AUGUSTA — The Finance Authority of Maine (FAME) recently launched a year-long 30th anniversary celebration in the State House Hall of Flags.
According to a news release, the agency unveiled a new logo and provided information and resources to legislators, stakeholders, and citizens as part of “FAME Day” at the Maine Legislature.
FAME staff also were joined by professional sports team mascots from the Portland Sea Dogs, Maine Red Claws, and Portland Pirates. FAME partners with these teams through the Maine College Savings Program, also known as the NextGen College Investing Plan (Next Gen), through which the teams provide scholarships to Maine students.
FAME was created in 1983 by the Maine Legislature and then-Gov. Joseph Brennan and charged with improving economic development strategies, policies, and activities, as well as securing loans and funding for Maine businesses. In 1989, FAME became the designated state guarantor for federal student loan programs, as well as the administrator of the state’s higher education grant, loan, and loan forgiveness programs. In 1998, the Legislature created the Maine College Savings Program and assigned the administrative responsibilities to FAME.
Other statistics about the agency include:
— Over the past five years, FAME has awarded more than $52 million in grants to 59,552 Maine students through the Maine State Grant Program.
— FAME provides financial aid and financial education information to several thousand Maine students and families each year.
— College Goal Maine, which is annually coordinated by FAME, assisted 987 Maine families with completion of the FAFSA in 2013.
— FAME’s Regional Economic Development Revolving Loan Program has made more than 772 loans totaling $39 million. These loans leveraged another $258 million in investments, helping to create and retain 10,509 Maine jobs.
— FAME’s Seed Capital Tax Credit Program has awarded $30 million in tax credits, resulting in approximately $75 million in new Maine business investments.
— In 2012, FAME’s commercial loan insurance and direct loan programs totaled approximately $42 million and leveraged total loans in the amount of approximately $67 million. These programs made funds available to 248 Maine businesses and helped to create and retain 4,713 Maine jobs.
FAME’s 30th anniversary celebration will culminate with its annual dinner and awards celebration, Showcase Maine, which will take place Nov. 12 at Portland’s Holiday Inn By the Bay.
¦ FAME’S 30TH ANNIVERSARY celebration will culminate with its annual dinner and awards celebration, Showcase Maine, which will take place Nov. 12 at Portland’s Holiday Inn By the Bay.
¦ FAME IS A quasi-independent state agency that provides innovative financial solutions to help Maine citizens pursue businesses and educational opportunities.
To learn more about FAME, visit www.famemaine.com.
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