BANGOR, Maine—Two people here are seeking to obtain a charter to launch Maine Harvest Credit Union, the primary mission of which would be to help small farms to buy land and equipment.
Financial professionals Sam May, former managing director of US Bancorp Piper Jaffray, and Scott Budde, a former pension fund manager with TIAA-CREF, are backing the effort. Both relocated to Maine in 2013. May and Budde told the Bangor Daily News they anticipate obtaining the charter will be a two-year process, and that the CU will become sustainable within five years. Its goal is $10 million to $15 million in deposits within eight years. The charter would specifically serve members of the Maine Organic Farmers and Gardeners Association and the Maine Farmland Trust, which have a total of 1,000 agricultural producer members and 10,000 potential depositors, the Bangor Daily News reported.
The two men said they have done two years of research on the potential CU’s viability. Among the products it plans to offer would be mortgages between $100,000 and $500,000 and equipment loans between $5,000 and $50,000, along with other small, seasonal loans to farmers. In January, May and Budde said they will begin applying for up to $1.4 million in grants.