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W W W. M A I N E B I Z . B I Z 73 Fact Book / Doing Business in Maine B U S I N E S S R E S O U R C E S FAME. e interest rate on loans is Prime rate on the date of loan com- mitment or up to a maximum of 5%. Existing loans in good standing may be refinanced at the same rate. Maine dairy improvement fund: Helps farms and other dairy enter- prises fund capital improvements to maintain and enhance the viability of their farms. It offers 1% fixed interest rate for loans up to $250,000. Private activity bond financing As noted above, FAME is one of the state's authorized issuers (along with MaineHousing, the Maine Municipal Bond Bank and the state treasurer) of private activity bonds. FAME's revenue obligations securi- ties program provides tax-exempt bond financing to eligible borrowers without any recourse or obligation on the part of the state. FAME acts as a conduit for borrowers in order to allow them to access favorable interest rates and to help stimulate the economy and create and retain Maine jobs. Such bonding, com- monly referred to as "conduit bonds" due to their relatively risk-free, pass- through nature, are authorized by the Internal Revenue Code in order to stimulate economic development in certain targeted industries such as manufacturing, nonprofits, and solid waste disposal facilities. The Maine Funding Network e Maine Funding Network, a portal any business can utilize when seeking financing from public and nonprofit funding organizations, recently celebrated its first successful year of operation. MFN has gener- ated 1,600 funding and business counseling matches for over 600 Maine businesses with more than 20 public, non-profit, and alternative funding and counseling agencies. Each business receives potential funding options and/or business counseling resources, after which the funding organization reaches out to help. e portal provides a central intake platform, common applica- tion, and automated lender match- ing. e portal supports three key strategies: streamlining business applications, matching, and fund- ing from Maine's public and non- profit providers; aggregating data to improve understanding of demand/ need within Maine's business com- munity; and improving collabora- tion between public, non-profit, and for-profit agencies using the cloud- based funding platform. "We've been able to partner with over twenty of the state's public, non-profit, and alternative funding organiza- tions and they are all working with the businesses to increase their chances of success," stated Jonathan Poole, Chief Operations Officer. Current partner organizations include: Androscoggin Valley Council of Governments, Black Owned Maine, Coastal Enterprises, CEI Women's Enterprises, Community Concepts Finance Corporation, e Cooperative Fund of the Northeast, Eastern Maine Development Corporation, FAME, Four Directions Development Corporation, Greater Portland Council of Governments, Immigrant Welcome Center Greater Portland, Maine Angels, Maine Office of Business Development, Midcoast Council of Governments, Small Business Development Center of Maine, Maine Technology Institute, Maine Venture Fund, Northern Maine Development Commission, City of Portland, SCORE, Southern Maine Finance Agency, Southern Maine Planning & Development Commission, and Sunrise County Economic Council. FMI, visit MaineFundingNetwork.com Find over 200 credit union locations statewide at mainecreditunions.org Local businesses are the financial heart of Maine. At Maine Credit Unions, we understand that your businesses isn't just an economic driver, its also a community builder. That's why we're proud to support local businesses across the state with accessible financing, personalized service, and financial tools built for your growth. Whether you're just starting out or expanding your company, we're here to help you thrive, every step of the way. S O U R C E : Finance Authority of Maine