A well-educated workforce is the foundation of a successful businesses.

That’s why the Finance Authority of Maine decided to offer only one award this year at its annual dinner. The state-backed finance agency is seeking nominations to honor individuals or organizations that exemplify a strong partnership between business and higher education.

“Businesses don’t just need financial backing,” said Charlie Spies, chief executive officer of FAME. “There’s a very strong connection between successful economic development and business and the education of its workforce.”

In years past, FAME has presented several awards at its annual dinner, including Banker of the Year, Entrepreneur of the Year, etc. But to celebrate its 20th anniversary annual meeting, the agency wanted to focus the award this year, and bring attention to what it sees as a critical alliance with the first Business and Education at Work for Maine Award.

Pointing to Maine’s below-average percentage of residents with four-year degrees, Spies said the way to raise per capita income for Mainers is to raise the education level. And to go beyond the pool of graduating high school seniors.

“If every high school student went on to post-secondary education, we still wouldn’t reach that mark,” said Spies. “We need to work (on educating) the existing workforce as well.”

Spies said companies that provide in-house training for employees to earn associates degrees or that partner with a community college to teach evening classes on-site are examples of the partnerships FAME wants to recognize. Spies said he knows of one company that uses these techniques and has improved its employee retention rate and enhanced its recruitment success.

“The education has helped in peoples’ lives and it’s helped the bottom line of the company,” he said.

Statistics from the U.S. Department of Labor underscore the importance of education and better paying jobs.

According to the Bureau of Labor Statistics, earning power and employment rise exponentially with levels of education. In 2002, people with less than a high school diploma have an average unemployment rate of 8.4 percent and average weekly salary of $388; people with a high school diploma have a 5.3 percent unemployment rate and $538 average weekly salary; people with some college education have an unemployment rate of 4.5 percent and salary of $631 per week; and people with bachelor’s degree or higher have an unemployment rate of 2.9 percent and average salary of $943.

FAME is accepting nominations for the award until Sept. 30. Applications can be found at the agency Web site at www.financemaine.com or obtained by calling 287-2271.