PORTLAND, Maine (AP) The Finance Authority of Maine’s board has approved loan guarantees and a loan necessary for a Boston investment group to complete the purchase of Saddleback Mountain.

The board on Monday approved $2.5 million in loan insurance on a $12.5 million loan along with a $1 million direct loan.

Arctaris Impact Fund also raised private funds and received a separate $1 million loan through the Maine Rural Development Authority.

The loans will help Arctaris Impact Fund purchase the ski resort and new equipment, including chairlifts, housing and base lodge.

Arctaris hopes to close the deal by week’s end and reopen the ski resort in December.