Friday, October 21, 2011
The Board of Directors of the Finance Authority of Maine (FAME) today approved eighty percent commercial loan insurance on a BDC Capital Corp. loan of $2.25 million to Hampden-based Maine Trailer, Inc. FAME’s actions will help to strengthen the company’s financial position and create and retain twenty-six jobs in Maine.
“FAME is pleased to assist Maine Trailer as it restructures its capital so that it can remain a viable Maine employer,” stated FAME Board Chair Glenn Lamarr.
FAME’s loan insurance will help the company refinance debt and fund capital expenditures, as well as pay off debt.
Located in Hampden, Maine Trailer is in the business of trailer leasing, sales, service and parts distribution. Founded in 1984, the company was acquired in 2001 by an investment group headed by William Peters and Richard Donahue. The company’s market area includes central and northern Maine. It recently opened a location in Auburn. Some of the company’s customers include Old Town Canoe, Hartt Transportation, L.L. Bean, Dysart’s Service, Inc., and Pottle’s Transportation.
Maine Trailer President William Peters stated: “Thanks to FAME’s assistance, Maine Trailer will be able to strengthen its financial position, maintain good-paying jobs in the state, and hopefully grow.”
Also at today’s meeting, FAME approved low-cost financing for Gulf of Maine Properties, Inc. and Gulf of Maine Research Institute to help refinance a portion of the costs of construction of their facility in Portland. FAME agreed to issue non-recourse or “conduit” tax-exempt bonds in an amount not to exceed $3.9 million through its Revenue Obligations Securities Program. The project does not carry any liability or credit enhancement on the part of FAME, and will be privately placed with Peoples United Bank.
Finally, the Board approved extending through December 31, 2011 FAME’s set-aside of up to $1.5 million in its Economic Recovery Loan Program for low-interest food processing loans.
Monday, October 03, 2011
Items of Interest for September, 2011:
Welcome Jessica Whittier
Training for Financial Aid Staff