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V O L . X X X I N O. X I X 72 Fact Book / Doing Business in Maine B U S I N E S S R E S O U R C E S About FAME e Finance Authority of Maine (FAME) is a quasi-independent state agency whose mission is to enrich business and educational outcomes through relevant, timely financial support to Maine's people. FAME's vision is a Maine where all people have access to improved economic outcomes through business growth and education attainment. Since its creation by the Legislature in 1983, FAME has helped over 10,000 Maine companies with over $2.5 bil- lion in financing, helping to create and retain over 200,000 Maine jobs. In FY 25, FAME supported $98 million in business-related financing comprised of $82 million in FAME Direct Loans and Commercial Loan Insurance. Additionally, $2.5 million in forgivable loans were awarded through the rive Maine program; $3.8 million in direct loans were made by the Department of Agriculture, Conservation and Forestry and Maine Rural Development Authority programs administered by FAME; and $9.4 million in invest- ments resulted from our Maine Seed Capital Tax Credit program. In addi- tion, FAME administered $4.5 million in investments and loans originated by our economic partner agencies through Grow Maine program. FAME has worked diligently this past fiscal year, along with DECD and other lend- ing partners, not only as a provider of financing, but also as a convener of potential other sources of financing from other sources to support Maine companies seeking to grow and suc- ceed. To learn more about FAME, please visit www.famemaine.com. FAME plays a pivotal role in fostering workforce development across the state. A well-trained and educated workforce attracts busi- nesses to the state, driving innovation and creating job opportunities. is, in turn, enhances the quality of life for Maine's residents and strengthens the state's economy. FAME supports Maine families through programs and free information that helps them afford and attain higher education. We do so through reducing financial barriers and providing information on planning and paying for higher education, career preparation, and financial education, including respon- sible borrowing. FAME also admin- isters Maine's 529 college savings plan and higher education grant and loan programs. is ensures that Maine's residents can pursue degrees and cer- tifications in fields that are crucial to the state's economic development. We are proud to have been named for the tenth straight year as one of the Best Places to Work in Maine. e FAME staff is deeply committed to providing superior customer service to its customers, the people of Maine, and believe that being a Best Place to Work creates a positive and produc- tive work environment. FAME business finance programs Commercial loan insurance: Loan insurance helps to cover a lender's credit risk. For a business, it may mean the difference between obtain- ing a loan, going out of business, or never getting the opportunity to start a business. FAME loan insurance is available for almost any prudent business activity and insures up to 90 percent (100 percent for veterans) of a loan to a maximum FAME insur- ance exposure for any one relation- ship of $7.5 million. FAME offers up to 75% pro rata insurance for up to $1,500,000 of FAME exposure through its Online Answer (OLA) insurance platform, a secure web application, through which lenders can apply easily and receive almost immediate approval. FAME direct loan: Provides subor- dinate or gap financing to businesses affected by their current economic situation. For larger loans, up to $1 million may be available if substantial public benefit is demonstrated and sufficient funds are available. Most often, however, FAME Direct Loans are less than $500,000. Fixed rate not to exceed 8% at time of loan commitment. Revenue obligation securities program: Provides tax-exempt bond financing to manufacturers and 501(c) (3) entities. Municipal securities approval pro- gram: Offers local tax-exempt bond financing to manufacturing borrowers and 501(c)(3) entities. Maine seed capital tax credit: Designed to encourage equity and near-equity investments in eli- gible Maine businesses, directly and through private venture capital funds. FAME may authorize state income tax credits or re-fundable tax credits to investors for 40 percent of the cash equity they provide to eligible Maine businesses. Investments may be used for fixed assets, research or work- ing capital. Annual total program tax credits are now $10 million per year following recent legislative action. Maine New Markets capital investment tax credit program: Modeled after the federal tax credit sharing a similar name, this state program is designed to attract invest- ment in economically distressed areas of Maine. e program was recently reauthorized by the Maine Legislature. An allocation of tax credits may be provided for businesses that invest in qualified community development entities. e credit is equal to 39% of the qualified amount invested, and is spread over a seven- year period, with 7% allowed in year three and 8% in each of years four through seven. e credit may not be taken in the first two years after investment. e maximum aggregate amount of tax credit authority is set forth at $250 million, and the amount of tax credits claimed per fiscal year is limited to $20 million. Regional economic development revolving loan program: Provides subordinate and/or gap financ- ing up to $350,000. e program is offered through the various regional economic development agencies throughout the state. Programs in partnership with Maine Department of Agriculture, Conservation and Forestry Agricultural marketing loan fund: Provides 5% fixed-rate loans to natu- ral resource-based businesses that employ new and innovative tech- nologies and processes to improve, expand, and enhance the manufac- turing, marketability, and produc- tion of Maine-made agricultural products. Funds may be used for the design, construction or improve- ment of facilities such as commod- ity storage buildings and packing and marketing facilities. Funds may also be used to purchase or retrofit machinery and equipment. Potato marketing improvement fund program: Funds may be used by borrowers for the construction and/or retrofitting of potato pack- ing and storage facilities. ey also may be used for new construction or improvements to storage and/ or centralized packing facilities, as well as for the acquisition of pack- ing, sizing, washing and drying equipment. In addition, PMIF funds may be used to fund programs that improve the economic viability of the potato industry. Such improve- ments may include irrigation equip- ment and water source development projects. e program is adminis- tered by the Maine Potato Board in conjunction with the commissioner of the Department of Agriculture, Conservation and Forestry and Finance Authority of Maine offers a range of programs B y F A M E s t a f f

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