USDA Announces $11.9 Million Loan Guarantee for Maine Plywood Facility Conversion
USDA Announces $11.9 Million to Maine Plywood USA, LLC
The US Department of Agriculture (USDA) Rural Development recently announced $115.2 million in funding across eight states through the Timber Production and Expansion Guaranteed Loan Program to support sawmills and wood processing operations.
In Maine, Maine Plywood USA, LLC will receive an $11.9 million loan guarantee to convert an existing sawmill in Bingham into a hardwood plywood underlayment manufacturing facility. The project includes construction, renovation, equipment purchases, refinancing, inventory, and working capital.
The funding package consists of two loans ($5.9 million and $6 million) and will be supplemented by $2.2 million in owner and investor equity. The facility is expected to produce 2.5 million sheets of poplar underlayment in its first full year of stabilized operations.
The project is expected to create 95 new jobs.
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