Financing

The Town of Pittsfield works closely with a number of Maine financial institutions; State and Federal agencies; and the local Pittsfield Economic Expansion Corporation (PEEC) in "packaging" the most advantageous financing for any given business based upon its requirements.  
 
PEEC and Town Manager work with the interested company's staff, the firm's accountant and legal counsel to package the loan for the business. The Town has participated in several Industrial Revenue Bonds, three Urban Development Action Grants, a locally-raised debenture issue in the mid 1950's; four Tax Increment Financing Districts; an EDA Sudden and Severe Economic Impact grant; and two Economic Development Infrastructure Grants through the Maine Department of Economic and Community Development. 

Recently, the Town was awarded $800,000 in Community Development Block Grant funding to assist businesses to grow and develop.  The Walpole Woodworkers Inc. $400,000 Business Development grant provided for the purchase of a large warehouse and equipment for the company to expand its operations in the Pittsfield Industrial Park.  This grant provided for 40 new jobs for the business and community.  The Moosehead Cedar Log Homes $400,000 Business Development Grant is providing for the company to expand its operations to Pittsfield, opening up a sales and distribution office.  This grant will provide the opportunity for over 20 jobs to be developed.

The Town was approved for an additional Tax Increment Financing District for New, LLC. which owns the Varney Chevrolet Dealership in Town.  The funding provided through this tax increment financing district is a distinct advantage to the company in rebuilding the dealership which was destroyed by fire in 2004.  The new state of the art facility has been a great asset for not only the community but also the region.  The taxes generated by the new development are shared equally with the Town, providing the opportunity to generate funds for capital projects.  The Town will then have the ability of utilizing funds for capital improvements such as road and street infrastructure, water and sewer enhancements and other necessary capital projects in the development area. 

For a small Town, Pittsfield is well versed in the often times complex financing of industrial projects. Because Towns generally do not own industrial buildings, the Town incorporated a non-profit corporation, the Pittsfield Economic Expansion Corporation noted above, which holds the title to buildings in the Pittsfield Industrial Park and downtown Pittsfield. The Town recognizes that a business requires affordable financing and adequate working capital and, if either element is lacking, the jobs which it produces cannot be assured over a period of years.

Summaries of the Town's eligibility for the Federal Hub Zone which provides opportunities for federal contracts; Pine Tree Development Zone Benefits; and Tax Increment Financing Program for business development and expansion are available below.

Listed below are the Town's and Region's Labor Force Statistics:

Labor force data for LMA & County for 06/2017:

	Pittsfield  LMA	Somerset County
Civilian Labor Force	7,150	23,780
Employed	6,770	22,580
Unemployed	380	1,200
Unemployment Rate	5.2%	5.0%

 

For more options for Business Financing, visit the New Businesses page.