Wednesday, March 12, 2014
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Jeff Woodbury/Staff Graphic Artist
Woods has put some of his own money in the venture, but like many small businesses, has had to borrow. He has tapped into a federal loan program that provides 90 percent financing at favorable rates. The $2.8 million loan is sponsored by Bank of America and administered by Granite State Development Corp., in Portsmouth, N.H.
“It’s a great example of what a small business can do in a credit crunch,” said Amanda Lee, business development officer for Granite State. “It allows Woods to create a concept that, down the line, will be successful for him.”
The loan allows Woods to keep working capital, and the availability of economic stimulus money saves the company $24,185 in bank processing fees, Lee said.
“He’s a great candidate for this loan,” she said. “He has a successful small business that has been profitable.”
Falmouth officials are pleased about Woods and are supporting his Pine Tree Zone application. “What he’s doing by adding jobs to the region is fantastic,” said Town Manager Nathan Poore.
Poore is working with other towns on economic development planning. The campus could attract other businesses to Greater Portland, he said. “A marketing company like his could be a destination for businesses outside our area.”
But Woods’s vision, like so many other business outlooks, depends on the national economy. That’s always a risk, he said, but he thinks the economy is poised to snap back, especially in the health care and environmental arenas.
“I really believe 2011 is going to be one of the best years in our history,” he said.
Staff Writer Tux Turkel can be contacted at 791-6462 or at: