Bangor, ME, Jul 31, 2013 -- USDA Rural Development State Director Virginia Manuel has announced that R.E. Lowell Lumber Co., Inc., in Buckfield, has been selected to receive two USDA Rural Development Business and Industry Guaranteed Loans in the amounts of $808,000 and $800,000. USDA remains focused on carrying out its mission, despite a time of significant budget uncertainty. Today's announcement is one part of the Department's efforts to strengthen the rural economy.
The USDA Rural Development guaranteed loan funds, made in partnership with Androscoggin Bank, will be used for debt refinancing and for the purchase of currently-leased space in Turner, for R.E. Lowell Lumber Co., Inc., which has been in operation since 1945. This will improve the businesses cash flow and position it for potential growth, while helping to maintain 27 jobs and create 2.
USDA Rural Development State Director Virginia Manuel said, "I am very pleased USDA Rural Development could provide substantial guaranteed loan funds in partnership with Androscoggin Bank to support R.E. Lowell Co., Inc. Through funding this
bio-based business, USDA Rural Development is helping to support Maine's robust forest products industry which is vital to the state's economy."
R.E. Lowell Lumber Co., Inc., Owner Rebecca Lowell said, "As a small family-owned business the assistance received through USDA Rural Development will allow R.E. Lowell Lumber to complete the real estate purchase of our second location at 2319 Auburn Rd in Turner. All at R.E. Lowell Lumber are excited about the business expansion as it will allow us to grow as a retailer, to serve a new customer base providing quality building materials and quality service, create new jobs, provide greater security for our existing positions and allow us to become more involved in the communities we serve."
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 62 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).