AUGUSTA — At its monthly meeting on November 17, 2022, the board of directors of the Finance Authority of Maine (FAME) approved a $1.2 million term loan for KV Tooling Systems, LLC, a precision tool manufacturer located in Augusta. The funds are comprised of a $600,000 FAME Direct Loan and $600,000 from the Grow Maine Program, which FAME administers utilizing federal SSBCI funds.
The approved funds will help the company to meet increased demand and purchase a new computer numerical control (CNC) machine, prep and finish equipment, build an addition to the property, and provide ongoing working capital. The action is expected to help to create three new jobs and retain an additional six jobs.
KV Tooling Systems was founded in 2002 and initially operated out of its founder’s basement. The business has since relocated and expanded over the years and needs more space for its operations. The company provides tool re-sharpening and grinding services, custom-cutting tool design, as well as engineering and manufacturing services. The company also has in-house computerized design CAD capabilities.
“We are very appreciative of FAME’s support as we continue to expand our operations,” stated Brian Beland, president and owner of KV Tooling Systems. “We look forward to meeting customer demand in our growing business.”
Grow Maine, administered by FAME in conjunction with various statewide lending partners, provides State Small Business Credit Initiative (SSBCI) funding to eligible Maine businesses. SSBCI is a federal program administered by the U.S. Department of the Treasury that was created to strengthen state programs that support private financing to small businesses. FAME is partnering with over thirty intermediary lenders across the state for the Grow Maine program. The lenders are community-based, Community Develop Financial Institutions (CDFIs), and local and municipal economic development lenders that are already partners with FAME’s direct lending programs. Funding is available through FAME and its intermediary partners via loan guaranties, direct loans, and equity capital. To learn more about the program, please visit: www.FAMEmaine.com/Grow
“FAME is pleased to help support the continued growth of KV Tooling Systems,” stated Richard Trafton, FAME Board chair. “Supporting precision manufacturing is part of Maine’s economic development plan and a high priority for FAME.”
The Finance Authority of Maine (FAME) is a quasi-independent state agency that provides innovative financial solutions to help Maine citizens pursue business and educational opportunities. FAME helps to lead the creation of good paying jobs for Maine citizens by working at the nexus between economic and workforce development. To learn more about FAME, please visit www.famemaine.com