FAME OKs $3M for four Maine businesses
The Finance Authority of Maine has approved approximately $3 million in financing for four Maine businesses, including Portland-based Apothecary by Design.
FAME announced Thursday that its board of directors approved the following:
• $1.3 million in commercial loan insurance for a mortgage and loan provided by Camden National Bank to Scarborough-based Toddle Inn Day Care Inc., which also operates in five other southern Maine locations. The financing is expected to help the company create eight new jobs and retain 142 existing ones.
• Renewed 90% pro rata loan insurance for a $550,000 line of credit from Androscoggin Bank to Precise Products Inc., which will help the Benton-based manufacturer create six to 10 new jobs and retain 50 existing ones.
• Renewed loan insurance for an $850,000 line of credit provided by Bangor Savings Bank to Apothecary by Design LLC, which is expected to help the Portland-based specialty pharmacy retain 63 jobs.
• The restructuring of four loans provided by People’s United Bank for N.C. Hunt Inc., which will help the Jefferson-based specialty sawmill retain 66 jobs.
"FAME is pleased to be able to partner with others in these transactions to assist these Maine companies, along with the many other businesses our staff works with on an ongoing basis,” FAME board Chairman Ray Nowak said in a prepared statement. “Helping to retain and create good jobs is an important part of our overall mission to help foster a stronger Maine economy.”
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