Agricultural Marketing Loan Fund

Funded through the Maine Department of Agriculture, Food and Rural Resources, this programs provides low interest financing to help eligible businesses employ new and innovative technologies and processes in order to improve, expand and enhance the manufacturing, marketability and production of Maine-made agricultural products. Funds may be used for the design, construction or improvement of facilities such as commodity storage buildings and packing and marketing facilities. Funds may also be used to purchase or retrofit machinery and equipment.

 

Eligibility

Any business engaged in growing or harvesting plants; raising animals; growing, obtaining or adding value to plant or animal by-products; aquaculture; or producing, processing, storing, packaging or marketing a product derived from such a business.

 

Loan Amount / Exposure

  • Up to 90% of total project cost, if project cost is $100,000 or less, depending on type of project*.
  • Up to 75% of total project cost, if project cost is more than $100,000, depending on type of project*.
  • Up to 45% of total project cost, if project is related to the production of potatoes*.
  • Maximum loan amount is $250,000, and acquisition costs for start-up enterprises is limited to $100,000.

*Borrower must inject at least 5% in private funds into project.

 

Interest Rate

5% annually fixed for the term of the loan.

 

Loan Term

Determined by the useful life of assets being financed.

 

Security

Assets being financed and other collateral, as required or available.

 

Fees

Click here for fee schedule.

 

Process

Contact the Maine Department of Agriculture, Food and Rural Resoures (see below) for an application. Once considered eligible, the application is forwarded to FAME for financial review and recommendation to a Credit Committee and the Commissioner of the Maine Department of Agriculture, Food and Rural Resource.

 

Contact

For eligibility:
Maine Department of Agriculture, Food & Rural Resources
207-287-7620

For application, click here or call:
FAME
207- 623-3263
1-800-228-3734
FAX: 207-623-0095
TTY: 207-626-2717

 

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