A Portland-based pharmacy is set to receive a $150,000 loan backed by the Finance Authority of Maine to expand its operations in the city.
Apothecary by Design LLC, a locally owned pharmacy with headquarters on Marginal Way, will use the funds to relocate its speciality department to nearby Preble Street while expanding its headquarters, according to theBangor Daily News.
The loan is facilitated by FAME, which approved 90% loan insurance on the $150,000 loan being offered by Bangor Savings Bank at an Aug. 16 meeting. This is not the first financing collaboration between the three entities; since 2008, FAME has offered loan insurance to FAME on Bangor Savings Bank loans a number of times, according to the Bangor Daily News.
The expansion will see a doubling in the size of the pharmacy's compounding lab. The company currently employs 38 people.
FAME also approved the re-advancement of funds on an existing loan to the pharmacy, as well as the renewal of an existing line of credit.
Founded in 1983, FAME is charged with supporting the growth of the state's business community. FAME offers an array of business assistance programs, including loan insurance, tax credits and financing programs.
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