PORTLAND, Maine — The Finance Authority of Maine has approved financing for Apothecary by Design LLC, a locally owned pharmacy based in Portland, to help it expand and upgrade its facilities.

On Aug. 16, FAME’s board of directors approved 90 percent loan insurance on a $150,000 loan by Bangor Savings Bank that will help the pharmacy relocate its specialty department to Portland’s Preble Street to gain additional work space, and to expand at its current Marginal Way headquarters, according to a media release from FAME. The upgrades will allow the pharmacy, which employs 38 people, to double the capacity of its compounding lab.

The finance authority’s board also approved the re-advancement of funds on an existing loan and the renewal of an existing line of credit, according to the announcement.

“We are grateful to Bangor Savings Bank and FAME for helping Apothecary by Design to increase production, maintain and create good-paying jobs in the state, and continue our growth and expansion,” Mark McAuliffe, the pharmacy’s managing partner, said in a statement.

FAME has provided loan insurance on loans made by Bangor Savings Bank to Apothecary by Design since the company was founded in 2008.

Whit Richardson

Whit Richardson is Business Editor at the Bangor Daily News. He blogs about Maine business, entrepreneurs and the economy.