Potato Marketing Improvement Fund

The Potato Marketing Improvement Fund Program provides low-interest financing to help Maine potato growers and packers improve the quality and marketing of their potatoes. Potato Marketing Improvement funds may also be used to improve the economic viability of the potato industry.

Funds may be used for:

  • New construction or improvements to storage and packing facilities.
  • Purchase of packing, sizing, washing and drying equipment.

Funding

Administered in conjunction with the Maine Potato Board and the Maine Department of Agriculture, Conservation and Forestry.

Eligibility

Generally, 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

  • New Facilities: 45% of total project cost for projects costing more than $50,000 up to $750,000; for projects costing more than $750,000, proceeds may be used to fund 25% of project costs above $750,000; 10% cash or in-kind equity is required.
  • Retrofit Projects: 55% of total project cost for projects costing up to $50,000.

Interest Rate

Fixed at 5% for the term of the loan.

Loan Term

Determined by the useful life of the assets being financed. New facilities projects may generally 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 may be required.

Fees

  • No administrative fee for loans with project costs of up to $50,000.
  • 1% administrative fee for loans with project costs of more than $50,000.
  • Borrower is responsible for all costs of closing the loan.

Process

Obtain an application from the Maine Potato Board. Once determined eligible, the application is forwarded to FAME for financial review and recommendation to a loan committee, if applicable, and the Commissioner, Maine Department of Agriculture, Conservation, and Forestry for final approval.

Application and Contact Information:

Request an application from
Maine Potato Board
744 Main Street, Room #1
Presque Isle, ME 04769

207- 769-5061
800-553-5516