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 3 0 , 2 0 2 0 From the Editor T wo-thousand-twenty will long be remembered as a time of historic change, and it's not just because of COVID-19. e leadership teams of Maine's banks have become more gender-inclusive than at any previous time in their existence. One example: Norway Savings Bank's first female president and CEO recently became its first female board chair, with plans to serve on the board well past retirement. Other Maine banks are also taking a more stra- tegic approach to board diversity, not just to better reflect their local customer base and employees, but because it also makes good business sense. ere's even mathematical proof that banks with a "critical level" of diversity on their boards perform bet- ter, as shown in a 2019 Federal Reserve staff report. But the glass ceiling is still intact in many places, and the pandemic could aggravate that barrier for women in senior banking positions. Senior Writer Renee Cordes examines the progress that's been made, and needs to be made. See Renee's story, "Banking on women," on Page 20. It's impossible to describe 2020 without men- tioning the financial devastation the pandemic has caused countless Maine businesses. e response of the Finance Authority of Maine, the quasi- independent state lending agency, has been bold, perhaps even financially risky. It includes $15 million in direct loans and com- mercial loan insurance help, about half of which has already been distributed to businesses in need. Senior Writer Laurie Schreiber reports on how FAME is providing make-or-break financing for many Mainers — and whether it will be enough in the critical months ahead. Check out her story, "Cash crunch," on Page 24. In another industry, an app launched three years ago in Maine is connecting food producers and gro- cers at a time when that connection is needed more than ever. Forager, the brainchild of David Stone, is a "digital supply system" that matches local produc- ers with stores looking for fresh goods. e pandemic initially hurt business, but Forager is finding success as COVID leads more consum- ers to think about healthy, local food. Senior Writer Maureen Milliken takes a look at how the startup is doing in "Home food advantage." Her story begins on Page 14. Just in time for the holiday season, our "On the Record" interview is with Adam Reny, co-owner of Renys, the 70-year-old department store chain with 17 locations across Maine. See Page 29. We also have a list of Maine's largest accounting firms, on Page 34. William Hall, Digital Editor whall@mainebiz.biz 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 from Nov. 9–22. 1. Maine investor group eyes growth with $5.5M acquisition of Lewiston manufacturer 2. Portland Jetport is one of the 'very early' ones to launch onsite COVID-19 testing 3. 'Rare' offering in tight Portland multi- family market sells in a week 4. Machias Savings bulks up leadership to pursue growth, keep community links 5. L.L.Bean puts 'hold' on plans for large Freeport mixed-use development 6. Westbrook's Rock Row adds 3 tenants to Market Basket area on Main Street 7. Co-op development is surprise pick for Portland Douglass Street lot 8. Is the fallout from Election Day causing too much distraction and uncertainty in your day-to-day business? 9. How to comply with Maine's new paid leave law: a guide for employers 10. Portland won't enforce emergency minimum wage until 2022 P H O T O / C O U R T E S Y O F A N A N I A & A S S O C I AT E S 1 bernsteinshur.com Be smart. BE SHUR. When you need a lawyer who thinks like an executive and speaks like a human. A different world for banking and finance Mainebiz Editor Peter Van Allen will be back next issue. An app launched three years ago in Maine is connecting food producers and grocers at a time when that connection is needed more than ever.

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