Brian Beland
Brian Beland, president and owner of KV Tooling Systems.
Updated: December 6, 2022
FAME approves $1.2M to help Augusta precision tool manufacturer
Bill Norbert
FAME approves loan for KV Tooling Systems LLC.
Finance Authority of Maine approved a $1.2 million loan for KV Tooling Systems LLC, a precision tool manufacturer in Augusta.
The funds will help the company build an addition to the property; create three new positions and retain six employees; purchase a new computer numerical control machine; prep and finish equipment; meet increased demand and provide ongoing working capital.
The loan is split between a $600,000 FAME loan and $600,000 from the Grow Maine Program, which includes small business funding administered by FAME. Loans up to $5 million are available, with interest rates set by the participating lending institution. The length of the loan was not available.
"We are very appreciative of FAME's support as we continue to expand our operations," said Brian Beland, president and owner of KV Tooling Systems. "We look forward to meeting customer demand in our growing business."
KV Tooling Systems was founded in 2002, and initially operated out of Beland's basement. The business has since relocated and expanded. The company provides tool re-sharpening and grinding services, custom-cutting tool design, engineering and manufacturing services. The company also has in-house computerized CAD capabilities.
"FAME is pleased to help support the continued growth of KV Tooling Systems," said Richard Trafton, board chair of FAME. "Supporting precision manufacturing is part of Maine's economic development plan and a high priority for FAME."
FAME is partnering with over 30 lenders across the state for the Grow Maine program, through which loan guarantees, direct loans and equity capital are available.
Most Recent
Most Recent
0 Comments