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Commercial Fisheries News
Volume 35 Number 3
November 2008
FAME, ME gov pledge state support
AUGUSTA, ME – Several representatives from Maine’s banking community were on hand at a special Oct. 15 meeting on the lobster market crisis to hear fishermen’s pleas for financial solutions as they struggle to meet their boat and home mortgage payments.
In a follow-up interview, Charlie Emmons, senior commercial loan officer for the Finance Authority of Maine (FAME), said that FAME had swiftly mobilized to address the industry’s current financial situation.
“FAME does not normally insure existing loans,” he said. “But in response to this economic crisis, we will be insuring small business loans within the lobster industry.”
He said that FAME will be able to insure up to 50% of an original business loan.
To obtain this loan insurance from FAME, banks currently holding a business lobster loan must make significant adjustments to the terms of the original loan.
For more information, visit the FAME web site at <www.famemaine.com> or call 1-800-228-3734.
In a press release issued as Commercial Fisheries News was going to press, Gov. John Baldacci said he had directed the Department of Economic and Community Development (DECD), Department of Marine Resources (DMR), and FAME to meet with financial institutions and agencies to expedite measures to help families in tough financial straits.
“This crisis involves thousands of families spread along the coast,” said the governor. “We’re talking about the very life-blood of many small towns. I expect the group I’ve called together to think outside the box and provide lobster families and businesses with options to help with their tough financial positions.”
Gina LeDuc-Kuntz
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