Bangor, ME, Jan 07, 2013 -- 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
326 Roosevelt Trail, LLC Selected to Receive $456,021 USDA Rural Development Loan Guarantee in Partnership with Androscoggin Bank
BANGOR, January 7, 2013 – USDA Rural Development State Director Virginia Manuel has announced that a Portland-based entity, 326 Roosevelt Trail, LLC, has been selected to receive
a USDA Rural Development Business & Industry Loan Guarantee in the amount of $456,021 in collaboration with Androscoggin Bank.
The Loan Guarantee will be used to purchase a property located at 326 Roosevelt Trail in Casco for continued lease to the U.S. Postal Service. This investment ensures that the U.S. Postal Service, which employs three local jobs, can continue occupancy in the 2,937 sq. ft. building, where it has been a tenant for over a decade.
USDA Rural Development State Director Virginia Manuel said, “I am very pleased that USDA Rural Development can provide funds through this vital program, which allows us to partner with local lenders to provide support for many Maine businesses. The investment in 326 Roosevelt Trail LLC supports the U.S. Postal Service and its three local employees, ensuring it can remain in a location that it has occupied for many years.”
Androscoggin Bank Vice President of Commercial Lending Paul Collins said, “Androscoggin Bank is proud to partner with the USDA to provide a long term fixed rate commercial mortgage for our customer. Every customer has a different goal when they consider how to finance their property, and the USDA guarantee program continues to be a great option for a long term investment by eliminating all the interest rate risk for the borrower.”
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.