Maine Rural Rehabilitation Trust Fund (RRTF)

The Agricultural Resource Development Division manages this dedicated revenue fund, making policy and loan-making decisions. Investments of fund dollars provide low-interest loans to Maine beef producers through two programs:

• Maine Beef Cattle Breeding Stock Loan Program - to purchase beef heifers and/or cows for breeding purposes, with resulting calves sold as feeders within one year of age.

• Maine Feeder Cattle Loan Program - to purchase feeder calves intended for slaughter or resale.

Residents of Maine who produce beef. Applicants must be able to show proof of denial of commercial credit at a reasonable rate for the purpose of purchasing cattle from one commercial creditor. Applicants must submit a detailed business plan (projected expenses, income expected, type of operation, marketing plan, promotional and advertising budgets, etc.), proof of livestock insurance, and two letters of reference from knowledgeable industry representatives attesting to the borrower's knowledge, skills, and ability pertaining to beef production.

Both programs: interest rate 5%; closing costs a flat $50.00 per loan; may loan up to 90% of purchase price; maximum $50,000 per loan (no minimum), not to exceed 90% of total purchase price. Loan term - Beef Cattle Breeding Stock: up to 24 months; Feeder Cattle: up to 12 months. Collateral in the form of the cattle purchased is required, as well as a piece of farm machinery or equipment equal to the loan. A promissory note is given, and submission of the cattle vendor invoice is required to release payment.

Download the applicable program application (Beef Cattle Breeding Stock or Feeder Cattle) and income/expense statement from the program webpage. For further information, contact the Agricultural Resource Development Division at (207) 287-3491 or dacf@maine.gov.