This program provides low-cost financing to help potato growers and packers improve the quality and marketing of Maine potatoes. Funds may be used for new construction or improvements to storage and/or centralized packing facilities as well as for the acquisition of packing, sizing, washing and drying equipment.
Eligibility
Any person or business engaged in growing, processing or marketing potatoes in Maine. All potatoes stored or packed in Potato Marketing Improvement Fund financed facilities must be produced in Maine
Loan Amount / Exposure
- Up to 55% of total project cost for projects costing less than $50,000.
- Up to 45% of project cost for projects costing $50,000 or more.
Interest Rate
Fixed at 5% for the term of the loan.
Loan Term
Determined by the useful life of the assets financed. New construction may be funded for up to a 20-year term; retrofit and equipment loans may have up to 10-year terms.
Security
Assets being financed and other collateral as required or available.
Fees
- No administrative fee for loans with project costs less than $50,000.
- 1% administrative fee for loans with project costs of $50,000 or more.
- Borrower is responsible for all costs of closing the loan.
Contact
For project eligibility and application - call the Department of Agriculture:
,
Food & Rural Resources, Presque Isle
207-764-2105
