November 18, 2014

FAME Elects New Officers and Approves Loan for Lincoln Mill

Prior to Showcase Maine, FAME’s annual dinner and awards ceremony, the FAME Board met for its monthly meeting and approved financing for two Maine businesses involved in the natural resources sector: North Atlantic, Inc., a Portland-based wholesale importer and distributor of frozen seafood; and Lincoln Paper & Tissue, LLC, a Lincoln-based manufacturer of commodity and specialty tissue products. The board approved the renewal of loan insurance on a Bangor Savings Bank $5 million line of credit for North Atlantic.  FAME has supported the company’s financing needs since 2009, and the board’s action will help the company retain seven jobs. The board also approved a $1 million direct loan to Lincoln Paper & Tissue for working capital needs following a fire and flood at the facility in recent years. FAME’s actions will help the mill retain 175 direct jobs and hundreds more indirect jobs in the local economy. “Lincoln Paper & Tissue greatly appreciates FAME’s swift assistance and commitment to the success of the mill,” stated Keith Van Scotter, President & CEO. “FAME’s efforts and commitment to the region will go a long way toward helping to retain good-paying jobs in the area and to a bright future for the facility.” Finally, the board also elected new officers for the 2015 year:  Raymond Nowak was re-elected to serve as chair; James Violette, Jr. was elected as vice-chair; and Cheri Walker was re-elected as treasurer.