Mainebiz

V I E W P O I N T S W W W. M A I N E B I Z . B I Z 3 N OV E M B E R 2 5 , 2 0 1 9 Featured @ Mainebiz.biz For a daily digest of Maine's top business news, sign up for the Mainebiz Daily Report at mainebiz.biz/enews Get Maine's business news daily at mainebiz.biz and on Twitter (@Mainebiz). Below is our most popular content for the two weeks between November 4–18. 1. Marshall Wharf property in Belfast hits the auction block 2. Maine toy retailer changes hands, from one couple to another 3. Downtown Portland office tower and parking garage up for sale 4. Massachusetts investment group buys into Biddeford's growth opportunity 5. USM gets $500K donation to help student veterans 6. MaineHealth names presidents at two regional subsidiaries 7. Hire calling: Maine law firms ramp up attorney recruiting 8. TD Bank to close one of two downtown Portland locations 9. Portland to host national governors meeting next summer 10. Maine voters pass $105M transportation bond; Portland mayor unseated P H O T O / C O U R T E S Y T R A N Z O N A U C T I O N P RO P E R T I E S 1 From the Editor T his issue's focus on banking and finance looks at two trends with different directions but signifi- cant potential. For our cover story, Senior Writer Laurie Schreiber looked at the issue of legalized marijuana and who will step in to finance it. With banks pro- hibited by federal charter from lending to cannabis establishments, some Maine bankers are working with lawmakers on ways the laws can be changed. Laurie talks to bankers but also to those in the indus- try. To date, it's been an all-cash industry. Hands are tied on both sides, but change may be coming. Story starts on Page 16. In an entirely different realm, Maine is seeing a growing number of financial technology firms, or fintechs. With WEX Inc. leading the way, other companies are finding markets for their products, as Senior Writer Renee Cordes reports. See Page 22. Southern Maine is a key market for Maine banks, no matter where they're based. Maureen Milliken catches up with Andrew Cook, who recently joined Skowhegan Savings Bank as a Portland-based banker in charge of southern Maine relationships. See Page 28. We have two lists: Maine's largest accounting firms are listed on Page 38 and the list of Maine's largest credit unions is on Page 30. Peter Van Allen pvanallen@mainebiz.biz We at FAME appreciated the column in the Nov. 11 issue of Mainebiz, "How to navigate tuition assistance and be tax smart," by contributor Ryan Harney. ank you for mentioning the NextGen 529, which we administer, and the Education Opportunity Tax Credit, which we help to market and publicize. ere are a few corrections we wanted you to be aware of. You wrote that one can get a total of $1,100 in grants in Year One: a combination of $500 Alfond Grant, $200 Initial Matching Grant (for opening account), $100 Automated Funding Grant, and $300 yearly grant, which we call the NextStep Matching Grant. is is actually incorrect for 2019, because if one receives the Alfond Grant, they are no longer eligible to also receive the $200 Initial Matching Grant upon account opening. And we think it's important to make clear that an account owner may only receive the maximum $300 NextStep Matching Grant if they make the required contri- butions (in 2019, the match is 50%, thus requiring contributions of at least $600). In addition, there have been some changes to matching grants announced for 2020: the Initial Matching Grant is being reduced to $100, but it will be made available to Alfond Grant recipi- ents upon account opening. And the NextStep Matching Grant is being reduced to a 30% match, thus requiring contributions of at least $1,000 to receive a $300 match. William Norbert Governmental affairs and communications manager Finance Authority of Maine, Augusta To the Editor Be smart. BE SHUR. bernsteinshur.com When you need a JD with an MBA's approach. Finance industry's new frontiers For more program info, including the various updated grant amounts, go to nextgenforme.com @

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