Two proven tools to help business and industry
IN THE CITY
There are many tools out there to help businesses on the state and federal level. Some people are not aware that the city also has programs at the local level, one that was created over 53 years ago. Many of the projects that occur today are assisted by all three levels and have formed a strong partnership. Here is a brief overview of two of those local initiatives:
The Presque Isle Industrial Council (PIIC) was created by the city of Presque Isle on July 5, 1961 as a separate legal entity from the city of Presque Isle. The mission of the PIIC is to establish and implement economic development programs in order to attract new businesses and industry as well as retain businesses and jobs within Presque Isle. The Presque Isle Industrial Council works with existing businesses and other economic development organizations to create new employment opportunities and retain jobs for the community. The PIIC is also responsible for the management and development of Skyway Industrial Park.
The Skyway Industrial Park consists of over 440 acres of land and almost 50 businesses in Presque Isle, ideally suited to business and industrial facilities. The park is served by rail, truck and is adjacent to the Northern Maine Regional Airport. The park is serviced by all utilities and has been permitted by the Maine Department of Environmental Protection. Land can be leased or purchased. For information about the PIIC please contact Larry Clark at 764-2542.
In June 1987, the Presque Isle City Council approved the use of Urban Development Action Grant to establish the Presque Isle Development Fund (PIDF). The PIDF Revolving Loan Fund was established to create jobs and increase the local tax base by providing low-interest loans for new and existing businesses and industries. As of today, nearly 85 local businesses have benefited from the program, resulting in approximately 780 jobs being created or retained. In the past six years almost half a million dollars has been borrowed for economic development.
Eligibility: All Projects must meet Housing & Urban Development Title 1 Eligibility Criteria:
Provide benefits to low- and moderate-income persons;
Prevent or eliminate slums or blight; or
Meet an urgent need in the community as defined in the most current program regulations.
Residency: PIDF can only make loans to entrepreneurs who wish to expand a business or start a business in Presque Isle.
Type of Business: Eligible businesses shall include non-profit and for profit, industrial, manufacturing, retail commercial, agriculture and service businesses.
Applicant Credentials: The applicant must be the owner or head of the business for which a loan is being requested and must have the authority to make legal agreements for the business.
Participation Requirements: All loans are to be made on a joint participation basis with public and private sources. PIDF participation generally will not exceed one-fourth of the loan package. Only in extraordinary cases will direct loans be considered.
Application Procedures: Prospective borrowers shall satisfy all loan application requirements of the commercial lender. At the borrower’s option, a representative of the commercial lending institution shall present the loan on behalf of the borrower to the PIDF Trustees. Upon determining eligibility, applicant will be required to provide the Trustees relevant information which includes:
Three years of annual financial information;
Most current interim financial statement;
Pro-forma balance sheet and income statements;
Copy of bank commitment letter; and
Project description.
For information about the PIDF contact Ken Arndt at 760-2727.
Martin Puckett is Presque Isle’s deputy city manager. He can be reached at 760-2780 or via email at mpuckett@presqueisleme.us.
