July 2011 Archive

The Board of Directors of the Finance Authority of Maine (FAME) today approved a $750,000 direct loan to Lobster Web, LLC (Lobster Web) to aid with the refurbishment of the former Stinson Cannery in Prospect Harbor as the company begins to process bait and lobster.  The Board also approved a $300,000 direct loan, as well as commercial loan insurance, to B&B Precise Products, Inc. (B&B), a Benton-based global precision machining company.  FAME’s actions will help to immediately create and retain approximately eighty-five jobs in Hancock and Kennebec Counties, with more hires expected in the coming years.

“FAME is pleased to assist with the redevelopment of the former Stinson Cannery in Prospect Harbor, as well as with the continued growth of B&B’s global sales.  The success of these businesses is essential to the economies of the surrounding communities and the state as a whole,” stated FAME Board Chair Glenn Lamarr. 

FAME approved a $750,000 direct loan to Lobster Web to help it purchase and install machinery and processing equipment, as well as to make structural improvements.  The company acquired the former cannery facility from Bumble Bee Foods, Inc. in February 2011.  Lobster Web will process lobster and bait, and provide packaging and shipping services to global customers, including cruise ship lines, restaurant chains, and supermarkets.  It plans to aggressively market its products via the Internet.  Lobster Web intends to create approximately forty-five jobs during its first year of operations and more in subsequent years. 

Lobster Web President and Chief Executive Officer Antonio Bussone stated:  “Thanks to FAME’s assistance, we expect to re-employ many of the former Stinson Cannery workers previously laid off by Bumblebee Foods.  Over 80 percent of all domestic seafood landings that are either cooked or frozen are processed in plants located in Canada.  Lobster Web will help Maine to better compete with Canadian seafood processors and add value in-state to Maine seafood.” 

Also at today’s meeting, FAME approved a $300,000 direct loan and loan insurance on two loans by Bangor Savings Bank (65 percent pro-rata insurance on a $1.2 million term loan and 40 percent pro-rata insurance coverage on a $750,000 line of credit) for B&B Precise Products, Inc.  FAME’s actions will help the company create five to ten additional jobs and provide it with working capital and debt service relief through refinancing as it continues to grow.

B&B is located in Benton and was established in 1990 as a machine shop with two employees.  Today it is an ISO 9001:2000/AS9100 REV B Certified Precision Manufacturer employing thirty-five individuals.  B&B provides solutions integration and total products solutions to its customers ranging from concept design and rapid prototyping to high-volume production and finish assembly.  The company’s customers include global companies in the aerospace, defense, homeland security, semiconductor, and energy sectors.

“Our company very much appreciates FAME’s partnership and support, which will enable us to grow and compete in the global economy,” stated Wellman “Will” Rood, President of B&B Precise Products, Inc.

The Finance Authority of Maine (FAME) is currently displaying the works of Larinda Meade, an artist from Portland who specializes in printmaking. 

FAME Chief Executive Officer Beth Bordowitz stated:  “FAME is pleased to recognize Larinda and to help bring public attention to Maine artists who enrich our society.” 

Meade interprets the landscapes around her using printmaking techniques, especially etching and drypoint.  She attended the State University of New York (SUNY) Potsdam and graduated with a studio arts degree in 1973.  After teaching art at the secondary level for several years and participating in graduate art classes focused on printmaking and photography, Meade also worked in the fields of adult education, workforce development and administration.  Meade recently exhibited her work in Amherst, MA; Galway, Ireland; New Zealand; and Portland, Maine.

Meade has participated in printmaking classes at the Maine College of Art and at Zea Mays Printmaking Studios in Florence, MA.  She enjoys discovering ways of creating non-toxic and less toxic intaglio printmaking.  Meade currently uses mono printing and drypoint while continuing to explore acrylic hard grounds and acrylic aquatint.  Her works can be viewed at www.LarindaMeade.com.

FAME strives to bring visibility to the achievements of Maine artists by providing opportunities to exhibit their artwork and to inspire passion about art in others.  The public may view the exhibition for free at FAME’s Augusta office until mid-September on Mondays through Fridays from 8:00 a.m. to 5:00 p.m.  FAME’s office is located near the Augusta Civic Center at 5 Community Drive, Augusta, Exit 112 off I-95.  A reception with Meade is planned at FAME’s office on Thursday, July 21 from 4:30-7:30 p.m.    

To learn more about FAME art exhibits and openings, or, if you are an artist who would like to have your work considered for exhibition, please contact FAME at 1-800-228-3734.