At its June 18, 2015 meeting, the Board of Directors of the Finance Authority of Maine (FAME) approved financing for Wireless Partners, LLC, of Portland. FAME approved loan insurance on a $3.4 million term loan by Mechanics Savings Bank. The financing will enable the company to complete a carrier-grade 4G Long-Term Evolution (LTE) network in Washington and eastern Hancock Counties, including up to thirty-two towers. The project is expected to help create and retain six jobs, with additional indirect jobs expected as a result.
Wireless Partners, LLC is a Maine-based, veteran-owned company that designs, builds, owns and operates Enhanced 4G LTE cellular networks in partnership with Verizon Wireless.
“FAME is pleased to partner with Mechanics Savings Bank to provide financing for this project, which we hope will lead to better cell phone coverage and broadband data access in the underserved areas of Washington and eastern Hancock Counties,” stated FAME Board Chair Raymond Nowak. “It is our hope that the planned communication improvements by Wireless Partners will support business expansion, emergency services, and the tourism industry in Maine. Such partnerships are a key part of FAME’s strategy to support infrastructure that enables the success of other businesses.”
“We are pleased to be partnering with FAME and Mechanics Savings Bank on this important project,” said Bob Parsloe, President and Chief Executive Officer of Wireless Partners, LLC. “This project will make it possible for people who live, work and recreate in Downeast Maine to have reliable 4G LTE broadband and voice cellular service that allows them to be connected like the rest of the world.”
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.