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.
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.
Application Instructions
The first step in the application process is an eligibility determination. Submit an Eligibility Form to the Maine Department of Agriculture, Conservation and Forestry (DACF) bu email or regular mail to the below address:
Maine Department of Agriculture, Conservation and Forestry Agricultural Resource Development Division
Attn: yvette.meunier@Maine.gov
28 State House Station
Augusta, ME 04333
If the project is deemed eligible, DACF will notify the applicant(s) and will forward the Eligibility Form to FAME. The applicant(s) must then complete and submit the required program application documents (listed below) to FAME.
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Details
Financial Instrument
Loan
Maximum Award Amount
$250,000
Updated August 28, 2024
Image Credit: U.S. Department of Agriculture
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