April 2010 Archive

Items of Interest for April 14, 2010:

Health Care and Education Reconciliation Act of 2010

State Legislative Update

Washington D.C. Update

AUGUSTA — The Board of Directors of the Finance Authority of Maine (FAME) approved on April 15, 2010 90% pro-rata commercial loan insurance for a $1,140,000 Gorham Savings Bank loan to Count & Crush, LLC d/b/a Clynk. 

The loan will help the company fund the acquisition of new sorting equipment.  FAME’s actions will help the company create four full-time positions and retain fifty-one full and part-time Maine employees.

Clynk employs a new technology for the redemption and recycling process using a patented, card-based system.  Customers may efficiently redeem bottles and cans at redemption centers located at participating Hannaford Supermarkets in Maine. The cardholder receives credit for their bottles and cans by printing out a receipt at the Clynk kiosk located inside the store; the receipt can be redeemed at checkout.

Clynk offers redemption services at twenty-five locations and is scheduled to open an additional sixteen locations in 2010. The company estimates that between 25,000 and 30,000 Maine customers visit their facilities each month.

“FAME is pleased to support the growth of this Maine-based company which is a global pioneer of redemption and sorting technology,” stated FAME Board Chair Glenn Lamarr. “The company’s innovative technology and commitment to recycling and improving the environment are important elements of Maine’s economic and energy future.”

FAME’s Commercial Loan Insurance Program insures a portion of a loan to a business made by a participating financial institution, in this case Gorham Savings Bank. Pro-rata insurance covers a certain percentage of a lender’s loss in the event of default and liquidation, in this case up to 90%.
 
“Clynk appreciates FAME’s swift assistance in the form of loan insurance, as well as its past assistance through loan insurance and the Maine Seed Capital Tax Credit Program. The new equipment is critical to taking Clynk to the next step and creating and retaining Maine jobs,” stated company chief executive officer Clayton Kyle. “We are eager to move forward and grow our business.”