Mainebiz

W W W. M A I N E B I Z . B I Z 11 J U N E 1 3 , 2 0 1 6 L D 1655, a bill designed to increase the number of science, technology, engineering or math- ematics professionals in Maine, received strong bipartisan support from both Gov. Paul LePage and Senate Minority Leader Justin Alfond, D-Portland, as it made its way to enactment and becoming a new law. But for now the Maine STEM Loan Program is dead in the water. What happened? It turns out a separate bill authorizing a $10 million bond to fund the loan program never made it past the Appropriations and Financial Aff airs Committee and died there with- out enactment when the 127 th Legislature adjourned. So that means there's no money in the fund to provide the special interest rate loans to students pursuing an education in the STEM fi elds, including those studying out-of-state but who return to Maine to pursue a STEM career. Maine STEM students who stay to work here in one of those fi elds would be eligible for 0% loans. Likewise, there's no money for STEM graduates in Maine who choose to work in other fi elds to receive a 5% interest rate. Ditto for students who had pursued a STEM degree in Maine but moved out of state: ey'd be eli- gible for an 8% interest rate under the approved loan program. " e program is on the books, but we can't implement it," said Bill Norbert, governmen- tal aff airs and communications manager for the Finance Authority of Maine. "We anxiously await funding from the Legislature that would allow us to administer the Maine STEM loan program." Norbert said that even though Alfond isn't seeking reelection due to term limits, he's confi - dent another lawmaker will take up the funding bill needed to launch the loan program when the new Legislature convenes in January. Assuming that it follows the same approach as the unsuc- cessful funding bill, the general obligation bond would go to Maine voters for their approval. " e underlying bill had broad bipartisan support in its passage," he said. "It is a key priority of ours and of the governor. It's a great idea." Meeting a need In his testimony for LD 1656, the bill that was intended to fi nance the STEM loan fund, Norbert cited Maine Department of Labor estimates that the number of STEM jobs "will rise nearly three times the rate for all occupations in the 10-year period from 2012-2022, or 6.5%. e expected increase in STEM jobs is projected to be 6,800 and will account for 46% of expected net job growth. Currently, STEM jobs make up 11.8% of all employment in Maine, placing us 31 st in the nation." " is bill [i.e., LD 1655] was well conceived," Andrea Cianchette Maker, leader of Pierce Atwood's government relations practice, told Mainebiz in an interview at the law fi rm's Portland offi ce. "I'm hopeful the state will be able to come up with the funding so that it can become eff ective." Maker is co-chair of the leadership team of FocusMaine, the newly formed private sector busi- ness group that has launched a 10-year plan to add jobs by focusing on three industries: agriculture, aquaculture and biopharmaceuticals. She said an important feature of the STEM loan program is the fi nancial incentives it creates to draw talent to Maine to study and work in those fi elds. "We need every tool in the toolbox to develop, attract and retain knowledge-workers in Maine," she said. 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 It may be a great idea, but STEM Loan Program didn't get funded SIS BUSINESS BANKING BUNDLE We have the Business Products that work for you. We listened to our customers and created a bundle of business products and services that work for our small business customers. The SIS Business Banking Bundle consists of products such as: Ultimate Business Checking - The ultimate business checking account in the marketplace today. Open an account by July 31st and enjoy unlimited monthly transactions for the life of the account*. Small Business Loans - Available at your local SIS branch, featuring flexible terms, great rates and easy application process. Employee Rewards Program - Our new "bank at work" program available for our business customers to offer to their employees as added benefits; at no additional cost to them. Equal Housing Lender Member FDIC 9 locations in Southern Maine and New Hampshire 207.324.2285 | 1.888.226.5747 | banksis.com *Unlimited transaction fee if opened by July 31, 2016. Accounts opened after the date will include a fee for each item exceeding 400 combined transactions per month. Ever wonder if a particular bill made it into law among the hundreds lawmakers might have considered while they were in session? Pierce Atwood's Government Relations Practice Group has put together a handy summary of new Maine laws enacted in the second session of the 127th Legislature. The 2016 summary can be found at mainebiz.biz/2016NewLaws @

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