Cover photo for Maine Dairy Improvement Fund

Maine Dairy Improvement Fund (DIF)

Maine Department of Agriculture, Conservation, and Forestry

Closed July 19, 2021

About

The Dairy Improvement Loan Fund (DIF) provides financing to help Maine agricultural businesses undertake projects to enhance the viability and vitality of the farm, and improve the manufacturing, marketability and production of their products.

Commodities

Eligibility

Eligible Borrower

An eligible Borrower must:

  • Be a dairy enterprise, dairy, dairy farm, or business making milk products;

  • Keep cows, sheep and/or goats that contribute milk to your products;

  • Be located in the State of Maine and currently producing milk products that are sold commercially; and

  • Propose a project that is an eligible use of the fund.

Eligible Uses of the Fund

The Fund may be used to:

  • Design, construct, or improve milking parlors, dairy barns and structures, and dairy feed storage structures; or

  • Purchase, construct, or renovate buildings, land and equipment to maintain and enhance the viability and vitality of an established dairy enterprise, dairy, dairy farm, or business making milk products, located in the State of Maine.

Ineligible Uses of the Fund

The Fund may not be used for:

  • Working capital; or

  • Refinancing projects commenced, costs incurred, or expenses paid prior to loan application. However, the Borrower may submit a written request for a waiver. Such waiver must be approved in writing by the Commissioner of the Department of Agriculture, Conservation and Forestry (DACF).

Terms

Deferred principal and interest payments may be available up to 24 months from closing; interest accrues beginning at closing.

Up to 30 years and determined by the useful life of the asset(s) being financed.

Fees

  • Loan origination fee: 1% (for loans over $100,000).

  • Borrower is responsible for all loan closing costs.

Resources

Similar Programs

Details

Deadline

July 19, 2021

Organization

Maine Department of Agriculture, Conservation, and Forestry (ME DACF)

Financial Instrument

Loan

Maximum Award Amount

$250,000

Updated October 8, 2021

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