FAME makes improvements to loan insurance program
Financial institutions seeking to apply for loan insurance through the Finance Authority of Maine will now have access to increased coverage.
FAME announced that its board of directors earlier this month approved changes to its commercial loan insurance program, increasing the loan insurance limit from $250,000 to a total exposure per relationship of up to $375,000 — which amounts to a lender’s loan in the total sum of $500,000, the announcement said.
Financial institutions are able to apply for FAME’s loan insurance through its immediate-response online answer program, which also was approved by FAME’s board’s for improvements, creating a more streamlined experienced for customers.
“We know how important it is for our customers to obtain quick responses to their applications,” Bruce Wagner, FAME’s CEO, said in a prepared statement, “and to be able to partner with us to help other businesses succeed.”
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