Don O'Grady, Hodgdon Yachts Chief Operating Officer said the East Boothbay-based shipbuilder entered its Limousine Tender into the marketplace at an opportune time.

Just as fortuitous for Hodgdon was the recent acquisition of a $300,000 loan to help bring the yacht to a wider audience.

The East Boothbay boatbuilders recently discovered it had received a $300,000 Finance Authority of Maine (FAME) loan.

At its December 20 meeting the FAME board green-lit a $300,000 Economic Recovery Loan to Hodgdon.

That money will be used to build a 10.5 meter Limousine Tender to be used with mega-yachts.

With the way the market is evolving and lining up, Hodgdon Yachts will be positioned perfectly to grab a share of the Tender Yacht market, O'Grady said.

“We have had other recent yacht tenders and they were well-received in the marketplace,” he said.

However, the demonstration tender won't stay in Maine for long. It will be used to showcase Hodgdon's latest product in Monaco and Fort Lauderdale, Fla.

The Hodgdon project was one of three that received FAME funds. The other two included Stonehedge Community Development LXI and Enhanced Capital New Market Development Fund X.

Instead of brochures and videos, Hodgdon will have the demonstration to bring to the showcases. The demo boat will be used for 18 months.

“We felt that having a demonstration boat would spur more sales,” O'Grady said. “That's why we went after the FAME loan. The demo boat will help with sales and could lead to more annual products and demand skilled labor.”

Should there be an increase in demand, it could boost Hodgdon's need for skilled labor; O'Grady said that if every thing goes to plan the boatbuilders could add up to 25 jobs while retaining a number more.

Ben Bulkeley can be reached at 207-633-4620 or bbulkeley@boothbayregister.com. Follow him on Twitter: @BBRegisterBen.