AUGUSTA, Maine — Finance Authority of Maine Board of Directors approved enhancements to FAME’s popular and successful OnLine Answer Program during its July 17 meeting.
OLA provides a financial institution an immediate answer regarding its request for FAME’s Commercial Loan Insurance. OLA’s new loan insurance limit has been increased from $250,000 to a total exposure per relationship of up to $375,000.
FAME’s OLA Program is a faster, easier, and lower-cost way for authorized lenders to apply for loan insurance. Loan insurance insures a portion of a loan to a business made by a participating financial institution. The OLA Program has been in operation for more than six years, and is now responsible for approximately 80 percent of all FAME loan insurance applications. OLA is FAME’s fastest growing product and popular with its lender partners and their customers.
Until now, OLA allowed for up to $250,000 in insurance for up to 75 percent insurance coverage. OLA’s new loan insurance limit has been increased to a total exposure per relationship of up to $375,000 at 75 percent insurance. The new insurance exposure equates to a lender’s loan in the amount of $500,000. The change takes effect immediately.
“FAME is pleased to increase the amount of loan insurance available to our lending partners through OLA,” stated Bruce Wagner, Chief Executive Officer of FAME, in a press release. “We know how important it is for our customers to obtain quick responses to their applications, and to be able to partner with us to help other businesses succeed.”
FAME implemented enhancements to the program after obtaining input from its Lender’s Advisory Group, which is comprised of representatives from various Maine lending institutions. The group meets regularly to advise FAME on its products and on the lending environment in Maine. OLA relieves a financial institution of having to prepare applications utilizing FAME’s paper application process.
In May, FAME also launched improvements to OLA’s online features that provide for a better customer experience, with easier user interface and a variety of enhancements. The modifications also help to ensure consistency among users. The enhancements include: one scrolling entry screen, automatic calculation of debt service coverage, user support screens, and streamlined entry. Also available through the Website is an enhanced OLA training tutorial and user manual.
FAME is a quasi-independent state agency that provides innovative financial solutions to help Maine people and businesses pursue educational and business opportunities. To learn more about
FAME and its resources, please visit www.famemaine.com