Business eNews: Spring 2023

In This Issue

• Recent Partnerships
• Thrive Maine Applications Open
• Grow Maine - Small Business Loan & Capital Program
• In the News
• FAME Financing to Assist Augusta Precision Tool Manufacturer
• FAME Loan Insurance Assists Kingfish Maine, Inc. Aquaculture Facility in Washington County
• FAME Staff Spotlight
• Bonus Programs to Share with Your Colleagues & Customers:
• Employer Financial Wellness Program
• NextGen 529

Recent Partnerships

Thrive Maine Second Application Cycle is Now Open

Application Closes on June 23, 2023

FAME is proud to administer Thrive Maine, a $58 million pandemic-related forgivable loan program. The program aims to further strengthen the Maine economy through impactful investments in the future. The first application cycle took place in October 2022, with $29 million in forgivable loans allocated to Maine small businesses. The second application cycle is now open and closes at 4:30 p.m. on June 23, 2023.

This cycle is significantly different than the first, with new eligibility requirements, application questions, and award process. Visit FAMEmaine.com/thrive for details. 

Thrive Maine is funded by the American Rescue Plan Act (ARPA) with $58 million allocated to support Maine small businesses through the Maine Jobs and Recovery Plan.

Commercial Loan Insurance, Direct Loans, and Equity Capital Available through Grow Maine

Grow Maine will provide up to $62 million of State Small Business Credit Initiative (SSBCI) funding to eligible Maine businesses. Eligible uses of the funds include start-up costs, working capital, franchise fees, equipment, inventory, and more. Grow Maine is intended to provide broad access to capital to help Maine businesses grow and provide jobs for Maine people that will have long-term positive effects on Maine’s economy.

Visit FAMEmaine.com/grow for more program details.

SSBCI is a federal program administered by the U.S. Department of the Treasury that was created to strengthen state programs that support private financing to small businesses.

If you have any questions about the program or wish to participate in Grow Maine, please contact Grow@FAMEmaine.com.

In the News...

FAME Loan Insurance Assists Kingfish Maine, Inc. Aquaculture Facility in Washington County

MAC Financial of Waterville also approved for direct loan

At its monthly meeting held on February 16, 2023, the board of directors of the Finance Authority of Maine (FAME) approved loan insurance financing for Kingfish Maine, Inc., an aquaculture company based in Franklin with plans to construct a land-based facility in Jonesport. FAME approved 90% pro rata loan insurance on a $2 million loan by Machias Savings Bank to support the development and construction of the new facility. 

Also approved at the February meeting was a $640,000 FAME Direct Loan to MAC Financial of Waterville. The transaction allows for the purchase of the company, previously known as Prime Financial, which engages in financial planning and investment advice, by a current employee and keep it based in Maine.

Read the full press release.

FAME Staff Spotlight

Jay Beck, Commercial Loan Officer

Jay Beck was hired as an Accountant in July 2021 and jumped at the opportunity to join the business team as a Commercial Loan Officer in November 2022. In addition to his time as an accountant at FAME, he also worked as a Financial Analyst for an expense reimbursement technology company.

Jay is a proponent of working hard and pursuing your interests. After receiving a bachelor’s degree in Environmental Conservation/Plant Biology and working in the biotechnology sector, his interest in finance prompted his return to school to study accounting, graduating from Southern New Hampshire University in 2019.

He brings this passion to his daily work. One of his favorite parts of his role as a CLO is using his knowledge and expertise to help businesses secure the financing they need. “I love being a part of their success. I feel very fortunate to work at FAME and helping create good-paying jobs for Maine people. With every business owner I speak with, I learn something new.”

Jay lives in Brunswick with his husband, two dogs, and cat. Outside of work, he spends every moment he can in the great outdoors – hiking, kayaking, running, or enjoying a whiskey in the backyard.

Jonathan Poole, Director of Strategic Growth

Jonathan Poole joined FAME in March 2023 as the Director of Strategic Growth. He previously worked at the Maine Department of Economic and Community Development and served in the U.S. Navy as a surface warfare officer on a destroyer in the Pacific. He is a graduate of the U.S. Naval Academy.

When considering his career choices, Jonathan knew he wanted to continue his career of public service at an organization that positively impacts Maine. In the first few months of working at FAME, Jonathan has seen his passions reflected in FAME’s mission and his co-workers.

“FAME is one of many organizations around the state that is striving to grow Maine’s economy and create better outcomes for Maine people. What is unique about FAME that makes it such an exciting place to work is the ability to support both businesses and families achieve their goals. The fact that I get to work with people that are all motivated to support Maine people is unique and inspiring.”

Jonathan and his wife Sarah live in Brunswick with their daughter Frances (Frankie), dog Sadie, and cat Richard. Outside of work, Jonathan enjoys skiing and hiking in Western Maine, sailing, and riding his bike, even better if it is a tandem bike with Sarah.

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