Bangor, ME, Jul 10, 2013 -- USDA Rural Development State Director Virginia Manuel has announced that Lewiston business Lincoln Street Hoteliers, LLC has been selected to receive a Business and Industry Guaranteed Loan of $7,023,258 in partnership with Machias Savings Bank.
Funds will be used to assist in the financing of a newly-constructed Hampton Inn at
15 Lincoln Street, Lewiston. The new, 93-room hotel will create 17 full-time equivalent jobs in the local community, at an average wage of more than twice the federal minimum. The $12.3 million facility will also significantly contribute to the City of Lewiston's aggressive and continuing redevelopment efforts for its downtown.
USDA Rural Development State Director Virginia Manuel said, 'I am very pleased that USDA Rural Development can provide significant support for Lincoln Street Hoteliers, LLC in partnership with our valued lending partner Machias Savings Bank. The economic impact of this new hotel project will help create a ripple effect in the Lewiston economy by creating local jobs and providing additional quality lodging for tourists and other visitors who come to the area to stay in the hotel, shop nearby, patronize area restaurants, and enjoy all that Lewiston/Auburn has to offer.'
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 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.
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