Loan program helps Maine expansions
A federal loan guarantee program is helping a company in Scarborough and a nonprofit in Boothbay get more than $4 million in loans for expansions.
Funded by stimulus money, the USDA Rural Development's Business and Industry Guaranteed Loan Program has helped Running Hill Self Storage in Scarborough and Ocean Classroom in Boothbay secure a $2.2 million loan each, according to a press release from Rep. Chellie Pingree's office. The program helped Running Hill Self Storage get a loan from Northeast Bank for construction of a new complex, which will employ 60 people.
Nonprofit educational organization Ocean Classroom, which recently moved from Rhode Island to Boothbay, was able to get a loan from Camden National Bank through the loan guarantee program that will help preserve jobs and expand programming, according to the release.
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