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Maine Harvest Credit Union, with a focus on agriculture, poised to open

NOW TIME FOR SOME REALLY GOOD NEWS: NEW 'MAINE HARVEST' CREDIT UNION SOON TO OPEN FOR BUSINESS. After six long years of effort, including the application for a Federal charter which went 1000 pages, the State of Maine will soon have its first new credit union in over 30 years.
However, what's extraordinary and unique is that for the first time ever, the Maine Harvest Credit Union will have as its focus meeting the borrowing needs of local family farmers and food producers.
The idea for Maine Harvest originated with our friends, Sam May and Scott Budde, two remarkable individuals deeply committed to having an impact on Maine's food system. Caleb, Megan & Jim

"Maine Harvest Credit Union, which will offer loans to the agriculture and food producer industries, is waiting approval of its charter before it can start accepting members and offering loans.

"The founders of the credit union have submitted a charter application to the National Credit Union Administration, and hope to get approval next month. Maine Harvest Credit Union, which will have an office in Unity, is not only the first new Maine credit union in 30 years, but also the first ever aimed at the agricultural community, providing loans for agriculture and farming businesses, said cofounders Scott Budde and Sam May.

"'Farms are a complicated model for small business,' said May, chair of the credit union's advisory board. He said the model is one small community banks aren't often set up to tackle…

"'The real focus is to supply loans for farmland access,' May said. That includes everything from land to equipment to solar installations…

"Members must be members of Maine Farmland Trust or the Maine Organic Farmers and Gardeners Association to join the credit union. The initial fee to join will be $35…

"Maine Farmland Trust estimates there is about a $186 million financing gap among Maine farmers and food producers and lending institutions…"

Maine Harvest Credit Union, with a focus on agriculture, poised to open

A six-year effort to create Maine's first credit union in three decades, and the first ever focused on farmers and food producers, is poised to become a reality. Maine Harvest Credit Union, which will offer loans to the agriculture and food producer industries, is waiting approval of its charter bef…


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