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

The Potato Marketing Improvement Fund program was developed in conjunction with the Maine Potato Board and the Maine Department of Agriculture, Conservation and Forestry. The program is administered by FAME.

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 Loan Fund*

45% of project costs of an eligible project which costs up to $750,000
25% of project costs of an eligible project which costs over $750,000

  • Storage Retrofit Loan Program*

55% of total project cost for projects costing up to $50,000

*Borrower must inject at least 10% in private funds into the project except in the case of cooperative projects by two or more farmers; such demonstrated commitment of private funds shall total at least 5% of the total project.

Interest Rate

5% fixed

Loan Term

  • New Facilities Loan Fund

Up to 25 years

  • Storage Retrofit Loan Program

Up to 10 years

Determined by the useful life of the asset(s) being financed.

Security

Asset(s) being financed or other collateral, as required or available.

Guarantees of business principals owning 20% or more of the business, or 5% or more and receiving significant income from the business.

Fees

  • Loan origination fee: 1%
  • Borrower is responsible for all loan closing costs.

Process

Request application from and submit application to the Maine Potato Board. If the project is deemed eligible, the Maine Potato Board will notify the applicant(s) and will forward the application to FAME for financial review. Final approval is granted by the commissioner of the Maine Department of Agriculture, Conservation and Forestry.

Eligibility and Application Contact

Maine Potato Board
744 Main Street, Room #1
Presque Isle, ME 04769
207- 769-5061
800-553-5516

Program Administration Contact

FAME
5 Community Drive
Augusta, ME 04330
207-623-3263 or 1-800-228-3734
Business@FAMEmaine.com