63-room Best Western hotel will serve area lodging needs and help revitalize downtown Rumford and River Valley area
At their February 21, 2019 monthly meeting, the board of directors of the Finance Authority of Maine (FAME) approved 75% commercial loan insurance on a $4.1 million loan by First National Bank to Pennacook Falls Investments, Ltd. (PFIL) for the construction of a sixty-three-room Best Western Plus Inn and Suites in downtown Rumford. The project is expected to create approximately nineteen jobs and help meet growing area lodging needs.
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.
PFIL is an investment group established by Rumford area business leaders to build a brand-name hotel in downtown Rumford.
“We are grateful for FAME’s assistance with our plans,” stated Tony Carter, President of PFIL. “This financing will allow us to construct much-needed lodging in downtown Rumford and hopefully spur additional economic investment in this redeveloping area.”
Rumford has been without a hotel for some time now, and this development is expected to help revitalize the downtown area. The area is not only a gateway to the Rangeley Lakes area and Maine’s western mountains, including nearby Black Mountain and Sunday River, which offer numerous ski and snowmobile trails, but also boasts a community hospital and active pulp and paper mill operated by ND Paper.
“FAME is pleased to help finance this project that is expected to boost downtown Rumford and meet some of the growing lodging needs of the River Valley Area” stated Jay Violette, FAME board chair
FAME is a quasi-independent state agency that provides financial solutions that help Maine people achieve their business and higher education goals. FAME recently celebrated its 35th anniversary. It helps to create a Maine workforce that with good-paying jobs by focusing on the nexus of economic and educational development. FAME recently was recognized for the fourth year in a row as one of the Best Places to Work in Maine. To learn more about FAME, please visit www.famemaine.com.