Mainebiz

W W W. M A I N E B I Z . B I Z 11 J U N E 1 , 2 0 1 5 I n his fi rst legislative session as CEO of the Finance Authority of Maine, Bruce Wagner says his message to lawmakers emphasized the agency's eff ectiveness in supporting the creation of good-paying jobs through its eco- nomic development and educational/ workforce development programs. "We believe FAME should be rel- evant to the state's economic devel- opment eff orts through good times, as well as bad times," he says regard- ing bills the agency sponsored in the 127 th Legislature's fi rst regular session. Wagner says one bill in particular, LD 1140, supports the Economic Recovery Loan Program, a direct loan program characterized by Investment Consulting Associates in its 2014 evaluation of the state's economic development programs as demonstrating "a strong fi nancial end result." e program provides gap fi nancing to help businesses remain viable and/or improve productivity. In the last fi scal year, Wagner says, FAME made 22 loans through the program, totaling approximately $4 million, to create and retain 428 jobs. Increasing the program's maxi- mum loan amount from $1 million to $2 million, he says, would allow FAME to support bigger deals and refl ects the agency's "new strate- gic plan to more actively promote economic development in the state." e increase in loan amounts require an appropriation, general obligation bond funding or other funding in the amount of at least $13 million. e bill awaits fl oor action after receiving an "ought to pass" divided report out of the Labor, Commerce, Research and Economic Development Committee. Other bills sponsored by FAME LD 1139: a bill that enables the issu- ance of tax-exempt bonds for calen- dar years 2015 and 2016, provides the following allocations to assist Maine students, businesses and citizens in their eff orts to access low-cost fi nanc- ing: $40 million to FAME; $50 million to MaineHousing; $15 million to the Maine Educational Loan Authority; $10 million to the Maine Municipal Bond Bank. e bill is approved by the House and Senate and awaits action by the Gov. Paul LePage. LD 586: legislation that allows FAME to transfer uncommitted funds in its Maine Economic Development Venture Capital Revolving Investment Program to its direct loan program for other uses, has been signed by the gov- ernor and enacted into law. is change allows FAME to deploy approximately $1.6 million in currently unused funds for direct loans to businesses through its Economic Recovery Loan Program. LD 672: legislation that would increase the maximum loan insurance amount available through FAME from $7 million to $10 million, has been enacted and signed by the gov- ernor, but awaits the necessary fund- ing of at least $37 million. Wagner says the measure would help FAME fi nance more and bigger deals to pro- mote economic development. Bills encouraging education and workforce development LD 1019: the governor's two-year budget proposal, would provide $5 million in additional funding for each year of the biennium to increase awards through the Maine State Grant, a need-based grant program administered by FAME. A major- ity of the Education Committee has recommended increasing the appro- priation by $22 million per year of the biennium in order to address the issue of college aff ordability. e bill awaits fl oor action. LD 1360: a bill that would create the Maine Science Technology Engineering and Mathematics Loan Program to be administered by FAME, has received an "out to pass, as amended" report by the Education and Cultural Aff airs Committee. If enacted and signed into law, FAME would off er loans at varying interest rates to participating students, depending on their future employment. Status of bills refl ect actions taken prior to Mainebiz going to press on May , and will be updated in the online version of this story. P O L I T I C S & C O. B Y J A M E S M C C A R T H Y FAME bills emphasize economic and workforce development THIS PROGRAM/PROJECT IS FUNDED BY (OR IN PART BY) A $13 MILLION DOLLAR GRANT FROM THE U.S. DEPARTMENT OF LABOR, EMPLOYMENT AND TRAINING ADMINISTRATION. THIS PROGRAM IS AN EQUAL OPPORTUNITY/AFFIRMATIVE ACTION PROGRAM, ADAPTIVE EQUIPMENT WILL BE PROVIDED UPON REQUEST TO PERSONS WITH DISABILITIES. KENNEBEC VALLEY COMMUNITY COLLEGE IS AN EQUAL OPPORTUNITY/AFFIRMATIVE ACTION INSTITUTION AND EMPLOYER. FOR MORE INFORMATION, PLEASE CALL THE AFFIRMATIVE ACTION OFFICER AT (207)453-5123 KENNEBEC VALLEY COMMUNITY COLLEGE 92 WESTERN AVENUE FAIRFIELD, MAINE 04937 (207)453-5815 WWW.KVCC.ME.EDU COURSES START SEPTEMBER 8, 2015! APPLIED ENGINEERING TECHNOLOGY APPLIED ELECTRONICS & COMPUTER TECHNOLOGY REGISTER NOW EDUCATION DESIGNED TO MEET EMPLOYER DEMANDS! Begin your new careers in areas such as: v Electronics engineering technology v Bio-medical electronics v Computer and network support v Wireless communica on systems v Cellular and mobile support technician Call Carrie at (207) 453-5815

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