FAME Loan Insurance Assists Kingfish Maine, Inc. Aquaculture Facility in Washington County
MAC Financial of Waterville also approved for direct loan
AUGUSTA — At its monthly meeting held on February 16, 2023, the board of directors of the Finance Authority of Maine (FAME) approved loan insurance financing for Kingfish Maine, Inc., an aquaculture company based in Franklin with plans to construct a land-based facility in Jonesport.
FAME approved 90% pro rata loan insurance on a $2 million loan by Machias Savings Bank to support the development and construction of the new facility. The project is expected to create five to ten full-time jobs within three years and, when fully operational, is anticipated to support approximately seventy-five to one-hundred full and part-time Maine jobs. During the two-year construction period, the project is estimated (including multiplier effects) to create approximately 366 full and part-time jobs across Maine.
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.
Kingfish Maine, Inc. is a wholly owned subsidiary of The Kingfish Company N.V. based in The Netherlands. The parent company and its subsidiaries operate vertically integrated, advanced recirculating aquaculture systems raising yellowtail kingfish. The Dutch Yellowtail is a high-grade sashimi to be made available from Maine year-round servicing the U.S. market. It is considered to be sustainable, land-based, high-value marine aquaculture.
“We are very appreciative of FAME’s support as we expand into Maine and plan to construct our Washington County facility,” stated Megan Sorby, Operations Manager for Kingfish Maine, Inc. “We look forward to introducing the U.S. market to kingfish and to growing our business.”
“FAME is pleased to support Kingfish Maine, Inc. with its plans to construct a facility and create jobs in Washington County,” stated Richard Trafton, FAME Board chair. “Supporting aquaculture projects is part of Maine’s economic development plan and a high priority for FAME.”
Also approved at the February meeting was a $640,000 FAME Direct Loan to MAC Financial of Waterville. The action is expected to help create and retain a total of four Maine jobs. The transaction allows for the purchase of the company, previously known as Prime Financial, which engages in financial planning and investment advice, by a current employee and keep it based in Maine.
FAME’s Direct Loan provides access to operating capital for startups and existing businesses for most business purposes. Loans up to $1 million may be available if substantial public benefit is demonstrated and sufficient funds are available.
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