Nutrient Management Loan Program
The program is administered by FAME, and was developed in cooperation with: The Maine Department of Agriculture, Conservation, and Forestry, The Maine Department of Environmental Protection, and The Maine Bond Bank.
Eligible Uses
Various agricultural non-point source pollution abatement projects, such as diversion, irrigation, anaerobic digesters, composting or treatment facilities, etc. in the State of Maine
see the complete list). Projects must be deemed eligible by the Maine Department of Agriculture. See “Application Process” below.
Ineligible Uses:
Working capital, non-project related equipment and expenses, and refinancing. Borrowers that are defined as a Concentrated Animal Feeding Operation may not be eligible for this program. No construction lending.
Loan Amount
100% of an eligible project up to $450,000.
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
Origination Fee:
A 2% Origination Fee based upon the face value of the loan. 1% to be paid at closing and the remaining 1% to be paid within one year of closing.
Annual Loan Administration Fee:
1% of the outstanding principal balance on the loan anniversary date.
Application Process
Complete the Eligibility Application below and submit to the Department of Agriculture, see contact information below. Once the project is deemed eligible by the Department, submit the approved Eligibility Application to FAME along with the documents in the Application section below.
Application
All of the following documents must be completed and returned to FAME in order to complete the loan application process:
The applications are in a PDF format, which can be completed on-line and must be printed and sent to FAME. A completed copy can be saved by going under "File" and "Save As" and saved in the directory of your choice.
The applications above can be viewed using Adobe Acrobat. You may download a free copy of Adobe Acrobat Reader by clicking
here.
Contact
For Eligibility:
207-287-7608
Fax: 207-287-7548
For Loan Applications:
Scott Bursey
Finance Authority of Maine
207-623-3263 or 1-800-228-3734
Fax: 207-623-0095
TTY: 207-626-2717