FAME Approves Financing for Trak Tec, LLC and Two Small Businesses
Wednesday, April 25, 2012
4:29 PM
The Board of Directors of the Finance Authority of Maine (FAME) has approved loan insurance for TrakTec, LLC of Windham. FAME’s actions will help the company to purchase and install a high-tech printing press, improve existing presses, and create and maintain seventeen Maine jobs.
“FAME is pleased to support TrakTec with its plans to increase production, reduce costs, and expand into the ‘green’ label market,” stated FAME Chief Executive Officer Beth Bordowitz.
FAME approved loan insurance of 90 percent on a $1.75 million term loan by TD Bank. It also approved 90 percent loan insurance on a $300,000 line of credit from TD Bank to fund the company’s working capital needs.
TrakTec produces customized pressure-sensitive labels that are utilized by businesses for tracking and tagging products. It is the only commercial pressure-sensitive label manufacturer in Maine. TrakTec is an Anania & Associates Investment Company, LLC portfolio company.
TrakTec President Peter Anania stated: “Thanks to FAME’s assistance, TrakTec will be able to increase production, maintain and create good-paying jobs in the state, and successfully compete in the global marketplace.”
Separate from the monthly board meeting, in the last two weeks FAME approved financing for twenty-four Maine small businesses. In one of these approvals, FAME approved 90 percent pro-rata insurance on a $575,000 loan made by Bangor Savings Bank to Moose Island Holdings, LLC, of Perry. The company, which ships Maine lobster, plans to build a 6,000 square foot indoor holding pen for lobster in order to maintain product freshness. The project will accommodate safe storage of local lobster and increase the company’s lobster production. The financing will help to retain two jobs.
Another deal recently approved by FAME provides financing for Malone Paddle Gear, LLC d/b/a Malone Auto Racks of Westbrook. Malone Auto Racks manufactures innovative transport accessories such as trailers, canoe and kayak carriers, cargo racks and roof racks. FAME has agreed to provide 40 percent pro-rata loan insurance on an $876,000 term loan provided by Katahdin Trust Company to the company, as well as 90 percent pro-rata loan insurance on a $500,000 line of credit provided by Katahdin Trust Company. Two jobs will be created and an additional eight jobs will be retained.
“These innovative, small Maine businesses are making names for themselves locally and around the globe, and FAME is pleased to play a role in their success,” stated Bordowitz.