USDA Rural Development has announced that William E. & Anette M. Lovely will receive a Business & Industry Loan Guarantee in partnership with Machias Savings Bank to refinance debt and provide working capital for meat processing facilities for poultry beef and pork in central Maine. This loan is being made through a partnership with Machias Savings Bank spearheaded by Andrew Dorr, Vice President of Business Banking.
USDA Rural Development Maine State Director Virginia Manuel said, “Maine people are increasingly looking to eat quality local Maine meat, pork, and poultry that are raised on Maine farms. This investment in local meat processing businesses, including a USDA certified facility, strengthens our agricultural communities and farms by supporting centrally-located services and a source of local foods for consumers. In addition, investments like this one have a tangible economic impact on 7 area businesses and 84 local jobs.”
The Business & Industry Loan Guarantee of $2,645,000 will assist William E. & Anette M. Lovely to refinance the borrowers’ existing commercial real estate debt and to provide permanent working capital. The loan will include a long-term, fixed rate and will improve cash flow. The real estate to be refinanced includes USDA-approved meat processing facilities, Maine-ly Poultry Common Wealth Poultry, in Warren, and Central Maine Meats, in Gardiner, for poultry, beef, and pork. These meat processing businesses provide poultry/beef to restaurants, universities and grocery stores.
Applications are currently being accepted in Business & Industry Guaranteed program, with over $4.3 million currently available in Maine, and more funding available nationally for larger projects. USDA Rural Development’s Business & Industry Guaranteed Loan Program is to improve, develop, or finance business, industry, and employment and improve the economic and environmental climate in rural communities. Business and Industry Guaranteed Loans are made by Maine lenders and guaranteed by USDA Rural Development. Loan purposes must be consistent with the general purpose contained in the regulation, including but not limited to:
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Business and industrial acquisitions when the loan will keep the business from closing, prevent the loss of employment opportunities, or provide expanded job opportunities;
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Business conversion, enlargement, repair, modernization, or development;
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Purchase and development of land, easements, rights-of-way, buildings, or facilities; and
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Purchase of equipment, leasehold improvements, machinery, supplies, or inventory.
For more information, or to receive application materials, please contact Cheryl Pelletier at cheryl.pelletier@me.usda.gov or 764-4157 ext. 4.
Funding announced today is contingent upon the recipient meeting the terms of the loan or grant agreement.
USDA Rural Development has Area Offices located in Presque Isle, Bangor, Lewiston, and Scarborough, as well as a State Office, located in Bangor. There are 57 employees working to deliver the agency’s Housing, Business, and Community Programs, which are designed to improve the economic stability of rural communities, businesses, residents, and farmers, and improve the quality of life in rural Maine. Further information on rural programs is available at a local USDA Rural Development office or by visiting USDA Rural Development's web site at http://www.rd.usda.gov/me.