Lawmakers approve $50M bond package
Maine lawmakers on Thursday approved approximately $50 million in bond proposals that, among other things, could provide a boost for small businesses.
The Associated Press reported that the House of Representatives and Senate passed six proposals that would include a $12 million package for small business financing programs. They would also include funding for infrastructure improvements, including $10 million in funding for water projects such as upgrades to drinking water systems.
If approved by Gov. Paul LePage, the bond proposals will likely reach a statewide ballot this November.
Also on Thursday, the Finance Authority of Maine’s board of directors approved a $16 million bond to help Thermogen Industries construct a $140 million wood pellet plant in Millinocket, according to the Bangor Daily News.
The approved bond is $9 million less than what Cate Street Capital, the New Hampshire investment firm behind the project, was hoping for, though a representative for the company didn’t indicate how the smaller bond would impact the project moving forward.
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