at 92 Maine companies

Abbott Laboratories
Bachmann Industries, Inc
Baker Design Consultants
BerryDunn
Bigelow Laboratory for Ocean Sciences
Blackhawk Network
Blue Marble Geographics
ByteMap
Casco Systems, LLC
CCB, Inc.
Central Maine Power – AVANGRID
Cerahelix
CES Inc.
Cianbro Corporation
City of Westbrook
Colby Company Engineering
Community Health Options
Consigli
Covetrus
Down East Community Hospital
Eaton Corporation
Elanco Animal Health, Inc.
Enercon Technologies
EnviroLogix Inc.
ESRI
FHC, Inc.
Fiber Materials Inc.
Franklin Community Health Network
General Dynamics Bath Iron Works
Gulf of Maine Research Institute
GZA Geo Environmental, Inc.
Howe and Howe Technologies Inc.
IDEXX Laboratories
ImmuCell Corporation
Jackson Laboratory
Jasper Wyman & Son
Kleinfelder, Inc.
Lanco Integrated
Maine-Dartmouth Family Medicine Residency
Maine Department of Transportation
MaineHealth
MDI Biological Laboratory
MedRhythms
Maine Medical Center Research Institute
MMG Insurance Company
Montalvo Corporation
Molnlycke
ND Paper Old Town Mill
New Balance Athletics
Northern Light Health
Northern Light Mayo Hospital
Nyle Systems. LLC
Onpoint Health Data
Panda Rocket Punch, LLC
Pen Bay Medical Center
Penobscot Community Health Care
Peregrine Turbine Technologies
Pines Health Services
Portsmouth Naval Shipyard
Power Engineers, Inc.
Pratt and Whitney
Ransom Consulting. LLC
Rarebreed Veterinary Partners
RLC Engineering
RxAnte, Inc.
Sappi Limited
Sea & Reef Aquaculture
Sebago Technics
SGC Engineering LLC
Siemens
St. Germain
Stantec
STARC Systems
Stone Coast Fund Services
TD Bank, N.A.
Tyler Technologies
University of Maine
University of New England
Verso Corporation
Waldo County General Hospital
WEX
Wild Ocean Aquaculture LLC
Winxnet
Woodard & Curran
Woodland Pulp LLC
Wrabacon Inc.

The Maine Seed Capital Tax Credit Program has $7 million in tax credit authority available for use by investors and Maine businesses for the remainder of calendar year 2020.

“Many Maine businesses have grown and thrived through this program,” stated Bruce Wagner, FAME CEO. “Thousands of Maine jobs have been created and retained in part due to the Seed Capital Tax Credit, and it has spurred millions in investments in Maine businesses over the years. We encourage interested investors and businesses to consider utilizing the remaining credit availability before it expires on December 31.”

Last winter, the Maine Legislature and Governor Mills approved via Public Law 2020, Chapter 616 (the Supplemental Budget), increased funding for the program, increasing the annual program limits from $5 million per year to $15 million per year. The legislation also made other changes to the program that are designed to make funding available to more Maine companies.

The Maine Seed Capital Tax Credit Program, administered by FAME in conjunction with Maine Revenue Services, is designed to encourage equity and near-equity investments in eligible Maine businesses, directly and through private venture capital funds. FAME may authorize state income tax credits or refundable tax credits to investors for 40 percent of the cash equity they provide to eligible Maine businesses. Investments may be used for fixed assets, research or working capital. The program reduces the risk of a Maine investment, encouraging investors to commit capital to Maine companies that might otherwise be invested outside the state.

FAME now has the authority to issue prior to the end of the year up to $7 million in available remaining tax credits under the program for eligible investments made in eligible companies on or after April 1, 2020. Investments made prior to April 1, 2020 are not eligible, and credits already issued in 2020 for investments made on or about January 2, 2020 will not be adjusted. The new legislation made additional program changes, effective April 1, 2020:

1. Credits are now authorized at 40% (down from 50%) of eligible investment;
2. The maximum cumulative qualified investment in each company has been reduced to $3.5 million dollars (down from $5 million).
3. There is now a limit of qualified investment in any one company in any one year of $2 million dollars.

“The Seed Capital Tax Credit Program has been an effective and useful option for many Maine businesses and their investors as they consider financing options to scale-up and grow,” stated Heather Johnson, Commissioner of the Maine Department of Economic and Community Development and a FAME board member. “Expanding the annual program limits to $15 million was a key recommendation of the state’s ten-year Economic Development Strategy in order to promote innovation.”

For more information about the program, please contact FAME at (207) 623-3263 or visit https://www.famemaine.com/business/programs/equity-capital/maine-seed-capital-tax-credit-program/

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.

FAME Launches Invest in ME Reads Program to Celebrate Financial Planning Month

Free Resources for Young Maine Children to Learn about Financial Wellness

To kick off Financial Planning Month and support school-aged Mainers, the Finance Authority of Maine (FAME) has partnered with the Maine Office of Securities to develop Invest in ME Reads, a program to support family financial education, goal setting, saving, and the value of choice. The program focuses on engaging and teaching kids about money and making choices that boost financial skills early in life. For adults, the program helps to develop skills on making informed choices and preparing for goal achievement, such as paying for higher education. FAME developed the program to help Maine families succeed financially at any life stage.

“Financial education begins as a toddler with the simple task of learning to count,” said Maine Securities Administrator, Judith Shaw. “Developing the skills to make wise and safe choices about managing finances begins early and continues throughout our lives. I am pleased to partner with FAME and provide support for this innovative and creative program.”

To commemorate the start of this program, FAME is sharing a virtual reading of Those Shoes with author Maribeth Boelts. A copy of the book has been mailed to all second graders across the state that attend public school, FAME also created a video to support families in having conversations about financial decision making while reading the book with their children. Knowing that many educators and families are reliant on at-home learning strategies right now, FAME hopes that the videos and book delivery come as welcomed resources.

“At FAME, we recognize that Maine families want the very best for their children, and we want to do our part by providing resources that will support financial education – even as early as elementary school,” said Director of Education Programs, Martha Johnston. “We’re thrilled to have Maribeth Boelts help communicate the importance of financial wellbeing in an engaging and fun way. We hope families across Maine will consider utilizing the Invest in ME Reads program and utilize this free resource during at-home learning time.

About the Book: Those Shoes

‘Those Shoes’ is a story about a young boy realizing that the things he has – warm boots, a loving grandmother, and a good friend – are worth more than the things he wants.

As part of the virtual reading, Boelts shares her inspiration for writing the book and discussing the underlying messages of financial responsibility and the meaning of “want” versus “need” – themes that are undoubtedly echoed in households across our state during these trying times. Jeremy, the main character in the book, discusses with his grandma what it will take to afford the shoes he wants, signifying that purchasing items takes planning and accountability.

“This school year has certainly been challenging, so we were pleasantly surprised when we received a copy of Those Shoes and information about Invest in ME Reads,” said Carrie Faulkingham from Winter Harbor. Her son Carter is in second grade at Peninsula School. “Our kids love books and story time, and I think this is a wonderful way to begin talking with them about money and future goals.”

A Note from the Author: Financial Education can Begin at Any Age

“A child’s financial education can begin simply­–through families, teachers, and caregivers sharing a story and engaging in conversation,” said Maribeth Boelts, author of Those Shoes. “I am so honored that my book is a part of the Invest in ME Reads Program and is included among all 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.

Grant is Part of New National Initiative Supported by the Wells Fargo Foundation in Collaboration with the Center for State and Local Government Excellence, the International Public Management Association for Human Resources, and National Association of State Treasurers’ Foundation

The Finance Authority of Maine (FAME) has been awarded a $25,000 grant to improve its employee financial wellness program. In addition to expanding and strengthening FAME’s existing program, the grant will support expanded research and development of a statewide employee financial wellness toolkit to support other Maine agencies and private employers that are seeking to develop their own programs.

Funded by the Wells Fargo Foundation, this one-year grant comes at a time when many of the nearly 19 million state and local government employees across the U.S. continue to serve on the front lines of the COVID-19 pandemic. Many governments are also confronting unprecedented budget shortfalls, and workers are increasingly concerned about family finances.

This grant is structured as a collaboration between the Center for State and Local Government Excellence (SLGE), The International Public Management Association for Human Resources (IPMA-HR), the National Association of State Treasurers’ Foundation (NASTF), and Wells Fargo. A total of twenty-four state and local government jurisdictions were awarded grants.

In a recent national poll conducted by SLGE, 56 percent of state and local public employees reported that their family has been negatively impacted financially by the crisis, and more than half are worried about their family finances, losing their job, furloughs, and pay and benefit reductions. During the one-year initiative, FAME will employ the funds not only to enhance its own employee wellness program, but also to support the research and development of a statewide employee financial wellness toolkit to support other Maine agencies and private employers that are seeking to develop their own programs.

“We are grateful to have been selected for this grant and look forward to sharing our positive experiences and expertise in this important area with others,” stated Mary Dyer, FAME Financial Education Officer. “As Maine’s higher education financing authority, FAME looks forward to sharing best practices and our own model with other state agencies and private employers to help them benefit, as well.”

In 2019, FAME launched an employee financial wellness program. The incentive-based program was developed using recognized best practices, as well as employee input and surveys. Key elements of the program include:

• Three (3) one-hour, one-on-one, workplace financial coaching sessions, utilizing a certified financial coach. Spouses/partners were invited to participate in the sessions.
• Access to a monthly “Money in the Mornings” workshop series, covering a variety of financial topics such as budgeting, saving for retirement, as well as will preparation and estate planning.
• Access to self-directed e-learning modules delivered through Enrich®

As a result of the program, FAME employees have reported a greater sense of financial freedom, with many having paid-off credit card debt and boosted emergency savings. The program also has helped to foster a workplace culture that supports financial stability and reduced stress.

“Based on previous SLGE research, we know that only 29 percent of state and local government employers offer financial literacy programs to their workforce, while 68 percent of public employees would participate in these programs if they were offered one. This grant program offers a real opportunity for state agencies like FAME to strengthen financial wellness programs for workers who deliver important public services,” said Joshua Franzel, SLGE president and chief executive officer.

“Far too many public sector employees lack access to the financial wellness programs they want and need,” said Shaun Snyder, NAST and the NAST Foundation executive director. “NAST is proud to continue its commitment to financial education through this collaboration with FAME, which will strengthen financial wellness opportunities for public employees.”

Maine State Treasurer Henry Beck, a FAME board member and the Eastern Region Vice President of NAST, stated: “I am pleased to learn of FAME’s selection as a grant recipient. Maine will benefit from greater financial education and wellness, especially during this pandemic and economic downturn when many folks are struggling to make ends meet.”

“IPMA-HR is honored to be part of this initiative, and we look forward to seeing results from FAME’s planned program. We know that state and local employees with financial security are more engaged and better positioned to serve the public, making this initiative all the more vital during these unprecedented times,” said Cara Woodson Welch, IPMA-HR executive director.

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

The Center for State and Local Government Excellence (SLGE) helps local and state governments become knowledgeable and competitive employers so they can attract and retain a talented and committed workforce. SLGE identifies leading practices and conducts research on public retirement plans, health and wellness benefits, workforce demographics and skill set needs, and labor force development. SLGE brings state and local leaders together with respected researchers. Access all SLGE publications and sign up for its newsletter at slge.org and follow @4GovtExcellence on Twitter.

The National Association of State Treasurers’ Foundation promotes and improves the educational initiatives that enable members to pursue and administer sound financial policies and programs benefiting the citizens of the nation. NAST Foundation programs provide for the enhancement of public officials’ understanding of the public financial arena and delivers education to the public about personal financial management. Founded in 2000, the charitable organization is governed by five-member board made up of State Treasurers. For more information, please visit nast.org/foundation/

The International Public Management Association for Human Resources (IPMA-HR) represents the interests of public sector human resource professionals at all levels of government. IPMA-HR provides comprehensive resources and solutions to assist public sector human resource professionals in ensuring that their organizations have the right talent to achieve their missions. The association provides a wide range of programs products and services that include research, professional development, certification, communications, public policy, and assessments. Additional information about IPMA-HR is available at www.ipma-hr.org.

In an effort to continue supporting its customers with their financing needs during the continuing COVID-19 pandemic, the Finance Authority of Maine (FAME) has approved extending by six months the availability of its special COVID-19 business relief programs.

“Due to the lingering economic effects of the pandemic, as well as continued federal, state and regulatory economic stimulus programs, lender partner feedback, and our belief that credit impacts on borrowers are likely to manifest themselves in the coming six months, we have approved an extension of our special COVID relief programs through March 31, 2021,” stated Jay Violette, FAME board chair.

At its September17 meeting, FAME’s board of directors voted to extend by six months the availability of its business relief programs related to loan insurance and direct loans. These programs have limited funding and will sunset on March 31, 2021.

In March of this year, FAME announced that it was partnering with local Maine lenders to offer special, limited-time loans and loan insurance to eligible Maine businesses affected by COVID-19. Since then, FAME has maintained close communication with its lending partners and business customers and received feedback in relation to its product offerings, including suggestions on how it could improve and expand them to further help Maine businesses. In June some modifications were made to the programs based on customer feedback.

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; and up to 75% pro-rata loan insurance on loans up to $250,000.

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

•  COVID-19 Relief Loan Insurance for Lenders: In partnership with lending institutions, FAME will approve ANY Online Assistance (OLA) loan submitted electronically and deemed “COVID-19” at a 50% insurance rate. Some will be eligible using our current standards (and be assessed decreased fees) for 75% coverage. Lending partners will share the risk with FAME and may obtain approval for their loan in an expedited manner. Interested borrowers should contact their local bank or credit union first to see if the lender is offering this program and to apply. Maximum FAME exposure of $250,000 per borrower.
• COVID-19 Relief Refinance of Existing Lender Debt Program: Allows Maine lenders (banks and credit unions) to receive up to 50% pro-rata commercial loan insurance on existing debt that is not currently insured by FAME.
• COVID-19 Relief Business Direct Loan Program: To be utilized when a borrower cannot obtain a loan or OLA from a lending partner. Offers loans up to $50,000 per loan/borrower and a reduced interest rate (WSJ Prime minus 1%) and decreased fee schedule for Maine-based businesses that experience interruption or hardship due to COVID-19.

Through August 31, FAME has committed and/or approved 33 COVID-19 Relief Loan Insurance for Lenders loans totaling $1.1 million in FAME exposure. During that same period, FAME has funded and/or approved 78 COVID-19 Business Direct Loans totaling $2.9 million.

Funds for the above programs are limited. FAME has set aside up to $10 million of its reserves for the loan insurance program, which still has approximately $8.9 million available, and up to $5 million for the direct loan program, which has about $2 million in available funds remaining. FAME makes every effort to work with borrowers on special accommodations for their loans, especially during this challenging time.

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 FAME Direct Loan offers reduced interest rate loans to businesses that may not have been able to secure financing through traditional lenders. This program helps new or existing business 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.

Invest in ME Reads is Coming!

The Finance Authority of Maine (FAME), in partnership with the Maine Office of Securities and the Consumer Financial Protection Bureau (CFPB), is excited to announce the launch of Invest in ME Reads, a new statewide program designed to support family financial education by sparking conversations about future goals, saving money, and the value of choice. The program was originally slated to launch in the spring of 2020, but due to COVID-19 school closures, the launch was rescheduled for this fall.

Invest in ME Reads was developed 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 impacts an individual’s ability to seek employment and ultimately the strength of Maine’s economy. During September, FAME will be distributing copies of the children’s book Those Shoes, which includes themes of saving, giving, and delayed gratification and special content to encourage families to participate. A parent guide, developed by CFPB, and information about Maine’s Section 529 plan, NextGen 529™, will also be included in the book. A supply will be mailed to all Maine elementary schools, and schools have been asked to share the books and materials with their second grade students and teachers. To support the program, a new educational web page, InvestinMEReads.com has also been launched. The website includes fun activities for students and additional financial education resources for adults.

To celebrate the launch, a video recording of Maribeth Boelts, author of Those Shoes, reading the book specifically for Maine students will be made available to schools. FAME has also developed a recorded video for Maine families. Visit InvestinMEReads.com to learn more.

Improvements made to OLA loan limits and pro-rata insurance for existing debt refinancing for Maine businesses affected by COVID-19

In an effort to keep pace with the evolving financing needs of its customers during the pandemic, the Finance Authority of Maine (FAME) recently approved additional changes to its special COVID-19-related program offerings.

At its June 18 meeting, FAME’s board of directors approved an increase in loan limits for its COVID-designated OnLine Answer (OLA) loan insurance program from $100,000 to $250,000 per lender loan and also approved an increase in its pro- rata insurance coverage for refinancing existing debt from 40% to 50%. For the refi program, paper applications only will be accepted, and there are specific criteria outlined at FAME’s COVID-19 Relief Programs webpage.

These two programs, as well as other COVID-relief programs outlined below, have limited funding and will sunset on September 30, 2020, unless extended by the FAME Board.

In March of this year, FAME announced that it is partnering with local Maine lenders to offer special, limited-time loans and loan insurance to eligible Maine businesses affected by COVID-19. Since then, FAME has maintained close communication with its lending partners and business customers and received feedback in relation to its product offerings, including suggestions on how it could improve and expand them to further help Maine businesses.

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; and up to 75% pro-rata loan insurance on loans up to $100,000. The FAME COVID-19 business response programs are outlined in greater detail at FAME’s website, www.FAMEmaine.com, and in general below:

•  COVID-19 Relief Loan Insurance for Lenders: In partnership with lending institutions, FAME will approve ANY Online Assistance (OLA) loan submitted electronically and deemed “COVID-19” at a 50% insurance rate. Some will be eligible using our current standards (and be assessed decreased fees) for 75% coverage. Lending partners will share the risk with FAME and may obtain approval for their loan in an expedited manner. Interested borrowers should contact their local bank or credit union first to see if the lender is offering this program and to apply.
• COVID-19 Relief Business Direct Loan Program: To be utilized when a borrower cannot obtain a loan or OLA from a lending partner. Offers loans up to $50,000 and a decreased interest rate and decreased fee schedule for Maine-based businesses that experience interruption or hardship due to COVID-19.

“During this extraordinary time, FAME is continually re-evaluating our COVID-relief programs to ensure they are meeting the needs of our customers, our lending partners as well as affected Maine businesses,” stated Jay Violette, chair of the FAME Board. “We greatly value the input of our customers and are pleased to offer these changes to our OLA and regular loan insurance programs.”

As noted above, funds for the above programs are limited. FAME has set aside up to $10 million of its reserves for the loan insurance program, which still has approximately $8.5 million available, and up to $5 million for the direct loan program, which has about $2 million in available funds remaining. FAME estimates that the above programs could help to provide $15 million in economic support for approximately 300 small to mid-sized businesses in the state. FAME makes every effort to work with borrowers on special accommodations for their loans, especially during this challenging time.

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 FAME Direct Loan offers reduced interest rate loans to businesses that may not have been able to secure financing through traditional lenders. This program helps new or existing business 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.

Alfond Leaders Program Seeking More Applicants for Student Loan Debt Relief

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

The Harold Alfond Foundation and the Finance Authority of Maine (FAME) opened up and expanded a new application cycle to provide student loan debt relief for Maine residents who are employed by a Maine-based business in the STEM-related fields of science, technology, engineering, and math. Applications are now being accepted through June 30, 2020. The Alfond Leaders program assists Maine employers in attracting and retaining talented STEM professionals by providing student loan debt relief of up to $60,000 per recipient. The grants are awarded through a competitive application process and, to date, 133 applicants have been selected to become Alfond Leaders. Cumulatively, awards now total just under $4.2 million and the average award is about $31,000.

New in 2020, students who will complete their degree or certificate before September 1, 2020 are welcome to apply. Awards made to graduating students, will be finalized once they have begun a STEM position in Maine and, if new to Maine, have relocated to the state. Selected awardees will have until July 1, 2021 to relocate to Maine and begin their STEM employment for a Maine-based employer.

An applicant must have a higher education degree or certificate, or be graduating by September 1, 2020 in order to apply during this current application collection period.

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

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

Who is eligible?

• Maine residents or persons who will become Maine residents upon being hired by a Maine-based employer;
• A person employed, or who will be employed, by a Maine-based employer in a designated STEM occupation;
• An applicant must have a higher education degree or certificate, or be graduating by September 1, 2020 to apply in this current application cycle (March 15-June 30, 2020).

• An applicant must have outstanding student loan debt;
• Candidates must submit an application, including a written essay, an official college transcript and resume, a statement of intent to live and work in Maine for six years; an employment certification by a Maine-based employer; and disclosure of the amount, source, and terms of the student loan indebtedness.
• Those selected to become Alfond Leaders will receive debt reduction payments made on their behalf, paid in two disbursements after three and six years respectively, of qualifying employment.

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

About the Harold Alfond Foundation:

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

Saco-based Maine Molecular Quality Controls, Inc. is growing and helping to battle the COVID-19 pandemic

At its remotely-held meeting today, the board of directors of the Finance Authority of Maine (FAME) approved 90% pro rata loan insurance on a $2.2 million loan by Saco & Biddeford Savings Institution to Saco-based Maine Molecular Quality Controls, Inc.

The FAME funds will be used to refinance an existing mortgage and enable the construction of a 37,500 square-foot expansion to their existing building, which will allow the growing company to create and retain a total of forty-six Maine jobs. The approval fits squarely within FAME’s mission of helping a growing business in the biotechnology sector that will create additional good-paying jobs.

Maine Molecular Quality Controls, Inc., established in 2000, is a medical device company based in Saco that designs and markets molecular controls for use in testing for inherited diseases, infectious diseases, as well as for oncology and pharmacogenetics. Among other things, the company manufactures quality controls that are currently being used in battling the COVID-19 pandemic. The company is expanding its facilities to meet the growing demand for its products, high-caliber controls uniquely suited to monitor all phases of molecular testing, which provide confidence in laboratory test results.

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.

“We are pleased to help with the continued growth of this remarkable Maine company,” stated Jay Violette, Chair of the FAME Board of Directors. “In these challenging times, we realize more than ever how important the field of medical research and testing is to the health and well-being of not only our state, but of our country and world as a whole.”

“Maine Molecular Quality Controls, Inc. is grateful for the support of FAME. This financing will enable our company to meet the current and future demand for high-caliber quality controls to ensure the accuracy of clinical laboratory testing,” stated Joan Gordon, MT (ASCP), President.

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.

Special loans and loan insurance available for eligible Maine small businesses affected by COVID-19

AUGUSTA — The Finance Authority of Maine (FAME) is partnering with the U.S. Small Business Administration (SBA) and local Maine lenders to offer special, limited-time loans and loan insurance to eligible Maine businesses affected by COVID-19.

FAME and participating lenders will make special terms available to Maine-based businesses that have experienced interruption or hardship due to COVID-19. Various 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 $100,000; interim financing in conjunction with the SBA wherein FAME makes loan proceeds available while approved SBA borrowers await federal funding.

As it has in the past, FAME is partnering with the U.S. Small Business Administration (SBA) to provide interim loan funding since, following approval from the SBA, additional documentation from the borrower may be required prior to full disbursement of the SBA loan. To allow access to those funds immediately, FAME will provide an interim loan to be paid-off with the SBA loan funds. Governor Janet Mills recently announced that the SBA has approved Maine’s application for loans to help eligible businesses impacted by COVID-19. SBA’s Economic Injury Disaster Loans will offer up to $2 million in assistance for a small business. These loans can provide vital economic support to small businesses to help overcome the temporary loss of revenue they are experiencing.️ To learn more about the process for accessing this lending, please visit the SBA website.

“The SBA wants to thank Governor Mills and her team at the Department of Economic and Community Development for their hard work, and immediately reaching out to small businesses in Maine to quantify the impact and gather the required documentation allowing SBA to issue this Economic Impact Disaster Declaration. We’d also like to recognize the quick action of the Finance Authority of Maine in immediately reaching out to partner with the SBA to ensure funds get into the hands of small businesses as quickly as possible” said New England Regional Administrator Wendell Davis, “Maine small businesses can now access and apply for Economic Impact Disaster Loans at www.sba.gov/disaster. Our toll-free line has been established to answer questions at 1-800-659-2955.”

Additionally, the Legislature recently enacted emergency legislation related to COVID-19, and it includes a new consumer loan guarantee program, the COVID-19 Relief Consumer Loan Program, to be administered by FAME in partnership with Maine lending institutions. It will provide a limited number of no-to low-interest consumer loans through a loan guarantee program involving Maine’s banks, credit unions, and FAME. Interested borrowers should first contact their local bank or credit union to see if the lender is offering this program and to apply. Loans of up to $5,000 (minus any unemployment benefits received by borrower) may be available and up to three loans to any one borrower can be applied for, one per each 30-day period.

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

COVID-19 Relief Loan Insurance for Lenders: In partnership with its lending institutions, FAME will approve ANY Online Assistance (OLA) loan submitted electronically and deemed “COVID-19” at a 50% insurance rate. Some will be eligible using our current standards (and be assessed decreased fees) for 75% coverage. Lending partners will share the risk with FAME and may obtain approval for their loan in an expedited manner. Interested borrowers will contact their local bank or credit union first to see if the lender is offering this program and to apply.

COVID-19 Relief Interim SBA Finance Loan Program: The SBA has initiated their disaster relief loan into “designated” disaster areas, and Maine recently has been designated such an area. FAME will provide interim direct loan funding up to $100,000 since, following approval from the SBA, additional documentation from the borrower may be required prior to full disbursement of the SBA loan. FAME will obtain an assignment of the loan proceeds from the SBA and pre-fund the loan so the money is available to Maine businesses sooner.

COVID-19 Relief Business Direct Loan Program: To be utilized when borrower cannot obtain a loan or OLA from a lending partner. Offers loans up to $50,000 and a decreased interest rate and decreased fee schedule for Maine-based businesses that experience interruption or hardship due to COVID-19.

“FAME exists to take increased risk for public benefit. During this extraordinary time, we are pleased to step-up in partnership with the SBA, DECD, and our lending partners to provide some relief to affected Maine businesses,” stated Bruce Wagner, FAME Chief Executive Officer.

Funds for the above programs will be limited. FAME anticipates setting aside up to $10 million of its reserves for the loan insurance program and up to $5 million for the direct loan program. FAME estimates that the above programs could help to provide $15 million in economic support for approximately 300 small to mid-sized businesses in the state. FAME will make every effort to work with borrowers on special accommodations for their loans, especially during this challenging time.

“We are continuing our work to find ways that we can support both Maine businesses and Maine workers during this challenging time,” said Department of Economic and Community Development Commissioner Heather Johnson. “DECD and the Administration are committed to finding solutions and to partnering with FAME and other entities that can offer support to ensure that there are resources available for businesses impacted by the changes in the market as a result of the Coronavirus. I am grateful to the FAME staff and board members for being able to quickly provide these important services to Maine’s businesses.”

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 FAME Direct Loan offers reduced interest rate loans to businesses that may not have been able to secure financing through traditional lenders. This program helps new or existing businesses with flexible gap financing directly from FAME.

 Chris Pinkham, President of the Maine Bankers Association, stated: “This new lending program announced by FAME compliments other services currently available at your bank. We hope all businesses or consumers will reach out to their local financial institution if they are facing financial challenges as a result of illness and/or business interruption. Maine banks are prepared to assist consumers and businesses as we all work through these unprecedented times.”

Todd Mason, President & CEO of the Maine Credit Union League, stated: “Maine credit unions recognize the financial toll the coronavirus pandemic is having on our state’s small businesses. These local companies and their employees are the backbone of Maine’s economy, and we offer our full support for programs that provide much-needed assistance during this challenging time. It is in everyone’s best interest to ensure our state’s small business community has the resources it needs to continue contributing to Maine’s economy and keep hardworking Mainers on their payroll.”

FAME CEO Bruce Wagner added: “The health and welfare of our associates, customers, and the state as a whole are of the utmost importance to us. Thankfully, over the past two years FAME has been reviewing and updating our business continuity plans to ensure our programs continue to operate smoothly in a situation such as this. Additionally, over the past several years, we have taken steps to invest in technology and systems that allow us to care for our employees and customers in a way that enables us to remain in operation and provide financial solutions to Maine’s students and businesses.”

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.