This low-interest loan program was created to fund the construction and improvement of livestock manure and milk room waste containment/handling facilities, including associated costs of design and engineering of these facilities, as well as the cost of related equipment that meets the goal of the State's Nutrient Management Plan.
Eligibility
Any business or individual identified by the Maine Department of Agriculture, Food & Rural Resources as required by law, to upgrade manure and milk room waste containment/handling facilities.
Loan Amount / Exposure
100% of an eligible project up to $350,000.
Interest Rate
2% fixed.
Loan Term
Determined by the useful life of the assets being financed, not to exceed 20 years.
Security
Assets being financed and other collateral, as required or available.
Fees
- 2% origination fee, one-half at closing, the other half within one year.
- 1% loan administration fee starting in the 13th month of the loan.
- Fees may not be financed with loan proceeds.
Process
Submit loan application package to FAME and a copy of the application (excluding financial information) to the Maine Department of Agriculture, Food & Rural Resources. Construction financing is available.
Contact
207-287-1132
FAX: 207-287-7548
TTY: 207-287-4470
207- 623-3263
1-800-228-3734
FAX: 207-623-0095
TTY: 207-626-2717
