AUGUSTA — At its April 18 meeting, the board of directors of the Finance Authority of Maine (FAME) approved financing for three businesses in the transportation, tourism and manufacturing sectors of Maine’s economy.
According to a news release, the businesses are Isherwood Enterprises, Inc. d/b/a Custom Coach and Limousine; Mega Industries Realty, LLC and Mega Industries, LLC (co-borrowers); and Rood Enterprises, LLC and B & B Precise Products, Inc. (co-borrowers). FAME’s actions will help these companies create and retain approximately 171 jobs.
“FAME is pleased to support these Maine companies and their plans for continued operation and expansion,” said FAME Chief Executive Officer Beth Bordowitz. “We are beginning to see signs of an economic recovery taking hold in Maine and our actions will help these businesses to position themselves to create and retain good Maine jobs.”
Custom Coach and Limousine is a Portlandbased, family-owned and operated company that was founded in 1988 with one mini-coach. Today, the company employs 50 people and operates a fleet of more than 45 vehicles. FAME will provide loan insurance on various Camden National Bank loans to the company, which will help lower the cost of debt.
FAME also approved a direct loan of $180,000 through its Economic Recovery Loan Program to Mega Industries. The company manufactures high-power, low-frequency microwave components for scientific, military, and commercial applications. Mega Industries will use the funds to help expand its existing manufacturing facility in Gorham. The company expects to create eight new jobs and retain 46 jobs as a result of FAME’s financing.
“Mega Industries is grateful to FAME for its assistance as we expand our operations and grow our work force,” said Peter Anania, president of Mega Industries, LLC and Anania & Associates Investment Co.
Finally, FAME also has agreed to insure three separate loans by Androscoggin Bank to B & B Precise Products, Inc. The financing will enable the company to access working capital and purchase two new machines for its manufacturing facility.
B & B Precise Products, Inc. is located in Benton and was established in 1990 as a machine shop with two employees. Today, it is a certified precision manufacturer employing 57 individuals. The company’s customers include global companies in the aerospace, defense, Homeland Security, semiconductor, and energy sectors. FAME’s financing is expected to help the company create an additional eight-to-12 jobs.
“Our company very much appreciates FAME’s support. FAME’s actions will enable us to grow and compete in the global economy,” said Wellman Rood, president of B&B Precise Products, Inc.
¦ FAME IS A quasi-independent state agency that provides innovative financial solutions to help Maine people and businesses pursue educational and business opportunities. The agency is celebrating its 30th anniversary in 2013.
¦ TO LEARN MORE about FAME and its resources, visit www.famemaine.com.
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