Business eNews: Winter 2024

In This Issue

• FAME Commercial Loan Insurance
• In the News
• Showcase Maine 2023 Recap
• FAME Staff Spotlight
• 40th Anniversary
• Bonus Programs to Share with Your Colleagues & Customers:
• Financial Check-in with FAME - Webinar Series
• NextGen 529

FAME Commercial Loan Insurance

Your partner in helping Maine businesses get to yes.

As commercial loan lenders, you work hard to help your customers access the capital they need to thrive and grow. FAME’s loan insurance program was created to help you make business loans by reducing your risk.

Get to yes FAST!

FAME's OnLine Answer (OLA) platform allows lenders to enter a limited amount of data and receive a decision on loan insurance in seconds. The formula considers global cash flow, collateral coverage, credit score, and public benefit.

OLA is easy to use and allows for pro-rata coverage on term and line of credit loans of up to 75% maximum insurance for up to $1,500,000 FAME exposure.

Another great option for lenders to manage risk is with leveraged loan insurance. FAME provides leveraged term loan insurance for up to 25% on up to $500,000 FAME exposure and leveraged lines-of-credit loans wtih up to 20% insurance on up to $500,000.

Want to learn more about how CLI can help your customers? Read more here or contact our team for a custom OLA team training.

FAME Financing to Assist Madison and Waldoboro Businesses

$500,000 additional financing to assist wood fiber-based insulation manufacturer at former Madison paper mill in Somerset County

At its monthly meeting held on January 18, 2024, the Finance Authority of Maine (FAME) approved additional financing for GO Lab, Inc. (d/b/a TimberHP), a manufacturer of wood fiber-based insulation products located in Madison. FAME’s actions are expected to help to create and retain approximately 114 jobs in Somerset County.

Read the full press release.

"At Work" Awards 2023

Each year FAME recognizes individuals and organizations who have distinguished themselves through their commitment to advancing Maine’s economy and quality higher education. Through their efforts, these individuals and organizations help make Maine a better place in which to live, learn and work.

Thank you to all who joined us in celebrating these success stories at Showcase Maine 2023! We look forward to seeing you all again at Showcase Maine 2024!

Business at Work

for Maine Award

Springworks Farm

Education at Work for Maine Award

Maine’s School Counselors - presented to Maine Counseling Association and Maine School Counselor Association

Lender at Work

for Maine Award

Over $1.5 Billion in Assets

Camden National Bank

Lender at Work

for Maine Award

Up to $1.5 Billion in Assets

Evergreen Credit Union

Lender at Work for Maine Award

Most Enhanced Partnership

First National Bank

Kim Getchell, Commercial Loan Officer

Kim Getchell joined FAME in June 2019, bringing years of lending experience to the commercial lending team.

“Through my work at FAME I’ve been able to see the extraordinary offerings Maine has to offer on a wide scale, from our workforce to our businesses. I’m grateful to be part of an organization that works throughout the state helping Maine residents and businesses.” 

Born and raised in Caribou, Kim now lives in Standish with her husband, Brad and their fur babies, Chloe, a miniature border collie, Victor, a Korean-Jindo mix - who was part of a massive rescue of 250 dogs from South Korea - and Betsy Ross, a French bulldog.

When not at work, Kim enjoys spending time with her family and pups. She also has a side craft business, Getch All Creations, where she makes custom tumblers and other things.

Danielle Otis, Commercial Loan Assistant

Danielle is no stranger to FAME. She first started working at FAME as part of the NextGen 529^® team, leaving in 2015 to become a stay-at-home mom. Now that her son, Kayden, is old enough, she returned to the workforce and rejoined FAME in September 2023 as a Commercial Loan Assistant.

“FAME is an amazing place to work and I wanted to come back. I really love how close everyone is at FAME – we’re like a big family. I love working in the business department. I’m learning so many new things.” 

When not at work, Danielle enjoys reading or listening to music and podcasts. She also enjoys learning and improving on her knitting and crocheting skills.

It’s our honor to work with our dedicated partners to create financial solutions so you can grow your businesses and reach your higher education goals. As we mark this milestone, we proudly commit to another 40+ years of adapting and innovating to address Maine’s future needs. Congratulations to the Maine businesses and families for all of your successes. We are grateful for your trust.  

Bonus Program to Share with your

Colleagues and Customers

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