Bangor, Maine, May 22, 2013 -- USDA Rural Development State Director Virginia Manuel has announced a Business and Industry Guaranteed Loan to Bruns Properties LLC & Bruns Bros. Welding, Inc., in Gray.
USDA Rural Development State Director Virginia Manuel said, “I am pleased that USDA Rural Development’s investment will help enable Bruns Bros. Welding, Inc. to retain 49 valuable manufacturing jobs in Maine while providing the capital needed to support activities and expand opportunities for this manufacturing business.”
Bruns Properties, LLC & Bruns Bros. Welding, Inc., located in Gray, Maine,
and Millville, Pennsylvania, will utilize the Business & Industry Guaranteed Loan of $2,406,555 provided in partnership with Androscoggin Bank for refinancing, improving cash flow, and allowing for planning for capital improvements, potential expansions, and additional product development. Bruns Bros is a welding company that focuses on process design and installation in the dairy, food, beverage and pharmaceutical industries.
…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, through its Rural Development mission area, has a portfolio of programs designed to improve the economic stability of rural communities, businesses, residents, farmers and ranchers and improve the quality of life in rural America.
USDA has made a concerted effort to deliver results for the American people, even as USDA implements sequestration – the across-the-board budget reductions mandated under terms of the Budget Control Act. USDA has already undertaken historic efforts since 2009 to save more than $828 million in taxpayer funds through targeted, common-sense budget reductions. These reductions have put USDA in a better position to carry out its mission, while implementing sequester budget reductions in a fair manner that causes as little disruption as possible.
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 63 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. USDA Rural Development invested a total of $402.5 million in Maine communities last Fiscal Year. 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.
USDA is an equal opportunity provider and employer. To file a complaint of discrimination, write: USDA, Office of the Assistant Secretary for Civil Rights, Office of Adjudication, 1400 Independence Ave., SW, Washington, DC 20250-9410 or call (866) 632-9992 (Toll-free Customer Service), (800) 877-8339 (Local or Federal relay), (866) 377-8642 (Relay voice users).