Potato Marketing Improvement Fund Program
Funded through the Maine Department of Agriculture, Food and Rural Resources, this program provides low-interest 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. In addition, PMIF funds may be used to fund programs and activities that improve the economic viability of the potato industry. such improvements include irrigation equipment and water source development projects.
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
New Facilities: (A) 45% of total project cost for projects costing $50,000 up to $750,000; (B) 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 if 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 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 may be required.
Fees
Click here for fee schedule.
Process
Contact the Maine Department of Agriculture, Food and rural Resources for an application. Once determined eligible, the application is forwarded to FAME for financial review and recommendation to the Credit Committee and the Commissioner of the Maine Department of Agriculture, Food and Rural Resources.
Contact
For application:
Presque Isle 207-764-2105 / Augusta 207-287-3491