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FAME News

FAME Approves Financing for Belfast Boat Manufacturer

FAME approves loan insurance for Dubba, LLC for land purchase and construction of new boat manufacturing and maintenance facility located at 101 Front Street, Belfast. The company has plans to engage in new technology and enter new markets as it expands. The proposed expansion is expected to create forty new jobs and retain an additional eighty-four jobs.

FAME Announces Expanded Online Insurance

Beginning April 1, 2017, FAME lender partners can opt for up to $750,000 in loan insurance through FAME’s OnLine Answer (OLA). Lenders can process applications for loan insurance on OLA, FAME’s secure web application, and receive a decision in seconds. This expansion allows lenders to use the OLA system instead of applying for larger exposure loans through FAME’s traditional paper application. This is the fourth and largest loan insurance enhancement FAME has launched in the past six months in response to extensive customer feedback actively sought by the agency.

FAME Approves Financing for Beal College Nursing Program

At its March 16, 2017 monthly board meeting, the Finance Authority of Maine (FAME) approved direct loan financing for Beal College of Bangor to help the institution establish a new school of nursing. Scheduled to begin in the Fall of 2017, the new program seeks to address the expected workforce shortage of nurses in Maine in the coming years. In a strategic partnership with the college, Eastern Maine Medical Center will donate the equipment necessary to set up a nursing lab at the school, and will provide clinical rotations for students and classroom space as needed.

Harold Alfond Foundation Unveils Statewide Student Loan Debt Reduction Program

The Harold Alfond Foundation has unveiled “Alfond Leaders,” a statewide student loan debt relief program for Maine residents working in the STEM-related fields of science, technology, engineering and math and employed by a Maine-based business. The program offers up to $60,000 of debt relief per recipient and will be awarded through a competitive application process to approximately 150 Alfond Leaders over the next three years.

FAME Approves Financing for Maine Schools and Businesses

At its monthly meeting on January 19, 2017, the FAME Board approved financing for Husson University; Thornton Academy; MaineHealth; and LifeFlight of Maine, LLC. The move will help to improve the general health and well-being of Maine students and businesses.

FAME Approves Financing for Casco Bay Vending

The Finance Authority of Maine (FAME) recently approved financing for Casco Bay Vending of Lewiston to acquire the two largest vending operations in Maine, Canteen Service Company of Bangor, and the vending division of Pine State Trading Company of Gardiner. The acquisition will help to retain 115 existing jobs in Maine and will make Casco Bay Vending the largest vending operation in the state.

FAME Launches Online Tool for Student Loan Borrowers

FAME’s Private Loan Repayment Counseling Tool is the first of its kind and provides borrowers with important strategies for tracking their loans and managing payments, as well as important tips on budgeting and saving.

FAME Approves Financing for Thompson’s Point Project

The Finance Authority of Maine (FAME) recently approved a $500,000 direct loan to Forefront Brick South, LLC to help finance property improvements and working capital related to the redevelopment of a vacant building into an events center at Thompson’s Point in Portland.

FAME Celebrates Another Successful Year at Annual Dinner

FAME’s annual celebration of its successful partnerships within Maine business, lending, and higher education communities featured a reception, exhibits by Maine business and education organizations that partner with FAME, a dinner and awards presentation, and a keynote speech by award-winning poet and part-time Maine resident Richard Blanco.