Tuesday, April 23, 2013
At its April 18, 2013 meeting, the Board of Directors of the Finance Authority of Maine (FAME) approved financing for three businesses in the transportation, tourism and manufacturing sectors of Maine’s economy. The businesses are Isherwood Enterprises, Inc. d/b/a Custom Coach and Limousine; Mega Industries Realty, LLC and Mega Industries, LLC (co-borrowers); and Rood Enterprises, LLC and B & B Precise Products, Inc. (co-borrowers). FAME’s actions will help these companies create and retain approximately 171 Maine jobs.
“FAME is pleased to support these Maine companies and their plans for continued operation and expansion,” stated FAME Chief Executive Officer Beth Bordowitz. “We are beginning to see signs of an economic recovery taking hold in Maine and our actions will help these businesses to position themselves to create and retain good Maine jobs.”
Custom Coach and Limousine is a Portland-based, family-owned and operated company that was founded in 1988 with one mini-coach. Today the company employs fifty people and operates a fleet of over forty-five vehicles. FAME will provide loan insurance on various Camden National Bank loans to the company, which will help lower the cost of debt.
FAME also approved a direct loan of $180,000 through its Economic Recovery Loan Program to Mega Industries. The company manufactures high-power, low-frequency microwave components for scientific, military, and commercial applications. Mega Industries will use the funds to help expand its existing manufacturing facility in Gorham. The company expects to create eight new jobs and retain forty-six jobs as a result of FAME’s financing.
“Mega Industries is grateful to FAME for its assistance as we expand our operations and grow our workforce,” stated Peter Anania, President of Mega Industries, LLC and Anania & Associates Investment Co.
Finally, FAME also has agreed to insure three separate loans by Androscoggin Bank to B & B Precise Products, Inc. The financing will enable the company to access working capital and purchase two new machines for its manufacturing facility.
B & B Precise Products, Inc. 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 C certified precision manufacturer employing fifty-seven individuals. The company’s customers include global companies in the aerospace, defense, homeland security, semiconductor, and energy sectors. FAME’s financing is expected to help the company create an additional eight-to twelve jobs.
“Our company very much appreciates FAME’s support. FAME’s actions will enable us to grow and compete in the global economy,” stated Wellman “Will” Rood, President of B&B Precise Products, Inc.
Wednesday, April 17, 2013
The partnership between the Maine Departments of Environmental Protection and Agriculture, Conservation and Forestry, the Finance Authority of Maine and the Maine Municipal Bond Bank will support implementation of projects that reduce agricultural impacts to water resources.
AUGUSTA - Maine's Departments of Environmental Protection and Agriculture, Conservation and Forestry are helping farmers who want to do their part to protect water quality by releasing $3 million for agriculture improvements loans.
The two State departments, in partnership with the Finance Authority of Maine (FAME) and the Maine Municipal Bond Bank, have expanded the Nutrient Management Loan Program, developed to fund construction of containment and handling facilities for milk room and manure waste. Since its inception in 1999, that program has made 14 loans totaling $1.3 million.
The DEP-administered Clean Water State Revolving Fund will provide up to $3 million for FAME to finance the loans with farmers able to borrow up to $450,000 at a fixed interest rate of 2 percent for up to 20 years.
"Agriculture is a $1.5 billion industry in Maine, and the thousands of people who work in it have the important responsibility of stewarding 1.25 million acres," said Governor Paul R. LePage. "I thank these two agencies for coming together with FAME and the bond bank to increase the sustainability of Maine farms and our state. This expanded loan program is good news for our natural resources and for our economy."
Loans will fund agricultural projects that mitigate nonpoint source pollution by reducing or treating agricultural runoff and improving or maintaining water quality through irrigation system improvements and the use of irrigation reservoirs to maintain in-stream flows and water levels.
Eligible improvement projects include repairs to or installation of roof runoff structures, water and sediment control basins, composting facilities, anaerobic digesters and irrigation system water conservation. DACF will review the proposed projects for eligibility and to ensure they are completed in accordance with USDA's Natural Resources Conservation Services design criteria.
"Maine's farmers know firsthand the great value of clean water and the importance of minimizing agricultural runoff," said DEP Commissioner Patricia W. Aho. "Thanks to our increased funding commitment, these important partners in protection will be able to better steward the land and water they depend on for their livelihood while investing in the future of the farms that feed Maine people and our economy."
"These loan opportunities will lead to investments in agricultural infrastructure," added DACF Commissioner Walt Whitcomb. "Long-term agricultural viability protects Maine water resources."
Since 1989, the Maine Clean Water State Revolving Fund has provided over $650 million in low-interest loans for projects that improve water quality and protect environmental and public health, largely to publicly owned wastewater treatment facilities.
For more information on Maine's Nutrient Management Loan Program, visit http://www.maine.gov/agriculture/narr/ or contact Maine Department of Agriculture, Conservation and Forestry's Nutrient Management Coordinator Mark Hedrich at (207) 287-7608 or firstname.lastname@example.org.
For more information on Maine's Clean Water State Revolving Fund, visit http://www.maine.gov/dep/assistance/grants-loans or contact Maine Department of Environmental Protection Engineering Services Manager John True at (207) 287-7808 or email@example.com.
Friday, December 21, 2012
The Board of Directors of the Finance Authority of Maine (FAME) has approved financing for East Boothbay-based Hodgdon Shipbuilding, LLC and two New Markets Capital Investment Program Tax Credit certificates related to investments in GNP Maine Holdings, LLC, an entity related to the former Great Northern Paper mills in Millinocket and East Millinocket. The projects are expected to help to create and retain 448 Maine jobs.
At its December 20, 2012 meeting, the FAME Board approved a $300,000 Economic Recovery Loan to Hodgdon Shipbuilding, LLC. The company plans to utilize the funds to construct a 10.5 meter Limousine Tender for use with mega-yachts. The proposed model tender will serve as a demonstrator for the company at popular yacht shows around the globe.
Hodgdon Shipbuilding has been building high-quality yachts and other sea-going vessels in East Boothbay since 1816. It is currently the oldest, continuously operated boat-building company in the United States. FAME’s action will help the company to create and retain approximately 139 Maine jobs.
Hodgdon Group, LLC president and chief executive officer, Timothy Hodgdon, stated: “Thanks to FAME’s assistance, Hodgdon Shipbuilding will be able to proceed with construction of a demonstrator tender that should lead to increased production and jobs in the state. We are grateful for FAME past and current assistance with our company’s growth and success.”
FAME also approved the certification applications of two community development entities, Stonehenge Community Development LXI, LLC, and Enhanced Capital New Market Development Fund X, LLC, under the Maine New Markets Capital Investment Program. The action is related to investments by each entity in GNP Maine Holdings, LLC, a company related to Great Northern Paper, LLC, in Millinocket and East Millinocket. These are the first certification applications to be approved under the new program, which was created by the 125th Maine Legislature to be administered by FAME.
FAME authorized the issuance of a tax credit certificate for Enhanced Capital in the amount of $8,125,260, and a tax credit certificate for Stonehenge Community Development in the amount of $7,800,000.
In doing so, the board determined that both entities have made or will make investments required under the statute in the low-income community of East Millinocket. These investments are related to capital expenditures at the mill and are expected to help create and retain 309 Maine jobs in the Katahdin region.
The Maine New Markets Capital Investment Program provides refundable state tax credits of up to 39 percent to investors in qualified community development entities (CDEs) that reinvest in certain businesses in eligible low-income communities in Maine. The program is modeled after the federal New Markets Tax Credit Program, and is administered by the Finance Authority of Maine, in cooperation with Maine Revenue Services and the Maine Department of Economic and Community Development.
“FAME is pleased to support these storied Maine companies with their plans to expand make improvements, and create and retain Maine jobs,” stated FAME Board Chair Susan Snowden.
After the monthly board meeting, FAME hosted Gov. Paul LePage for an informal holiday visit with members of the Harold Alfond Scholarship Foundation and FAME staff. FAME administers the Harold Alfond College Challenge Grant, which provides a $500 grant to all Maine resident babies under one year of age who open a NextGen College Investing Plan® account. The Governor toured FAME with Chief Executive Officer Beth Bordowitz, Alfond Scholarship Foundation Chair Larry Pugh, Harold Alfond Foundation Chairman Gregory Powell, and others, to thank FAME employees for their assistance in making the program a great success. To date, the program has enrolled over 15,000 Maine babies with college savings accounts.
Tuesday, October 23, 2012
The Finance Authority of Maine (FAME) will hold its annual meeting and awards event, Showcase Maine, on Tuesday, November 13, 2012, beginning at 4:30 p.m. at Portland’s Holiday Inn By The Bay.
Showcase Maine is a celebration of the many successful businesses and higher education initiatives happening within Maine.
The evening will feature a reception, including a showcase of exhibits by Maine businesses and educational organizations that partner with FAME; a dinner and awards presentation; and a keynote speech by Robert C. Pozen.
Pozen is a senior lecturer at Harvard Business School and a senior fellow at the Brookings Institution. He previously served as chair of MFS Investment; vice chair of Fidelity Investments; and president of Fidelity Management and Research Company. Pozen will offer post-election reflections on the U.S. economy, including the likelihood of Congress avoiding the impending “fiscal cliff.”
“We look forward to celebrating the successes of the past year with our partners in Maine’s business and higher education communities,” said Beth Bordowitz, FAME’s Chief Executive Officer. “We are proud to showcase Maine businesses and educational organizations, and it is a privilege for us to honor some of Maine’s innovative leaders.”
This year’s award recipients include:
Anania & Associates Investment Company, LLC of Portland (Business at Work for Maine Award): Anania & Associates Investment Company is a private investment fund that invests in small, well-managed companies in the manufacturing, service and distribution sectors. Over the years it has successfully utilized the FAME-administered Maine Seed Capital Tax Credit Program to increase out-of-state investment in Maine. Some businesses in Anania & Associates’ portfolio have used other FAME programs to expand into new product lines.
Junior Achievement of Maine (Education at Work for Maine Award): JA is a non-profit organization dedicated to educating Maine students in grades K-12 about entrepreneurship, work readiness, and financial literacy through experiential, hands-on programs. In the 2011-12 academic year, JA delivered programs to 535 Maine classes and 9,915 students in 112 Maine schools.
Camden National Bank (Financial Institution of the Year Award): Camden National Bank frequently partners with FAME to provide financing to Maine businesses. It also is committed to the communities it serves, supporting a variety of businesses, community, and non-profit organizations. The bank sponsors Community Spirit of Giving, a community outreach program that helps raise money to help area families in need at the holidays.
Machias Savings Bank (Financial Institution of the Year Award): Machias Savings Bank actively partners with FAME to provide financing to local businesses, including lobstermen and the fishing industry. In 2011, Machias Savings employees donated many hours of volunteer labor by participating in many worthy causes, from coaching youth sports to serving on non-profit boards. During the same period, the bank contributed monetarily to various organizations, as well.
Hon. David Richardson of Carmel (Dirigo Legislative Champion Award): Richardson, a state representative from Carmel, was co-chair of the 125 Maine Legislature’s Joint Standing Committee on Education and Cultural Affairs. He is a strong supporter of FAME’s mission, especially with respect to providing higher education opportunities for all Maine students.
The public is welcome to attend in this celebration. Anyone interested in attending the event can register online at www.famemaine.com
Monday, September 24, 2012
The Board of Directors of the Finance Authority of Maine (FAME) recently toured several Androscoggin County businesses prior to its monthly meeting, which was held at Bates College. The Board also met with the Androscoggin County Chamber of Commerce, area legislators, and community leaders to learn about regional economic and higher education needs.
The FAME Board and staff visited a variety of businesses during their September 19-20 visit to Androscoggin County, including: Tex Tech Industries, Inc. in North Monmouth; Ricker Hill Orchards in Turner; and the Bates Mill complex; Quoddy, Inc.; and WahlcoMetroflex, Inc., all in Lewiston.
The Board also held its monthly meeting at Lewiston’s Bates College, where it enjoyed presentations by Bates College President A. Clayton Spencer and Mr. Hussein Ahmed, a representative of the Somali community.
Area legislators State Sen. Margaret Craven and State Rep. Peggy Rotundo joined FAME for part of the day, as well.
FAME Board Chair Susan Snowden stated: “It was a real privilege to visit with a variety of business and community leaders in Androscoggin County. We are excited about the level of energy that exists there, and we are pleased that FAME has been able to assist in the region’s growth. We look forward to a strong, continued partnership.”
At the monthly meeting, members voted to approve loan insurance for a Bangor Savings Bank loan to Biddeford Internet Corp. (GWI), as well as a direct loan to Ocean Renewable Power Company (ORPC), headquartered in Portland. Members also adopted a new rule as a result of a recent legislative amendment to the Maine New Markets Tax Credit Program.
ORPC is a Maine-based developer of hydrokinetic power systems that harness the power of oceans and rivers to create clean and renewable energy. It recently launched the first commercial tidal energy turbine generator unit in North America, in Lubec. FAME approved a $750,000 Economic Recovery Loan for working capital as part of a larger financing package including monies from state and federal sources. The direct loan will help the company to create and retain an estimated twenty-seven jobs in Maine.
Chris Sauer, a co-founder and president/chief executive officer of ORPC, stated: “FAME’s assistance at this critical and exciting stage of our company’s growth is deeply appreciated and helpful. We applaud the FAME board’s vision and support as Maine moves boldly forward with its first, commercial ocean energy project. Good-paying jobs in Downeast Maine will result.”
Monday, August 20, 2012
The Board of Directors of the Finance Authority of Maine (FAME) has approved financing for Portland-based Apothecary by Design, LLC, which will help the company to create and retain thirty-eight Maine jobs. FAME’s action will help the company to fund lease-hold improvements at an additional facility and to make upgrades at its existing headquarters.
FAME has supported the company by providing loan insurance on loans made by Bangor Saving Bank since the company started in 2008.
“FAME is pleased to have helped Apothecary by Design get started and with its new plans to grow,” stated FAME Chief Executive Officer Beth Bordowitz.
Apothecary by Design, LLC is a locally owned, independent pharmacy offering a range of integrated pharmacy services that include retail prescription services, specialty pharmacy services focusing on disease management, pharmaceutical compounding, and nutritional health and well being.
At its August 16 board meeting, FAME approved 90 percent loan insurance on a $150,000 loan by Bangor Savings Bank. It also approved the re-advancement of funds on an existing loan and the renewal of an existing line of credit.
The approved financing will help the company’s specialty department relocate to Portland’s Preble Street in order to gain efficiencies and additional work space due to the company’s rapid growth. FAME’s action also will permit various upgrades at the company’s existing Marginal Way headquarters, including the enlargement of its compounding lab, allowing it to double its capacity and improve the workflow of both its retail and compounding pharmacy services. The reconfiguration also will allow the company to expand its nutraceutical and supplement offerings.
The company’s managing partner, Mark McAuliffe, stated: “We are grateful to Bangor Savings Bank and FAME for helping Apothecary by Design to increase production, maintain and create good-paying jobs in the state, and continue our growth and expansion.”