April 21, 2015
FAME Approves Financing for Polycor New England, Inc.
At its April 16, 2015 meeting, the Board of Directors of FAME approved 90% loan insurance on a $3.5 million loan by Caisse Centrale Desjardins US Branchto Polycor New England, Inc. (“Polycor NE”) to help finance the purchase of a quarry and the construction of a curb manufacturing facility in North Jay, Maine. The quarry acquisition and curb manufacturing facility represent the company’s first investments in Maine and are expected to create twenty direct jobs in Western Maine.
Polycor NE is a subsidiary of Polycor, Inc. Polycor, Inc. is based in Quebec City, Quebec, Canada, and operates over twenty-five quarries and five fabrication plants in North America, including in Georgia and Virginia. The company was established in 1987 and has extensive experience in the quarrying and marketing of stone. It is a diverse supplier of granite, limestone, marble and other stone-based products, and is a fully-integrated granite and marble manufacturer.
Caisse Centrale Desjardins US Branch is the U.S. subsidiary of Desjardins Group, North America’s largest cooperative financial group based in Quebec, Canada. Caisse Centrale Desjardins US Branch is located in Hallandale Beach, Florida. It is authorized to conduct business across the United States, including Maine.
The company plans to begin development of the North Jay quarry and construction of the curbing plant this year. It plans to commence curb production in 2016 and be fully operational in 2017. Polycor NE projects that twenty direct jobs and twenty indirect jobs will be created in the area, and that approximately $3 million will be injected into the local economy as a result.
“FAME is pleased to partner with Caisse Centrale Desjardins US Branch to facilitate Polycor NE’s expansion into Maine and the company’s plans to re-start an inactive but valuable quarry in Western Maine,” stated FAME Board Chair Raymond Nowak. “We are happy to support the return of additional manufacturing in this part of the state with the construction and equipping of a state-of-the-art curbing facility.”
“We are grateful to be partnering with FAME and Caisse Centrale Desjardins US Branch on this important project,” said Patrick Perus, Chief Executive Officer of Polycor NE. “This financing will allow us to establish a New England location that will help us maximize our logistical capabilities in the urban landscaping market of the U.S.”
FAME’s Commercial Loan Insurance Program insures a portion of a loan to a business made by a participating financial institution. For a business, it may mean the difference between obtaining a loan or never getting the opportunity to start a business.