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"Some ten years ago certain bankers and business men of Maine conceived the idea of some organization which would help to fill the gap which existed in our financial structure and assist in part, at least, those concerns which were unable to satisfy their financial requirements through ordinary bank credit or the capital market.

As a result of their deliberations, study and planning, the Development Credit Corporation of Maine was formed, financed largely by member banking institutions, backed up by capital advanced by Maine businesses. This corporation was formed along the lines of the free enterprise system with no state or governmental guaranties of any kind, with bankers and businessmen assuming the full risks of loss and with no special tax advantages.

Today we have ten years of experience behind us. The Corporation has made seventy- four loans totaling $2,186,282.78. The amount of loans paid out in full has amounted to $978,727.95, and partial payments were $236,982.80, with losses of $48,015.10.

At the time the Credit Corporation was formed, there was considerable skepticism in the minds of many who feared that losses resulting from our loans of such a risk nature would soon dissipate its available funds. This skepticism has proved to be unfounded. Losses over the ten-year period have amounted to 2.2% of total loans made, or two-tenths of one percent per year. Considering the risk nature of our loans, we feel that this is quite a satisfactory ratio. In fact, if it had been less, we would not have been doing the job which we had undertaken."

Includes photographs of buildings assisted by this program, including Sylvania Electric Products in Waldoboro, Maine; Hillcrest Poultry Company in Lewiston, Maine; Edwards Company in Pittsfield, Maine; Maine Paper Tube Corporation in South Gardiner, Maine; Viner Bros. Inc. in Bangor, Maine; Commonwealth Shoe & Leather Company in Gardiner, Maine; Bonnar-Vawter in Rockland, Maine; and Bangor Shoe Manufacturing Company in Bangor, Maine.

Publication Date

1959

Publisher

Development Credit Corporation of Maine

Keywords

Development Credit Corporation of Maine, Maine economic development 1940s, Maine economic development 1950s, Maine industrial development 1950s, Maine industrial development 1940s

Development Credit Corporation of Maine: Annual Report 1959

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