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USDA Rural Development Announces $1.15 Million Business & Industry Loan Guarantee to Cooper Farms, Inc. and Cooper Farms Holdings LLC for Apple Business

Name
Emily Cannon
City
Bangor
Release Date

USDA Rural Development has announced that Cooper Farms, Inc. and Cooper Farms Holdings LLC, based in Buckfield, will receive a USDA Rural Development Business & Industry Guaranteed Loan with lender Northeast Bank in the amount of $1,150,000 to acquire the real estate formerly held by Maine Apple Company, LLC in the towns of Buckfield, Monmouth, and Winthrop.

USDA Rural Development Maine State Director Virginia Manuel said, “I am very pleased that USDA Rural Development can assist Cooper Farms, Inc. in expanding its Maine-based agricultural business. This substantial investment helps preserve a local agricultural business and supports a total of 40 jobs in the communities where these employees work and live.”

The Business & Industry Loan Guarantee of $1,150,000 will assist Cooper Farms, Inc., to expand its existing apple growing, harvesting, storing, packing, and distribution operations through the acquisition of assets from Maine Apple Company, LLC. Demand for fresh local produce is expected to continue to remain high, and production has averaged about 95,000 bushels over the past three seasons. Cooper Farms, Inc. apples can be found locally at Hannaford and Shaw’s, and other stores all along the East Coast, and to a lesser extent in the Midwest.

Applications are currently being accepted in this program, with over $4.3 million currently available in Maine, and more funding available nationally for larger projects. USDA Rural Development’s Business & Industry Guaranteed Loan Program is to improve, develop, or finance business, industry, and employment and improve the economic and environmental climate in rural communities. Business and Industry Guaranteed Loans are made by Maine lenders and guaranteed by USDA Rural Development. Loan purposes must be consistent with the general purpose contained in the regulation, including but not limited to:

  • Business and industrial acquisitions when the loan will keep the business from closing, prevent the loss of employment opportunities, or provide expanded job opportunities;

  • Business conversion, enlargement, repair, modernization, or development;

  • Purchase and development of land, easements, rights-of-way, buildings, or facilities; and

  • Purchase of equipment, leasehold improvements, machinery, supplies, or inventory.

For more information, or to receive application materials, please contact Cheryl Pelletier at cheryl.pelletier@me.usda.gov or 764-4157 ext. 4.

Funding announced today is contingent upon the recipient meeting the terms of the loan or grant agreement.

USDA Rural Development has Area Offices located in Presque Isle, Bangor, Lewiston, and Scarborough, as well as a State Office, located in Bangor. There are 57 employees working to deliver the agency’s Housing, Business, and Community Programs, which are designed to improve the economic stability of rural communities, businesses, residents, and farmers, and improve the quality of life in rural Maine. Further information on rural programs is available at a local USDA Rural Development office or by visiting USDA Rural Development's web site at http://www.rd.usda.gov/me.