Representatives of Maine’s leading financial institutions attended a Maine Department of Marine Resources (DMR) Lobster Advisory Council meeting in October to discuss what financial help they can offer to help Maine’s lobster industry. Gov. John Baldacci had directed the Department of Economic and Community Development, the DMR, and the Finance Authority of Maine (FAME) to meet with financial institutions and other government agencies to immediately examine the industry’s financial status and offer quick solutions to address both short- and long-term issues.
According to Charlie Emmons, FAME’s senior lending officer promotion, processing, and short-term financing are the three areas we are staying focused on as we move forward. He told that the bankers were very positive about being flexible in helping the industry. Emmons said FAME is prepared to insure pre-existing loans that have been “significantly changed” through loan restructuring.
It is said that FAME can only work with business loans and cannot offer assistance with home or personal loans. Hugh Cowperthwaite of Coastal Enterprises Inc. (CEI) emphasized the importance of Emmon’s comment. He said that bankers want to work with fishermen on this. Bankers urged lobstermen to stay in close contact with their lending institutions and said in the strongest terms that banks want to know when people are having a hard time making payments before loans become past due.
