BANGOR, Maine (AP) The founders of a proposed credit union that would only lend to farmers and food entrepreneurs say it’s raised $2.4 million.
The Bangor Daily News reports that Maine’s congressional delegation is supporting Maine Harvest Credit Project’s bid to become a chartered credit union.
Co-founder Scott Budde claims the credit union will become the first in the country to lend only to farmers and food entrepreneurs.
The project’s leader hopes to begin staffing by next spring and hire specialized loan officers for a potential start-up date of June.
Maine Farmland Trust President & CEO Amanda Beal said her group’s research suggest there’s a $186 million financing gap among Maine farmers and food producers. An estimated 40 percent of farmers are 34 or younger.
