The Board of Directors of the Finance Authority of Maine (FAME) has approved financing for East Boothbay-based Hodgdon Shipbuilding, and two New Markets Capital Investment Program Tax Credit certificates related to investments in GNP Maine Holdings an entity related to the former Great Northern Paper mills in Millinocket and East Millinocket. 

At its December 20 meeting, the FAME Board approved a $300,000 Economic Recovery Loan to Hodgdon Shipbuilding. 

The company plans to use the funds to construct a 10.5 meter Limousine Tender for use with mega-yachts. The proposed model tender will serve as a demonstrator for the company at popular yacht shows around the globe.

Hodgdon Shipbuilding has been building high-quality yachts and other sea-going vessels in East Boothbay since 1816. It is currently the oldest, continuously operated boat-building company in the United States. 

FAME’s action will help the company to create and retain approximately 139 Maine jobs.

Hodgdon Group president and chief executive officer Timothy Hodgdon said, “Thanks to FAME’s assistance, Hodgdon Shipbuilding will be able to proceed with construction of a demonstrator tender that should lead to increased production and jobs in the state. 

“We are grateful for FAME past and current assistance with our company’s growth and success.” 

FAME also approved the certification applications of two community development entities, Stonehenge Community Development LXI, and Enhanced Capital New Market Development Fund X, under the Maine New Markets Capital Investment Program. 

The action is related to investments by each entity in GNP Maine Holdings, a company related to Great Northern Paper, in Millinocket and East Millinocket. These are the first certification applications to be approved under the new program, which was created by the 125th Maine Legislature to be administered by FAME.

“FAME is pleased to support these storied Maine companies with their plans to expand make improvements, and create and retain Maine jobs,” stated FAME Board Chair Susan Snowden.

FAME is a quasi-independent state agency that provides innovative financial solutions to help Maine people and businesses pursue educational and business opportunities. 

To learn more about FAME and its resources, visit www.famemaine.com