Finding Funds For Farming
The Maine Department of Agriculture's summer internJosie Griffin produced a revised publication to help you find financial resources for your farm and food business. This publication is still being finalized and will be published as soon as the final revisions are made. Not all private or philanthropic organizations are in this publication, and not all banks actually loan to farmers.
Prospective farmers and food producers typically need patient capital, that is, capital that has a longer term payback and lower interest rates. Most farm and food businesses have limited assets as collateral, and profitability is usually low for a longer period of time than a traditional manufacturing business. Given these constraints, most applicants for loans need to understand the 5 C's of credit, and need to ask their lenders what is the most important criteria to get a loan.
Check back often for the new version! Also feel free to contact our business development specialists at 207-287-3491 for further assistance.