Bangor, ME, Dec 19, 2012 -- United States Department of Agriculture ♦ Rural Development in Maine ♦ 967 Illinois Ave, Suite 4
Bangor, ME 04402-0405 ♦Voice (207) 990-9160 ♦ Email: Emily.Cannon@me.usda.gov ♦
Emily Cannon (207) 990-9175
53 Darling, LLC Selected to Receive $2.37 Million USDA Rural Development Loan Guarantee in Partnership with Androscoggin Bank
BANGOR, December 19, 2012 – USDA Rural Development State Director Virginia Manuel has announced that a Rockport-based business, 53 Darling, LLC, has been selected to receive a USDA Rural Development Business & Industry Loan Guarantee in the amount of $2.37 million in collaboration with Androscoggin Bank.
The Loan Guarantee will be used to purchase a property located at 53 Darling Avenue, in South Portland. This purchase will allow continued lease of space to two existing tenant businesses, ensuring that their longstanding occupancy is able to continue. The existing long-term tenants have had occupancy in the building since the mid to late 1990’s. This important investment supports 140 local jobs.
USDA Rural Development State Director Virginia Manuel said, “This USDA Rural Development $2.37 million Business & Industry Loan Guarantee with Androscoggin Bank is an important investment in Maine’s economy. Along with helping to ensure two businesses can continue to provide their services at 53 Darling Avenue, the funds also help to support much-needed jobs for 140 people in the area.”
Androscoggin Bank Vice President of Commercial Lending Paul Collins said, “Androscoggin Bank is proud to provide the financing with USDA that allows our commercial borrower the ability to know exactly what their borrowing costs will be for the life of the loan. This helps to eliminate one of the unknown factors that every commercial borrower faces in a real estate transaction, and provides comfort in making a long term commitment to tenants/employers. The continued jobs and incomes will create a ripple effect throughout the economy, creating prosperity in South Portland and beyond.”
The purpose of 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. This purpose is achieved by bolstering the existing private credit structure through the guarantee of quality loans which will provide lasting community benefits.
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 64 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.rurdev.usda.gov/me.