Finance Authority of Maine (FAME) – Augusta, ME

Finance Authority of Maine: Financial Solutions Agency

Agency Overview

The Finance Authority of Maine (FAME) is a quasi-independent state agency headquartered on Community Drive in Augusta. Established by the Maine Legislature in 1983, FAME acts as the state’s primary business finance agency and has since expanded to oversee higher education financing. Its mission is to provide innovative financial solutions that help Maine citizens pursue business opportunities and achieve higher education goals. While FAME operates with a degree of independence, it is a component unit of the State of Maine government, bridging the gap between public policy and private capital to strengthen the state’s economy.

Business and Education Services

FAME offers a diverse portfolio of programs designed to support two main pillars: economic development and educational access. For businesses, the agency provides access to capital through loan insurance, direct loans, and investment tax credits, helping companies start, expand, and remain in Maine. On the education side, FAME serves as the administrator for the state’s higher education finance programs. This includes managing the NextGen 529® college savings plan, administering state grants and scholarships like the Maine State Grant, and providing financial literacy resources. The agency also acts as a guarantor for student loans and offers extensive counseling on the FAFSA application process.

• Business Financing: offering commercial loan insurance and direct lending to stimulate job creation.
• College Savings: administering the NextGen 529® program for education investment.
• Student Aid: managing grants, scholarships, and loan repayment programs for Maine students.
• Financial Education: providing free tools and workshops on budgeting, saving, and borrowing.
• Investment Incentives: overseeing tax credit programs to encourage capital investment in local ventures.

Location and Access

FAME’s offices are located at 5 Community Drive, situated within a professional office park environment in Augusta. This location provides a centralized hub for administrative operations and client meetings. The facility is designed to be accessible to the public, with ample parking available for visitors. While many of FAME’s services, such as loan applications and account management, are fully accessible through their online portals, the Augusta office remains the physical headquarters for the agency’s professional staff.

Visitor Policy

The agency operates during standard business hours, Monday through Friday. Visitors are encouraged to make appointments, particularly for specific consultations regarding business financing or complex student aid matters. The environment is professional, and guests should expect standard office security measures. As a financial institution, FAME maintains strict privacy and data security protocols to protect the sensitive financial information of its clients.