Loan Insurance Expected to Help Create and Retain 124 Jobs
At its August 17, 2017 monthly board meeting, the members of the Finance Authority of Maine (FAME) approved loan insurance on two loans totaling $3.6 million by Androscoggin Bank to Dubba, LLC, a real estate holding company, for the purchase of land and construction of a new boat manufacturing and maintenance facility in Belfast. The property, located at 101 Front Street, is currently occupied by a related operating company, FSS, Inc., d/b/a Front Street Shipyard.
FSS is a full-service boat yard occupying 1,500 feet of frontage on Penobscot Bay. The company provides new boat construction, restoration and refitting for a variety of vessels, including advanced composite construction and classic wooden yachts. The company also offers a marina and storage facility for customers. FSS plans to expand its operations by exercising an option to purchase land it currently leases from the City of Belfast.
The total project cost is estimated to be $5.8 million. The company has plans to engage in new technology and enter new markets as it expands. FAME’s actions are expected to help create forty new jobs and retain an additional eighty-four jobs.
“FAME is pleased to support Dubba’s plans for growth and expanding manufacturing jobs in a traditional industry in Waldo County through Front Street Shipyard,” stated FAME Board Chair Ray Nowak. “We wish the company all the best with its plans for growth and success.”
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.
“We are grateful for FAME’s assistance with our plans for a new boat manufacturing facility in Belfast,” stated John “JB” Turner, President of FSS, Inc. “This financing will help our company grow and add jobs in one of Maine’s most historic industries.”