AUGUSTA, Maine (AP) — Maine is launching a new loan program to help dairy farms be viable in the state.
The state agricultural and financial agencies are hosting an informational meeting in Augusta for dairy farms on Thursday.
The new Dairy Improvement Fund will provide revolving loans to fund capital improvements to Maine dairy farms. The program will help farmers who are commercially producing cow milk or cow milk products.
The maximum loan amount is $250,000, and loans can be taken out at a one percent fixed interest rate for a term of up 30 years. Loans can fund up to 90 percent of projects costing $100,000 or less, and up to 75 percent of projects costing over $100,000.
Borrowers must inject at least 25 percent private funds into projects over $100,000.