State expands farm facility loan fund
The state will release $3 million in loans to Maine farms to support the construction of waste containment facilities.
The Finance Authority of Maine, the Maine Municipal Bond Bank and two state agencies announced Wednesday that the state will expand its Nutrient Management Loan Program, aimed at helping farms build containment or handling facilities for milk room and manure waste.
The state reported the funds will come from the Department of Environmental Protection's Clean Water State Revolving Fund, providing FAME the ability to finance loans for farmers seeking up to $450,000 at a fixed interest rate of 2% for up to 20 years.
The state reported the $3 million in farm loan funds will support projects that mitigate pollution from agricultural runoff that could come from roof runoff, composting facilities, anaerobic digesters and other sources.
Gov. Paul LePage touted the expansion of the loan program as a boon to the state's $1.5 billion agriculture industry, in a prepared statement.
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