Mainebiz

V O L . X X I V N O. X X V O C T O B E R 2 9 , 2 0 1 8 12 B U S I N E S S M A I N E B U S I N E S S M A I N E B U S I N E S S N E W S F RO M A RO U N D T H E S TAT E 18 Convenient loca ons throughout Maine A constant supply of power is crucial for any business or industry. So you want the expertise of true generator specialists when choosing your source of automatic standby power. As Maine's exclusive, statewide distributor of Generac industrial generators, Electrical Systems of Maine is the only resource you need. MATT@ELECTRICALSYSTEMSOFMAINE.COM WWW.ELECTRICALSYSTEMSOFMAINE.COM 207-783-7126 CAN YOUR BUSINESS OPERATE WITHOUT POWER? • GENERATOR SALES • SERVICE • INSTALLATION • DESIGN • BUDGETING First credit union planned for farmers and food producers B y J a m e s M c C a r t h y A credit union being set up to lend exclusively to farmers and food entrepre- neurs has reached its fundraising goal and is expected to open by next summer. Maine Harvest Credit Project, as the effort is known, has raised $2.4 mil- lion. If approved by the National Credit Union Administration, it would become Maine's 56th credit union. A June 2019 opening is planned. Maine Harvest will become part of the Maine Credit Union League and its members will have access to shared branching and ATMs within its statewide network. The credit union league's board recently approved a significant dona- tion, which got Maine Harvest to its fundraising goal. "Starting a credit union isn't easy; it takes a lot of time, money, paperwork and dedicated people to guide the process," Todd Mason, president and CEO of Maine Credit Union League, said. "The people behind this have worked tirelessly." Maine's congressional delegation offered its support for Maine Harvest in a letter to the National Credit Union Administration, saying, "We believe that this new, specialized credit union is important both to the credit union industry, and to the continued growth of Maine's food-based economy." Strong backing Maine Harvest's organizer group includes farmers, philanthropists, credit union experts and Anna Eleanor Roosevelt, granddaughter of Franklin Delano Roosevelt, who in 1934 signed the Federal Credit Union Act. By spring, Maine Harvest plans to begin staffing and to hire a specialized loan officer. By June, Maine Harvest plans to open its headquarters in the cen- tral Maine town of Unity. Sam May and Scott Budde, the credit project's founders, have decades of financial services experience. May was a senior wireless technology analyst for US Bancorp Piper Jaffray in Silicon Valley and Budde was a managing director at TIAA-CREF. "Maine's growing food economy needs access to capital," May said. "We've crisscrossed the entire state talking with Maine's most hard-working farmers to learn what they need most to become competitive — better access to capital." "Stronger local food systems are critical for improving environmental, community and personal health," said Budde. "Our credit union work will be a key part of build- ing that stronger system — one that can be replicated in other regions in America." Amanda Beal, president and CEO of Maine Farmland Trust, said her organization's research shows there is about a $186 million financing gap among Maine farm- ers and food producers needing capital to improve profitability and sustainability. "Bridging that gap will keep farmers on their land, help others scale and grow and generally act as a catalyst for this entire industry," she said. Beal said Maine has over 8,000 farms that produce $3.8 billion in sales and create 24,000 jobs statewide, adding that agriculture is one of the largest sectors bringing younger people to Maine, with 40% of farmers currently aged 34 or younger. B R I E F P H O T O / T I M G R E E N WAY Scott Budde, left, and Sam May, co-founders of the Maine Harvest Credit Project, at Broadturn Farm in Scarborough.

• Cover