Saco medical device company receives FAME financing for expansion

Courtesy / Maine Molecular Quality Controls Inc. Maine Molecular Quality Controls Inc. in Saco plans to expand its facility. Among other things, the company manufactures quality controls being used in battling the COVID-19 pandemic.

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By Staff

Saco-based Maine Molecular Quality Controls Inc. on Thursday received 90% pro rata insurance from the Finance Authority of Maine on a $2.2 million loan by Saco & Biddeford Savings Institution.

The FAME funds will refinance an existing mortgage and enable the construction of a 37,500-square-foot expansion to Maine Molecular’s current facility, allowing the company to create over 40 Maine jobs.

Maine Molecular manufactures high-caliber quality control devices that, among other uses, help monitor diagnostic tests performed in medical laboratories. The products are now helping to battle the COVID-19 pandemic, according to a news release.

“This financing will enable our company to meet the current and future demand for high-caliber quality controls to ensure the accuracy of clinical laboratory testing,” Joan Gordon, Maine Molecular’s president, said in the release.

The FAME board of directors approved the deal at a remotely held meeting.

"In these challenging times, we realize more than ever how important the field of medical research and testing is to the health and well-being of not only our state, but of our country and world as a whole,” FAME Board Chair Jay Violette said in the release.

FAME’s Commercial Loan Insurance Program insures a portion of a loan to a business made by a participating financial institution or investment firm. For a business, it may mean the difference between obtaining a loan or never getting the opportunity to start a business.

Maine Molecular was founded in 2000 by Clark Rundell and Joan Gordon.

By 2015, the company had reached capacity in a Scarborough facility and moved to a new, state-of-the-art building in Saco in order to keep up with growing customer demand.