At its monthly meeting on April 21, 2022, the board of directors of the Finance Authority of Maine (FAME) approved 50% pro rata loan insurance on a $5.1 million loan by Gorham Savings Bank for borrower Atlantic Great Dane, Inc. to help finance the purchase of the company by one of its employees and retain operations and jobs in Maine. The action is expected to help retain and create a total of twenty-seven jobs.
FAME’s Commercial Loan Insurance Program insures a portion of a loan to a business made by a participating financial institution or investment firm. For a business, it may mean the difference between obtaining a loan or never getting the opportunity to start a business.
“FAME is pleased to help finance the purchase of Atlantic Great Dane, Inc., by one of its longtime employees and to help the company maintain operations and jobs in Maine,” stated David Daigler, FAME Board chair. “The pandemic and resulting pent-up demand for goods in the supply chain nationwide has made it difficult for many businesses and consumers to access adequate freight transportation services. Atlantic Great Dane has been able to prosper during these challenging times and has plans for growth moving forward.”
Atlantic Great Dane, Inc., located in South Portland, was formed in 1988 as an independent dealer of Great Dane Trailers, Inc., a privately held company based in Chicago and Savannah, Georgia. Atlantic Great Dane, Inc. provides sales, service, parts and rentals to the transportation industry. The company also buys, leases, sells, and repairs trailers, as well as refrigerated and dry freight truck bodies, flatbed trailers, and converter dollies.
“We are very appreciative of FAME’s support as we keep the company in Maine hands with local control and employees,” stated buyer and longtime employee, Scott “Gene” Masteller. “We look forward to continued growth as we strive to address the need for transportation services nationwide as the pandemic lessens. Demand for new trucking trailers is high and the outlook for the trucking industry generally looks positive for growth.”