Agricultural Marketing Loan Fund
Funded through the Maine Department of Agriculture, Conservation and Forestry, 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% 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
See fee schedule.
Process
Applications are available at the Maine Department of Agriculture, Conservation and Forestry Web site:
www.maine.gov/agriculture/mpd/business/amlf/amlfapp.pdf. 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, Conservation and Forestry.
Contact
For eligibility:
207-287-7620
For application, click here or call:
207- 623-3263
1-800-228-3734
FAX: 207-623-0095
TTY: 207-626-2717