The Agricultural Marketing Loan Fund (AMLF) provides low cost financing to help farmers, food processors and aquaculture operations adopt new and innovative equipment and facilities in order to improve and enhance the manufacturing, marketability and production of Maine products.
Funds may be used for the design, construction or improvement of commodity and storage buildings and packing and marketing facilities, or for the construction, renovation or acquisition of land, buildings, equipment, docks, wharves, piers, or vessels, located in the State of Maine and used in connection with an agricultural enterprise, including, but not limited to: land acquisition (when the land purchase is: (a) for the purchase of land in connection with development of new cranberry acreage; (b) for the purchase of land for irrigation reservoirs or to provide direct access to water for irrigation; (c) for the purchase of land necessary for the start-up of a new agricultural enterprise; or, (d) for the expansion of an existing agricultural enterprise when the land acquisition is necessary to comply with land use regulations); land improvements; purchase and remodeling of existing buildings; building construction, additions or renovations; leasehold improvements; purchase and installation of machinery and equipment (both traditional, new and innovative).
Funds may not be used for working capital, to finance or refinance projects commenced prior to issuance of a commitment for the AMLF loan, for non-project related equipment, for the refinancing or acquisition of projects for which a loan from the Potato Marketing Improvement Fund was obtained and it may not be used for interim financing during the construction of projects.
Eligibility
Any business located in Maine engaged in commercial growing or harvesting plants; raising animals; growing, obtaining or adding value to plant or animal by-products; or aquaculture; or engaged in producing, processing, storing, packaging or marketing a product derived from such a business.
Loan Amount / Exposure
- 90% of total project cost, if project cost is $100,000 or less.
- 75% of total project cost, if project cost is more than $100,000 (In both cases, borrower must inject 5% in equity).
- Maximum loan amount is $250,000, and acquisition costs for start-up enterprises is limited to $100,000.
Interest Rate
5% annually fixed for the term of the loan.
Loan Term
Determined by the useful life of assets being financed, and not to exceed 25 years.
Security
Assets being financed and other collateral, as required or available.
Fees
- No administrative fee for loans of $100,000 or less.
- 1% administrative fee for loans greater than $100,000.
- Borrower is responsible for all costs of closing the loan.
Contact
For project eligibility call:
,
Food & Rural Resources
207-287-7620
For loan application,
click here or call:
207- 623-3263
1-800-228-3734
FAX: 207-623-0095
TTY: 207-626-2717
