BANGOR, Maine — Lincoln Street Hoteliers LLC in Lewiston will receive a $7,023,258 USDA Rural Development Business and Industry Guaranteed Loan to assist with the financing of a newly constructed Hampton Inn.
The loan will be in partnership with Machias Savings Bank.
The Hampton Inn, located at 15 Lincoln St. in Lewiston, is a new 93-room hotel that will create 17 full-time-equivalent jobs paying an average wage of twice the federal minimum, according to a press release from Rural Development in Bangor.
The $12.3 million facility is expected to contribute to the City of Lewiston’s continuing redevelopment efforts for its downtown.
The purpose of USDA Rural Development’s Business & Industry Guaranteed Loan Program is to improve, develop or finance business, industry and employment and improve the economic and environmental climate in rural communities.
USDA Rural Development has invested a total of $402.5 million in Maine communities last fiscal year. For more information on rural programs, visit a local USDA Rural Development office or www.rurdev.usda.gov/me.