UNITY, Maine–A startup credit union that aims to support farmers and food producers in Maine is scheduled to officially open its doors here today, with Maine’s governor to cut the ribbon and the granddaughter of President Franklin Delano Roosevelt to make the first deposit.
As CUToday.info reported here, after five years of raising funds and organizational efforts, Maine Harvest FCU was granted its charter earlier this year. Maine Harvest will serve the employees and roughly 13,000 members of the Maine Organic Farmers and Gardeners Association and the Maine Farmland Trust, and will offer business loans to small farms, farmers and other food producers.
According to organizers, the goals are to close a $180-million funding gap within this sector, to strengthen Maine’s food economy and to increase the availability of fresh, local food.
“The days when the local farmer knew their local banker are over – but we plan to change that,” said founder Scott Budde. “Maine Harvest will be able to meet farmers’ needs because we intimately understand the nuances of agricultural lending.”
$12 Million in Lending is Planned
Plans call for the new credit union to deploy more than $12 million in loans within the next six years. Members will have access to all credit unions within Maine that participate in shared branching.
At a ceremony at the CU’s new office at 69 School St. in Unity, Maine, Anna Eleanor Roosevelt, the granddaughter of Franklin Delano Roosevelt, will make the first deposit. She also serves on the board. In 1934, FDR signed the Federal Credit Union Act.
In addition to Gov. Janet Mills, numerous members of Congress and other local officials have also been invited to participate.