Farm fields and barns in a forest valley covered with a blanket of fog

A New Credit Union in Maine Will Fund Sustainable Food and Farms

A new credit union is hoping to fill a funding gap in Maine for small scale, sustainable farming and food production.

Called Maine Harvest, the credit union is in a final fundraising push to reach a $2.4 million capitalization, at which point it can apply for a charter. It is expected to open in early 2019.

April 6, 2018 | Source: Locavesting | by

A new credit union is hoping to fill a funding gap in Maine for small scale, sustainable farming and food production.

Called Maine Harvest, the credit union is in a final fundraising push to reach a $2.4 million capitalization, at which point it can apply for a charter. It is expected to open in early 2019.

The arrival of a new credit union may seem a bit of an anomaly amid a long-term decline in credit unions and community banks. “It’s like a Shaker having a baby,” says Scott Budde, one of the founders of Maine Harvest Credit Union, referring to the celibate Christian sect.

Budde and his partner, Sam May, both seasoned financial professionals, see a local financing opportunity they believe a credit union is uniquely suited to address.

Funding the Local Food Economy

The local food economy in Maine is growing, with small producers churning out cheese, cider, craft beer and organic produce to meet local demand.