GARDINER — A $2.6 million loan guarantee package announced by the U.S. Department of Agriculture Rural Development is expected to help the owners of Central Maine Meats expand further its landmark meat-processing operation.
The loan guarantee, in partnership with Machias Savings Bank, will allow Bill and Anette Lovely to refinance debt and provide working capital for the meat-processing company. The company will be able to bring its commercial smoker online as early as May and add a value-added cutting floor. In a year, the company’s employment is expected to reach about 50.
Lovely said the original financing package used all of his properties for collateral, so this deal means much of that can be released to be used as collateral for financing for other projects.
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