AUGUSTA – The board of directors of the Finance Authority of Maine has approved loans and loan insurance to assist two Maine businesses, Prime Tanning Co. Inc. of Hartland and Apothecary by Design LLC of Portland.

The FAME board took the action Thursday in Fort Kent after a two-day tour of Aroostook County businesses.

The board approved $500,000 in new Economic Recovery Loan funding for Prime Tanning, a leather producer that recently ceased operations at its Berwick facility and is in the process of shifting production to its finishing operations in Hartland

The board also voted to provide 90 percent pro rata commercial loan insurance on three Bangor Savings Bank loans totaling $2.1 million for the financing of Apothecary by Design. The nascent company, which expects to employ 19 workers, will offer specialized pharmacy services such as pharmaceutical compounding, nutritional health and well-being, and specialty disease management.

Before the meeting, the FAME board and staff, as well as area legislators and business leaders, toured various Aroostook County businesses to learn more about the local economy. Activities included: tours of the Louisiana Pacific Laminated Strand Lumber Mill in New Limerick and McCain Frozen Foods in Easton; a panel discussion on area economic issues held at the Long Lake Sporting Club in Sinclair; and a presentation by representatives of the Maine Winter Sports Center at the 10th Mountain Lodge in Fort Kent.