Maine § 7 §435 Agricultural marketing loans

Maine Statutes

§ 7 §435 — Agricultural marketing loans

Maine·Title 7 AGRICULTURE AND ANIMALS·Part 2 MARKETING, GRADING AND LABELING·Ch. 101 GENERAL PROVISIONS

1.Administration. The commissioner shall administer the Agricultural Marketing Loan Fund established under Title 10, section 1023‑J.

2.Conditions. Agricultural marketing loans are subject to the following conditions.

3.Interest rate. 3-A. Loans for participants in the Maine Farms for the Future Program. The interest rate for loans for capital improvements identified in a business plan developed under section 318 for a farm determined eligible under section 319 is the federal prime rate on the date of loan commitment but may not be greater than 2%. 3-B. Interest rate. Except as provided in subsection 3‑A, the interest rate for loans under this section is the federal prime rate on the date of loan commitment but may not be greater than 5%. Loans current on the effective date of this subse

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1.
Administration.
The commissioner shall administer the Agricultural Marketing Loan Fund established under Title 10, section 1023‑J.
2.
Conditions.
Agricultural marketing loans are subject to the following conditions.
3.
Interest rate.
3-A.
Loans for participants in the Maine Farms for the Future Program.
The interest rate for loans for capital improvements identified in a business plan developed under section 318 for a farm determined eligible under section 319 is the federal prime rate on the date of loan commitment but may not be greater than 2%.
3-B.
Interest rate.
Except as provided in subsection 3‑A, the interest rate for loans under this section is the federal prime rate on the date of loan commitment but may not be greater than 5%. Loans current on the effective date of this subsection may be refinanced at the borrower’s request to an interest rate of the federal prime rate but not greater than 5%.
4.
Administrative costs.
The commissioner may establish, by rule, a fee for administrative costs on loans in excess of $100,000. This fee may not exceed 1% of the loan. The commissioner may contract with the Finance Authority of Maine to assist in the administration of this subchapter.
5.
Report.
The commissioner shall submit an annual report on or before March 1st of each year to the joint standing committee of the Legislature having jurisdiction over agricultural matters. The report must include a summary of loans made under this section during the previous fiscal year and loans outstanding categorized by the types of agricultural enterprises receiving the loans. The report must address the effectiveness of the program. Effectiveness measures may include, but are not limited to, evaluation of the number of companies retained, expanded or created; the increase in the number of jobs created or retained; any increased business revenues and new capital raised; improved wages paid to employees; and any new capital investment and increase in profitability.

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Legislative History

PL 1995, c. 658, §1 (NEW). RR 1999, c. 2, §6 (COR). PL 1999, c. 533, §1 (AMD). PL 1999, c. 593, §1 (AMD). PL 1999, c. 769, §5 (AMD). PL 2003, c. 168, §§1-3 (AMD). PL 2007, c. 660, §§10-14 (AMD). PL 2013, c. 256, §2 (AMD). PL 2021, c. 710, §§5-9 (AMD).