Great Northern Paper gets $50M in financing
The East Millinocket-based Great Northern Paper mill will receive $50 million in financing, in part from the state's new $250 million New Markets Capital Investment program.
The Great Northern Paper deal is the first to use the new program since it was introduced in the state budget in 2011 and expanded in the summer of 2012.
The New York-based private investment firm Enhanced Community Development, a subsidiary of Enhanced Capital Partners, announced in a press release the financing deal that includes $40 million in Maine New Market capital tax credits and $10 million in federal credits.
The company says the investment will support 50 new jobs at the mill by the end of the year and 100 new indirect jobs in related industries including logging, forestry and trucking.
The deal also involved GNP parent Cate Street Capital, Stonehenge Community Development, US Bancorp Community Development Corp., Vulcan Capital and the Finance Authority of Maine.
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