The Carrot Project Agriculture Loan Fund is a collaboration between Maine’s Coastal Enterprises, Inc. (CEI) — a statewide, non-profit community development financial institution — and The Carrot Project. The fund was established to meet the financing needs of small and midsized farms that use sustainable practices and serve local and regional markets in this growing sector of Maine’s economy. Qualified farm owners may borrow for working capital or other needs, such as equipment, buildings, production, or value-added enterprises. Farmers may apply for loans of up to $35,000; supplemental amounts for larger projects may be available through other CEI loan programs.

Applications are accepted on a rolling basis.

Purpose

The Maine Farm Business Loan Fund is for small and midsized farms using sustainable or organic practices and serving markets within Maine or nearby states. Funds can be used for working capital or capital needs such as equipment, buildings, or other capital improvements for production or value-added enterprises.* Loans will be for up to $35,000 and for 1-5 years.

Loan approval criteria

To be considered for a loan, applicants must meet the following qualifications:

• annual gross revenue of $499,999 or less
• ownership or lease of the farmed property by the applicant; leases should be in effect for at least the loan payment period 
• applicants engagement in the cultivation of farm, forest, or aquatic products, or in farm-related businesses
• family farms, as defined by USDA’s Economic Research Service, are given preference

* On-farm value-added enterprises will be given preference, but off-farm enterprises are also eligible, providing inputs are sourced locally.

To learn more about the Maine Farm Business Loan Fund and sustainable agriculture at CEI, Inc. contact Gray Harris at 207.882.7552 or Learn More.