Bill would send $20M to FAME
Newly proposed legislation would funnel $20 million to the Finance Authority of Maine to help small- and medium-sized businesses weather the recession.
LD 214 would authorize a General Fund bond issue to serve as a stimulus for Maine's 140,000 small businesses, bill sponsor Rep. Jane Crosby Giles (R-Belfast) told the Appropriations and Financial Affairs Committee last week, VillageSoup reported. The bill would direct $10 million to FAME's economic recovery loan program, which makes direct loans to businesses, and $10 million to its commercial loan insurance program, which provides loan guarantees for banks. All funds would be repaid by business borrowers over time, according to VillageSoup.
FAME was established in 1983 as Maine's business finance agency. It also administers the state's higher education finance programs.
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