Saco-based Maine Molecular Quality Controls Inc. on Thursday received 90% pro rata insurance from the Finance Authority of Maine on a $2.2 million loan by Saco & Biddeford Savings Institution.
The FAME funds will refinance an existing mortgage and enable the construction of a 37,500-square-foot expansion to Maine Molecular’s current facility, allowing the company to create over 40 Maine jobs.
Maine Molecular manufactures high-caliber quality control devices that, among other uses, help monitor diagnostic tests performed in medical laboratories. The products are now helping to battle the COVID-19 pandemic, according to a news release.
“This financing will enable our company to meet the current and future demand for high-caliber quality controls to ensure the accuracy of clinical laboratory testing,” Joan Gordon, Maine Molecular’s president, said in the release.
The FAME board of directors approved the deal at a remotely held meeting.
“In these challenging times, we realize more than ever how important the field of medical research and testing is to the health and well-being of not only our state, but of our country and world as a whole,” FAME Board Chair Jay Violette said in the release.
FAME’s Commercial Loan Insurance Program insures a portion of a loan to a business made by a participating financial institution or investment firm. For a business, it may mean the difference between obtaining a loan or never getting the opportunity to start a business.
Maine Molecular was founded in 2000 by Clark Rundell and Joan Gordon.
By 2015, the company had reached capacity in a Scarborough facility and moved to a new, state-of-the-art building in Saco in order to keep up with growing customer demand.
