From the Editor: A different world for banking and finance
Two-thousand-twenty will long be remembered as a time of historic change, and it’s not just because of COVID-19.
The leadership teams of Maine’s banks have become more gender-inclusive than at any previous time in their existence. One example: Norway Savings Bank’s first female president and CEO recently became its first female board chair, with plans to serve on the board well past retirement.
Other Maine banks are also taking a more strategic approach to board diversity, not just to better reflect their local customer base and employees, but because it also makes good business sense.
There’s even mathematical proof that banks with a “critical level” of diversity on their boards perform better, as shown in a 2019 Federal Reserve staff report.
But the glass ceiling is still intact in many places, and the pandemic could aggravate that barrier for women in senior banking positions. Senior Writer Renee Cordes examines the progress that’s been made, and needs to be made. See Renee’s story, “Banking on women,” on Page 20.
It’s impossible to describe 2020 without mentioning the financial devastation the pandemic has caused countless Maine businesses. The response of the Finance Authority of Maine, the quasi-independent state lending agency, has been bold, perhaps even financially risky.
It includes $15 million in direct loans and commercial loan insurance help, about half of which has already been distributed to businesses in need.
Senior Writer Laurie Schreiber reports on how FAME is providing make-or-break financing for many Mainers — and whether it will be enough in the critical months ahead. Check out her story, “Cash crunch,” on Page 24.
In another industry, an app launched three years ago in Maine is connecting food producers and grocers at a time when that connection is needed more than ever. Forager, the brainchild of David Stone, is a “digital supply system” that matches local producers with stores looking for fresh goods.
The pandemic initially hurt business, but Forager is finding success as COVID leads more consumers to think about healthy, local food. Senior Writer Maureen Milliken takes a look at how the startup is doing in “Home food advantage.” Her story begins on Page 14.
Just in time for the holiday season, our “On the Record” interview is with Adam Reny, co-owner of Renys, the 70-year-old department store chain with 17 locations across Maine. See Page 29.
We also have a list of Maine’s largest accounting firms, on Page 34.
Note: Editor Peter Van Allen be back to work, and authoring this letter, in the next issue of Mainebiz.
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