Partner Profile: Biddeford Saco Area Economic Development Corporation

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A Newsletter by the City of Saco, Maine	March, 2006	Return to newsletter index

The Biddeford Saco Area Economic Development Corporation [BSAEDC] is a key partner in the economic development program of Saco and Biddeford.

BSAEDC partners with financial institutions to meet the lending needs of local businesses. The Agency's portfolio is in excess of $3 million, comprised of more than thirty loans. Over 80% of these funds are invested within the cities of Saco and Biddeford. BSAEDC has helped approximately 100 businesses within the two communities since its inception.

BSAEDC's lending pool is comprised of funding from a variety of sources including the Finance Authority of Maine (FAME), Rural Development, and the Community Development Finance Institute (CDFI). The Agency has also secured a line of credit for lending purposes with a consortium of community banks, which will optimize the Agency's lending resources.

BSAEDC has developed a Downtown Loan program to assist businesses currently located or planning to re-locate in the downtown areas of Biddeford and Saco. This program has a fixed rate of 5% and flexible terms. The goal of the program is to promote and enhance the two cities' downtowns.

Founded as a non-profit corporation by the two cities and the Chamber of Commerce, BSAEDC's mission is to promote the sustainable, long term economic prosperity for the Biddeford-Saco Area. The corporation is a catalyst for cooperation, team work, and mutual success through the:

creation and retention of quality jobs for the people of Biddeford Saco targeting the low to moderate income population; and
development and promotion of policies, projects and programs that will accommodate and capture new investment in Biddeford Saco.

Established in 1992, the corporation is staffed by three employees and governed by an eleven member board of directors and a seven member loan committee.

William Armitage II recently celebrated his tenth anniversary as Executive Director. Will was a commercial loan officer for the Lewiston-Auburn Economic Growth Council. Will earned a Masters in Public Policy & Management at the Muskie School of Public Service and is a graduate of Beloit College. He is also certified as an Economic Development Finance Professional by the National Development Council