LEWISTON, Maine — Maine's small businesses make up 99.2 percent of businesses across the state, according to the U.S. Small Business Administration. There are times those small businesses, and even large ones, need some help to get by.
In those times, some business owners consider calling the Finance Authority of Maine (FAME) to get them back on track.
"Throughout our history, FAME has always been there when we needed them to help us out in tough situations," said Kevin Shorey, the co-CEO and president of Quoddy, a shoemaking business based in Lewiston.
"Without FAME, we would not be anywhere where we are today, and nor would we have 20-plus people working for us," Shorey said.
FAME and its partners offer a variety of assistance programs, like loans and tax credits, among other services to help Mainers get a higher education and prepare to enter Maine's workforce.
In the past four decades, FAME has helped nearly 10,000 companies with about $2.5 billion in financing, according to its CEO Carlos Mello.
"We’re that ability to get to 'yes.' That ability for companies to succeed," Mello said. "The vast majority of the work that we do is based on our ability to work with banks and credit unions and other financial institutions."
When those institutions can't help, FAME provides businesses with more support and resources.
"FAME is always the first call. When we’re looking to do something, if we’re looking to add machinery if we’re looking to expand, or if we’re looking to go in a direction that requires capital, FAME's our first stop," Shorey said. "They’re vested in your businesses. They’re invested in what you’re doing, and they’re invested in your employees."
Shorey said he has utilized two loan programs and a tax credit through FAME's partnerships. He said the two biggest challenges to running a small business is gaining capital and finding employees—two things at FAME's focus.
Mello said FAME has created more than 200,000 jobs throughout the state and has helped more than 285,000 Maine students get a higher education.