The Finance Authority of Maine has approved about $3 million in financing for a variety of Maine businesses, including a Scarborough-based day care, a machinery manufacturer in Benton, an independent pharmacy in Portland and a specialty sawmill operator in Jefferson.
FAME said in a news release that the loans will create and retain some 339 jobs in the state.
At its Sept. 18 meeting, FAME’s board of directors approved a total of $1.3 million in commercial loan insurance for Toddle Inn Day Care Inc. of Scarborough, which operates six day care facilities in Westbrook, Gorham, South Portland, Cumberland, Saco and Scarborough.
The FAME insurance supports a mortgage and direct loan provided to the company by Camden National Bank, and will help the company restructure existing debt and improve company cash flow.
The financing is expected to help create up to eight new jobs and retain 142 existing Toddle Inn jobs, according to the release.
“FAME’s assistance will help our company to improve and expand our services,” Toddle Inn President Cheryl Carrier said.
FAME also renewed loan insurance on a $550,000 line of credit provided by Androscoggin Bank to B&B Precise Products Inc. of Benton. The company manufactures machined parts and assembled components. The financing will help the company add six to 10 jobs and retain another 50 existing jobs, FAME said.
Apothecary by Design LLC is a specialty pharmacy based in Portland. FAME renewed insurance on an $850,000 line of credit provided to the company by Bangor Savings Bank, which FAME said will help the company retain 63 jobs.
The authority also approved the restructuring of four loans by People’s United Bank to N.C. Hunt Inc. The company operates a specialty sawmill in Jefferson and makes sales to both retail and wholesale customers throughout New England and Canada. The loan restructuring will help the company to retain 66 jobs, FAME said.
“FAME is pleased to be able to partner with others in these transactions to assist these Maine companies,” FAME board Chairman Ray Nowak said in the release. “Helping to retain and create good jobs is an important part of our overall mission to help foster a stronger Maine economy.”
FAME is a quasi-independent state agency that provides financial solutions such as commercial loan guarantees to help Maine residents pursue business and educational opportunities.
J. Craig Anderson can be contacted at 207-791-6390 or:
Twitter: jcraiganderson
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