FAME board tours Aroostook

    The Board of Directors of the Finance Authority of Maine (FAME) recently approved loans and loan insurance to assist two Maine businesses. FAME's actions will help create and preserve a total of 277 Maine jobs. The FAME Board held its monthly meeting in Fort Kent after a two-day tour of Aroostook County businesses.
    The two businesses assisted by the Board's actions are Prime Tanning Co., Inc. of Hartland, a leather producer that recently ceased operations at its Berwick facility and is in the process of transitioning production to its finishing operations in Hartland; and Apothecary by Design, LLC, a Portland-based start-up company that will operate as a specialized retail pharmacy.
    "During these challenging economic times, FAME stands shoulder-to-shoulder with Maine lending institutions and businesses in order to strengthen the economy and grow and preserve Maine jobs," stated FAME Board Chair Joyce Maker.
    Prior to the Board meeting, the FAME Board and staff, as well as area legislators and business leaders, toured various Aroostook County businesses to learn more about the local economy. Activities included: tours of the Louisiana Pacific Laminated Strand Lumber Mill in New Limerick and McCain Frozen Foods in Easton; a panel discussion on area economic issues held at the Long Lake Sporting Club in Sinclair; and the FAME Board meeting and presentation by representatives of the Maine Winter Sports Center at the 10th Mountain Lodge in Fort Kent.
    The Board approved $500,000 in new Economic Recovery Loan funding for Prime Tanning Co., Inc. The company produces side-leather for many of the best-known leather brands in the world. The loan will allow the company to reduce its payables and access much-needed liquidity as it consolidates operations and preserves Maine jobs. The money approved is in addition to $500,000 in outstanding or already approved FAME loans, and brings funding for the company to the maximum allowed under the program. In August, the company announced it was closing its Berwick facility and redirecting 75 of 150 jobs to Hartland. FAME's actions will help to preserve 258 Maine jobs.
    The Board also voted to provide 90 percent pro rata Commercial Loan Insurance on three Bangor Savings Bank loans totaling $2.1 million for the financing of Apothecary by Design, LLC. The nascent company, which expects to employ 19 workers, will offer specialized pharmacy services such as pharmaceutical compounding, nutritional health and well being, and specialty disease management The loans and loan insurance will allow Apothecary by Design to make leasehold improvements at its Portland location and also support its working capital needs.
    "FAME's actions in helping to preserve and grow 277 Maine jobs is consistent with its mission of making business and education work for Maine," stated Beth Bordowitz, Acting CEO of FAME. "We wish these businesses success in these challenging economic times."
    To learn more about FAME, please visit www.famemaine.com.