Mainebiz

W W W. M A I N E B I Z . B I Z 25 N OV E M B E R 3 0 , 2 0 2 0 F O C U S B A N K I N G / F I N A N C E / I N S U R A N C E Over the years, Armstrong expanded the firm from landscaping to excava- tion, plowing and sanding, and services ranging from the installation of septic systems and underground power lines to the construction of house lots. is past March, though, things got rough. "When the pandemic first started, there was lot of canceling and postpon- ing," Armstrong says. "We do a lot of mowing at the camps here, but nothing opened. at didn't help." Armstrong got by at first with some previous contracts, by using operating funds for payroll and, soon, by selling one of his bucket loaders to drum up cash. "It was very tight there for a while," he says. Armstrong approached the Finance Authority of Maine, or FAME, to see what kind of assistance might be avail- able to help small businesses like his weather the crisis. He was connected with one of FAME's commercial loan officers, Matt Lindquist, who guided Armstrong through the agency's COVID-19 direct loan program, which FAME had newly implemented with special terms designed to help as many businesses as possible. "Matt made it a pretty easy pro- cess," says Armstrong. For Armstrong, a $20,000 loan through the program made all the dif- ference to keep operations going and his crew paid until business picked up again in July. "It was just enough to get us past that patch," says Armstrong. "We were able to breathe, anyway." FAME established this and other programs that respond to the COVID- 19 crisis for exactly that reason – to give businesses breathing space. "Right now we're taking more risk than ever in our history," says FAME CEO Bruce Wagner. "ere can't be a time more important than this pan- demic for us to take a risk for public benefit. ese are dire circumstances." Quick response In February, FAME contacted its lend- ing partners to get an understanding of what they were seeing in the market Working toward reaching your goals is easier when you have the help of an experienced team. For more than 160 years, we've been there for our clients and customers, providing customized guidance and personal service to assist you in turning goals and dreams into realities. Start a conversation with one of our local, experienced professionals today and see why the right team matters. For questions or more information, please call 207-808-4485 or visit nbtbank.com/ME MEET THE TEAM (from left to right) Mark Schaub, VP Commercial Banking Relationship Manager Jeremy Deering, SVP Senior Commercial Banking Relationship Manager Amy Taylor, VP Cash Management Sales Officer Jack Lufkin, VP Senior Commercial Banking Relationship Manager Kimberly Twitchell, SVP Maine Regional President Member FDIC TRUST THEM TO THE RIGHT TEAM Capital and Cash Management Solutions Local Perspective and Decision Making Maine Regional Headquarters 5 Widgery Wharf, 3rd Floor Portland, ME 04101 HOW CAN WE HELP YOUR BUSINESS TODAY? Yr gls are a g deal Yr gls are a g deal C O N T I N U E D O N F O L L OW I N G PA G E » We really were able to react quickly. — Jennifer Cummings Director of business programs

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