Maine 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;

• New construction or improvements of structures which augment potato production; or

• Purchase, construction or improvements that add value to farm production with direct benefit to potato production.

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.

Four loan types with different terms are available

**New Facilities Loan Fund ** may be used for acquisition/improvement projects, or new construction of storages and/or centralized packing facilities and actuation of equipment.

Storage Retrofit Loan Program may be used for upgrading storages with energy efficiency improvements, and climate control equipment.

Support Facilities Loan Program may be used for construction and acquisition, or improvement of buildings and other structures which augment the production and/or storage of potatoes, or help meet food safety standards.

Value Added Loan Program may be used for construction, or for improvements of facilities and equipment to add value to farm production with a direct benefit to potato production.

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

Borrower is responsible for all loan closing costs.

Request application from and submit application to the Maine Potato Board:

Maine Potato Board

744 Main Street, Room #1

Presque Isle, ME 04769

207- 769-5061

800-553-5516

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.

• Table of Loan Terms