October 20, 2019
State Latest News | Bangor City Hall | Bangor Metro | Young Beekeeper | Today's Paper

Credit union that will lend only to farmers opens in Maine

Robert F. Bukaty | AP
Robert F. Bukaty | AP
In this Sept. 27, 2017, file photo potatoes await harvesting at Green Thumb Farms in Fryeburg.

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.

[Aspiring Maine credit union wants to lend exclusively to farms, food producers]

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.

 



Have feedback? Want to know more? Send us ideas for follow-up stories.

You may also like