A credit union in Maine says it’s the first institution of its kind to lend exclusively to farmers.
The Maine Harvest Credit Federal Union said it accepted its first deposit on Tuesday. The credit union is located in Unity and received its federal charter for the National Credit Union Administration.
The credit union plans to offer special loans and mortgages to people who work in Maine’s food industry. A spokeswoman said in a statement that the credit union will serve more than 1,000 members and “become a primary financing sources for over 100 small farms and food businesses.”
Democratic Gov. Janet Mills attended a ribbon-cutting event for the credit union. She said the institution “will help keep legacy farmers on their land” in the state.
Maine Harvest is Maine’s 55th credit union.