June 19, 2013
BRUNSWICK LANDING — Mechanics Savings Bank and the Midcoast Regional Redevelopment Authority recently entered into a financial partnership whereby the bank provided a flexible Line of Credit to the redevelopment organization.
This loan will allow MRRA to leverage its own funds to lend to prospective and current tenants of Brunswick Landing and the Topsham Commerce Park, creating dollars that otherwise would not make it into the hands of these businesses. These entities can use this money to improve current facilities and support working capital needs. MRRA currently has 24 businesses at Brunswick Landing, with many more being sought out to grow and expand in the region.
“We are delighted to be able to form this partnership with Mechanics Savings to support entrepreneurial business growth on the former base properties,” says Steve Levesque, the Executive Director of MRRA.
The bank, which opened a Brunswick full-service office in March at Maine Street Station, believes this type of lending is what community banks are all about.
“Mechanics is pleased to be working with the Midcoast Regional Redevelopment Authority to help promote economic development in the mid coast region,” says Richard Vail, President of Mechanics Savings Bank. MSB has been in existence since 1875 and is based in Auburn. Its new Brunswick branch is staffed by five local individuals who have been involved in the business community in the region for years and who understand the importance of MRRA having success in its redevelopment mission.
“When Steve Levesque approached us about being creative in structuring a loan that could be used to leverage existing MRRA funds I knew we had to respond, as the successful redevelopment of Brunswick Landing and the Topsham Commerce Park should be the top economic development priority of this region without question,” stated Earle F. Harvey, Senior Vice President of Mechanics and the current Board Chair of the Southern Midcoast Maine Chamber.
The Bank and MRRA worked creatively and collaboratively to structure a loan that met the needs of MRRA and allowed for the financial impact to be real and immediate. This partnership between the public and private sector will allow for future economic benefits to be realized by the region. Mechanics Savings Bank is a full service community bank with branch offices in Auburn, Brunswick, Lewiston, and Windham, Maine. Mechanics Savings Bank is an Equal Housing Lender and Member FDIC.