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Maine Uses Incentives to Lure Manufacturer

Jeff Reinke
1/27/2019 | 5 min read
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Maine Uses Incentives to Lure Manufacturer

After 18 years of operations in North Conway, New Hampshire, Paradise Machine Company will be moving their precision component manufacturing facility to Fryeburg, Maine. In addition to needing a larger facility that can handle future expansion, the company’s move was supported by funding from the nonprofit Maine & Co. business development firm.

Paradise, which manufactures precision-machined components for the medical, aerospace, and commercial segments, states that they will pay slightly more for a mortgage on a building they own in Maine when compared to the building they were renting in New Hampshire. For employees, the new facility is about 10 miles from the former location.

Maine Rural Development Authority financing, which offers low-interest loans of up to $500,000 to companies that invest in economically distressed areas of rural Maine, also assisted with the relocation. Additionally, the company is currently in the initial stages of applying for the Pine Tree Development Zones program. That program provides qualifying businesses with income tax credits and sales tax exemptions on the purchase of business equipment in exchange for the promise of new jobs.

 

Image Credit: Paradise Machine Co., LLC/http://www.paradisemachine.com/contact/

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