FAME Business Update Online
October 2011 |
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Upcoming Events |
October 12
Kennebec Valley Chamber of Commerce Business to Business Trade Show
Augusta Civic Center
Augusta, Maine
October 20
FAME Board of Directors' Meeting
FAME Office
Augusta, Maine
October 26
Lenders' Advisory Group
FAME Office
Augusta, Maine
November 8
Adaptive Equipment Loan Program
Board Meeting
FAME Office
Augusta, Maine
November 15
FAME Annual Meeting
featuring Showcase Maine
Holiday Inn by the Bay
Portland, Maine
November 24-25
FAME Office Closed
Thanksgiving Holiday
December 13
Adaptive Equipment Loan Program
Board Meeting
FAME Office
Augusta, Maine |
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| FAME News | |
Deb Cole has announced her retirement as of September 30, 2011. Deb has been the cornerstone of FAME's Commercial Division
for twenty-seven years. Deb's first job at FAME was as a Business Development Assistant, then as Job Start Manager. She subsequently moved into the position of Credit Analyst, and then became a Commercial Loan Officer.
Deb plans to travel with her husband and be a stay-at-home mom to her two dogs, Buffy and Heidi.
Enjoy your retirement, Deb. You are the best!
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| Save the Date! | |
FAME's Annual Meeting and Showcase Maine will be held on Tuesday, November 15 at the Holiday Inn by the Bay in Portland. More information, including registration, will be available on FAME's Web site soon! |
| Maine Food Processing Grant Program | |
In June 2010, a one-time general obligation bond was approved by Maine voters to help food processors in the state. The Maine Food Processing Grant Program, administered by FAME, provided grants for Maine food processors to support the creation, retention, and growth of fishing, agricultural, and dairy enterprises. Through the grant application process, six applicants were chosen to receive grant funds totaling $975,000.
The grant recipients are: Stonington Sea Products (seafood sales and processing); Blake's Custom-Cut Meats of Alexander (slaughter house); Northern Girl, LLC of Van Buren (vegetable processing); Portland Shellfish Co., Inc. (seafood processing and distribution); Somerset Grist Mill of Skowhegan (grain milling); and The Gelato Fiasco, Inc. of Brunswick (gelati manufacturing/sales). Given the success of this grant program, and due to the fact that there was not enough money through the bond to meet all of the need for food processing companies in the state, FAME reserved $1,500,000 in monies through its long-standing Economic Recovery Loan Program to lend to companies with substantially the same parameters as the grant program. The term will be 5 years at prime rate. At this time the program has slightly under $1,000,000 requested, and the FAME Board of directors will be asked to extend the availability under this modification of the reduced interest rate until December 31, 2011. |
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FAME Business Activity | |
1. FAME Commercial Loan Insurance Activity (Loans Made) by Lender July 1, 2010 through June 30, 2011:
2. FAME Commercial Loan Insurance Activity (Loans Made) by County Fiscal Year 2011 as of June 30, 2011:
Note: FAME strives to achieve statewide loan insurance coverage; however, because the activity in FAME's Commercial Loan Insurance Programs is driven by applications from commercial lenders, the results may reflect higher levels of activity in areas with higher population bases (and the associated higher concentration of businesses).
3. FAME Loan Insurance Exposure by Lender as of June 30, 2011: 
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| Featured Program |
State Small Business Credit Initiative (SSBCI)
On September 16, 2011, the U.S. Department of Treasury and Maine Governor Paul LePage announced the approval of Maine's State Small Business Credit Initiative (SSBCI) application. The Maine Department of Economic and Community Development, in cooperation with FAME, will use these funds to support the Economic Recovery Loan Program (ERLP); the Regional Economic Development Revolving Loan Program (REDRLP); and the Small Enterprise Growth Fund (SEGF). ERLP provides direct loans for businesses with insufficient access to credit in order to remain viable and improve productivity. REDRLP provides loans to Maine's regional economic development agencies for the purpose of creating or retaining jobs. SEGF is a state-run venture capital fund that invests in Maine companies that demonstrate a potential for high growth and public benefit.
More information on SSBCI is available on FAME's web site. |
| OnLine Answer System | |
Do you know...
- FAME's OnLine Answer (OLA) system is in its sixth year?
- 75 percent of FAME's loan insurance is processed using the OLA system?
- 200 loans were submitted through OLA between July 2010 and June 2011? 154 were closed by the Lender, which totaled $23,333,228.33 in insured loans.
- Start-up companies are now eligible for insurance through OLA?
OLA is a faster, easier and lower cost way for lenders to apply for up to 75 percent loan insurance. System users submit an electronic application and receive an answer within minutes.
Underwriting of OLA loans is done by a computerized formula, based on the information provided in the application process. The formula considers criteria determined by FAME including business cash flow, collateral coverage, credit score and public benefit.
FAME has also started a quarterly newsletter to OLA liaisons to keep them updated of enhancements to OLA eligibility, the online system, and offer hints and tips on using OLA. FAME is offering an OLA training webinar this fall where lenders can call in from their office and walk through the OLA process with a FAME Loan Officer. Information on this training opportunity will be sent to liaisons in November.
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Business and Education at Work for Maine
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Finance Authority of Maine
5 Community Drive
P.O. Box 949
Augusta, Maine 04332-0949
Tel: (207) 623-3263
(800) 228-3734
Fax: (207) 623-0095
TTY: (207) 626-2717 |
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