August 2022 • IN THIS ISSUE

New Programs: Thrive Maine and Grow Maine

Recent Partnerships

Annual Loan Insurance Activity

• Commercial Loan Insurance Activity: Number of Loans
• Commercial Loan Insurance Activity: Lender Balance
• Total Loans Closed by Program

SAVE THE DATE! Showcase Maine Returns to In-person

FAME in the News

FAME Staff Spotlight

Bonus Programs to Share with Your Colleagues & Customers:

• Free Community College
• Employer Financial Wellness Program

$120 Million for Maine's Businesses: Thrive Maine & Grow Maine

A $120 million initiative to support Maine small businesses features two new programs administered by FAME: Thrive Maine and Grow Maine.

Thrive Maine is a forgivable loan program for businesses and nonprofits that demonstrate COVID-related negative economic impacts. The program is funded by the American Rescue Plan Act (ARPA), an economic stimulus bill that was passed by the 117th United States Congress, with $58 million allocated to support Maine small businesses by the Legislature and Governor Mills under LD 1733 through the Maine Jobs and Recovery Plan. 

Grow Maine will provide up to $62 million of State Small Business Credit Initiative (SSBCI) funding to eligible Maine businesses. Funding will be available through FAME and its intermediary partners via loan guarantees, direct loans, and equity capital. SSBCI is a federal program administered by the U.S. Department of the Treasury that was created to strengthen state programs that support private financing to small businesses. Governor Mills designated FAME to serve as the state agency to accept and administer the allocated funds for the program.

View Governor Mills' full press release for Thrive Maine and Grow Maine.

Annual Loan Insurance Activity

Thank you to Maine's lending community for your partnership in 2022!

SAVE THE DATE!

Showcase Maine Returns on Nov. 17th

FAME's annual Showcase Maine returns to an in-person event this year on Thursday, November 17th, at Portland's Holiday Inn by the Bay. Watch your inbox for more details and early bird registration!

In the News...

FAME Staff Spotlight

Nicholle Risch, Commercial Loan Assistant

Nicholle Risch joined the business team in April 2022 as a Commercial Loan Assistant. Shortly after joining FAME, she graduated from Southern New Hampshire University with a bachelor’s in business administration with a concentration in finance.

Nicholle is grateful for the opportunities and skills learned in her banking career which she now brings to FAME. She is excited to help Maine businesses grow and prosper.

“I have learned in recent years that something far greater will always come out of the moments where you are tested the most. I see a great future for Maine’s businesses as we emerge from the COVID-pandemic, and I am happy to play a part in their success.” 

Nicholle has always enjoyed learning about businesses, and she appreciates the opportunity to see the behind-the-scenes of each business’s operations and their unique circumstances in her position has a Commercial Loan Assistant. 

Outside of work, Nicholle enjoys spending time doing anything in Maine's great outdoors, from gardening to motorcycling and horseback riding. She lives in Palermo with her boyfriend and their dog, two cats, and a few chickens.

Free College at Maine’s Community Colleges

Maine’s community colleges are now offering up to two years of tuition-free college to all high school graduates from 2020-23 under the new Free College initiative funded in the supplemental budget signed by Governor Janet Mills. To qualify for the Free College Scholarship, students must have a high school diploma or equivalent from 2020-23, enroll full-time in an associate degree program or one-year credential, live in Maine while enrolled, and accept all federal and state grants, scholarships and other funding sources. Before applying to one of state's community colleges, eligible students must file a FAFSA. For more information on and assistance with filing the FAFSA, visit FAMEmaine.com/FAFSA4FreeCC

Employer Financial Wellness Roadmap

Let FAME help you help employees become financially capable

FAME’s new Employer Financial Wellness Roadmap provides a step-by-step guide to employers who want to offer financial wellness programs to their employees. The roadmap provides evidence for why employee financial wellness is so valuable in improving employees’ lives, and in turn, the overall success of an organization. The roadmap includes resources, best practices, technical support, and research to guide development and implementation, including an overview of FAME’s employee financial wellness program.

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