Recognizing its symbiotic relationship with Waterville and the importance of a vibrant downtown to the College's interests, Colby announced a Downtown Development Loan Program with a $1 million loan pool for projects that will create or retain jobs or attract commerce. Trustees approved the program at their January meeting, and the Finance Authority of Maine (FAME)is administering the loan program. Entrepreneurs can apply for up to $100,000 at a low interest rate and with flexible repayment terms. "Community spirit is one of Colby College's strengths," the Central Maine Morning Sentinel said in an editorial. "[The fund] is greatly appreciated."