JULY 2021 • IN THIS ISSUE
Recent Partnerships
Major Increases Approved for FAME's Online Answer (OLA) Program
Annual Loan insurance Activity
- Commercial Loan Insurance Activity: Number of Loans
- Commercial Loan Insurance Activity: Lender Balance
- Total Loans Closed by Program
Business Webinar Series Resumes with Overview of FAME Programs
FAME Approves Financing for MedRhythms, Inc. & Vertical Harvest, L3C
SAVE THE DATE! Showcase Maine Returns with Guest Speaker Gov. Janet Mills
FAME Approves Financing for Moosehead Resort & Biodiversity Research Institute
Credits Still Available in Maine Seed Capital Tax Credit Program
FAME Staff Spotlight: Carlos Mello, Acting Chief Executive Officer
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Major Increases Approved for FAME's Online Answer (OLA) Program
Agency to double limits on its most utilized commercial loan insurance program
At its monthly meeting on July 15, 2021, FAME's Board of Directors approved a 100% increase to FAME exposure limits for the agency's Online Answer (OLA) commercial loan insurance platform. OLA is FAME's secure web application that enables lenders to apply online for commercial loan insurance and receive an immediate decision upon application submission. The new increases will support the processing of requests up to $1,500,000 through the OLA platform and expedite application processing. Increases are expected to take effect within the next 30 days. Watch your inbox for updates!
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Annual Loan Insurance Activity
Thank you to Maine's lending community for your partnership in 2021!
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Commercial Loan Insurance Activity: Number of Loans |
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Commercial Loan Insurance Activity: Lender Balance |
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Total Loans Closed by Program |
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FAME's Business Webinar Series Returns |
On Wednesday, July 21st, FAME's Director of Business Programs Jenn Cummings hosted a webinar on FAME programs for Maine lenders and businesses. Access the recorded webinar, slide presentation, and transcripts of Q&A and chat on our website. |
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FAME Approves Financing for MedRhythms, Inc. & Vertical Harvest, L3C
At their July 15, 2021 meeting, the board of directors of the Finance Authority of Maine 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.
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.
Vertical Harvest, L3C, plans to build, equip and operate a vertical hydroponic greenhouse in Westbrook that will produce over one million pounds of produce annually for sale to local consumers.
Funds will be used 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.
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SAVE THE DATE!
Showcase Maine returns on Nov. 18th
Maine Governor Janet Mills slated as guest speaker
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FAME's annual Showcase Maine returns to an in-person event this year (with virtual option likely, as well) on Thursday, November 18th, at Portland's Holiday Inn by the Bay. This year's guest speaker will be Maine Governor Janet Mills. Watch your inbox for more details and early bird registration! |
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FAME Approves Financing for Moosehead Resort
$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, FAME's Board of Directors 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.
The board also 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.
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Credits Still Available in Maine Seed Capital Tax Credit Program
Approximately $10 million in tax credits still available for eligible investments
The Maine Seed Capital Tax Credit Program is designed to encourage equity investments in Maine businesses, both directly and through private venture capital funds. FAME may authorize state income tax credits to investors for 40% of the cash equity provided to eligible Maine businesses. Investments may be used for fixed assets, research, or working capital.
As of this writing, approximately $10 million in tax credits is still available for eligible investments made in eligible companies on or after April 1, 2020. More information and application forms are available on our website.
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FAME Staff Spotlight
Carlos Mello, Acting Chief Executive Officer
Reflecting on his new role as Acting CEO, Carlos says “FAME continues to be focused on helping Maine people and businesses thrive to help propel Maine’s economy forward. Not only are we increasing Online Answer limits and providing partners additional tools to meet the needs of Maine businesess, but we look forward to working with our lending partners and others in developing many more innovative financing solutions.”
Carlos has over thirty-five years of banking, lending, investment, finance, and accounting experience. In addition to his role as FAME’s Acting CEO, he has served as the Chief Risk Officer at the agency. Prior to joining FAME, Carlos served as the President and CEO of Prudential Bank & Trust, FSB, and held other leadership positions at Prudential Financial. He also held senior vice president and managing director positions at People’s United Bank. Carlos is a certified financial planner and has held investment representative, investment advisor, and securities principal licenses. He is a former certified public accountant and received his B.S. in accounting from Boston College. He currently serves as chair of the CEI Ventures Board of Directors and is an active member of the Episcopal Diocese of Maine, serving as a trustee of Diocesan funds and recently as senior warden at St. Thomas’ Episcopal Church in Camden. Carlos and his wife live in Camden and are the parents of three adult children.
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Roxanne Broughton
Commercial Loan Officer
620-3547
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Matthew Lindquist
Commercial Loan Officer
620-3527
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Karen Kunesh
Workout Officer
620-3532
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Kim Getchell
Commercial Loan Officer
620-3507
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Jennifer Cummings
Dir. Business Programs
620-3531
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207-623-3263 or 1-800-228-3734
TTY: 207-626-2717
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2015 • 2016 • 2017 • 2018 • 2019 • 2020
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The Finance Authority of Maine (FAME) does not discriminate in the administration of any of its programs or in its employment practices on the basis of race, color, national origin, age, gender, religion, physical or mental disability, political affiliation, marital status or sexual orientation. FAME is an equal opportunity employer, provider and lender.
FAME provides links to other websites as a convenience and does not endorse or guarantee the content, accuracy or usability of such sites.
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