Maine Harvest Credit Project

Venture
Maine Harvest Credit Project
www.maineharvestcp.org

Founder:
Scott Budde ’83SIPA

Industry: 
Agriculture

Venture Type:
Nonprofit

What is the social or environmental issue being addressed?

The current dominant industrial food and agricultural models consistently value profit over people and the environment. The food system in Maine and around the country is profoundly flawed, resulting in adverse consequences for health, the environment, and rural economies. In addition, there are critical financing gaps facing this sector, particularly around financing the acquisition of land and specialized food processing and agricultural equipment.

Innovation:

Maine Harvest Credit Project is creating a credit union that will specialize in lending to small-scale, sustainably run farms and food businesses to be part of the core infrastructure of a more sustainable, local, and healthy food system.

Maine Harvest Credit Project is addressing a key unmet financing need for an important, high impact sector. These small-scale, sustainably run farms and food businesses often lack access to appropriate financing. The credit union will fill that gap by allowing this growing sector to tap Maine’s $30 billion market of US government-guaranteed retail deposits to fund its loan portfolio. For small farms and local food businesses, this will mean improved access to larger loans with longer durations than are readily available from other financing sources.

They also believe that the creation of Maine Harvest Credit Union will have an impact well beyond Maine’s borders. As the first deposit-taking institution in the USA focused on food system re-localization, Maine Harvest will be a model for other states and regions looking to scale up the financing options for small scale, sustainably produced food and agricultural products.

Read More:

f6s Venture Profile: https://www.f6s.com/maineharvestcreditunion

Back to other ventures -->