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Client Success Stories

Hyperlite Mountain Gear

When Hyperlite Mountain Gear (www.hyperlitemountaingear.com), a designer and manufacturer of ultralight outdoor gear, relocated to the North Dam Mill in Biddeford, owner Mike St. Pierre needed additional funding to fit up a new manufacturing and office space. Mike came to the EDC for the funding he needed to grow his business.

“I approached the EDC for a loan and they worked with me to find exactly the right combination of funding sources to provide my company with the money it needed, at the right rate, in a timely manner. Without their expertise, we would not have been able to move ahead as quickly as we did with as much ease. Their knowledge of mill redevelopment, coupled with their access to a variety of sources of capital, really benefitted HMG”

Mike St. Pierre
Owner
Hyperlite Mountain Gear
Biddeford, Maine


Prescott Metal

Prescott Metal is a metal fabrication company located in Biddeford, Maine that has been in business for over 90 years. When the have expanded and acquired other businesses, the Economic Development Corporation has provided them with the funding to complete these projects.

“Prescott Metal has approached the EDC several times with needs for gap funding to complete an acquisition or expansion. Every time we have needed financing, Will and Jon have worked with us to assure that we get the money we need in a timely manner to maintain our production schedules. The EDC has really helped our business stay on track.”

John Grondin
President
Prescott Metal
Biddeford, Maine


Lukas Foods

Lukas Foods is a contract food packaging company located in Biddeford, Maine. They approached the EDC in 2012 to restructure their existing debt.

“The EDC was able to help us by reviewing our debt and recommending a reasonable restructure that worked for our current financial situation”.

Greg Willoughby
Owner
Lukas Foods
Biddeford, Maine


Northdam Mill

Biddeford’s North Dam Mill is one of the premier redeveloped mill complexes in New England. Over 70 businesses currently call this 17 acre mill campus home. Mill owner Doug Sanford credits the EDC with facilitating financing with local banks to push this redevelopment project forward.

“the EDC worked with us through every phase of this project to collaborate with bankers and get us the funding we needed to keep our development on schedule. They can be credited with providing critical financing that contributed to the success of this mill project.”

Doug Sanford
Owner
North Dam Mill
Biddeford, Maine


Shields Meats

Shields Meats has been doing business in Kennebunk, Maine since 1923. In 2004, Shields added a line of hot dogs to meet market demands and needed additional financing. The Economic Development Corporation assisted the company with funding to facilitate this growth.

“We determined that the EDC would be a great option for our financing needs. They really listened to our needs and matched us with the correct loan.”

Dean and Greg Shields
Owners
Shields Meats
Kennebunk, Maine


Yale Cordage

Yale Cordage, Inc. (YC) is a manufacturer of synthetic rope for the pleasure marine, industrial, utility and oceanographic markets.  The company purchased a vacant building in the Biddeford Industrial Park in 1997 and then relocated to a new facility in the Saco Industrial Park in 2000.  EDC worked with YC to structure a financing package for both real estate acquisitions to reduce YC’s annual debt service.

“Everything came together here.  Biddeford and Saco came charging to the table and lined up all the elements for us very quickly–financing, labor force issues…they certainly made it easy.”

Tom L. Yale
President
Yale Cordage
Saco, Maine


Transparent Audio, Inc.

Transparent Audio, Inc. (TA) was established in 1981 as a marketing and distribution company for high-end Norwegian electronics. Today, TA manufactures and sells Transparent Cables and Well Tempered Turntables worldwide.  TA is a high-end manufacturer of products whose fit and finish is recognized as the best in their industry.  TA approached the City of Saco and EDC to provide a financing package that would meet their financing needs for their expansion and relocation, which was completed in 1998.

“When we were ready to build, location was very important.  It’s beautiful here, with trees and space.  And we have easy access to FedEx, the Turnpike, the airport and shipping facilities, because we are an international business.”

Karen Sumner
President
Transparent Audio, Inc.
Saco, Maine


Precision Transmission

Precision Transmission opened its state of the art transmission and drive train repair facility in Wells in 2003. Owner David Roy credits the EDC for assisting in making his business start-up possible:

“Partnering with the EDC has had many benefits. They helped me realize my business start up plans by securing the financing needed.”

David Roy
Owner
Precision Transmission
Wells, Maine


Bear Essentials Fitness

When brothers Nate and Justin Warren dreamed of opening a gym, they approached the Economic Development Corporation to help them get started.

“The EDC directed us to the resources we needed to get our business off the ground and provided us with a loan to cover our start-up costs. Jon and Will were helpful and enthusiastic about our venture. We wouldn’t be where we are today without the EDC.”

Nate and Justin Warren
Owners
Bear Essentials Fitness