BANGOR — United States Department of Agriculture Rural Development State Director Virginia Manuel has announced the agency is now accepting applications from rural small businesses and agricultural producers to compete for $200 million in guaranteed loan funds available to finance renewable energy and energy-efficiency projects in Maine’s rural communities. Funds are being made available through Rural Development’s Rural Energy for America program.
Loan purposes include financing renewable energy systems such as biomass fueled anaerobic digesters and biodiesel production, solar, wind and geothermal, and making energy efficiency improvements such as efficient lighting conversions, motor upgrades, building envelope improvements, HVAC upgrades and more.
Guaranteed loans are available for up to 75 percent of the total eligible project cost, and loan amounts can range from $5,000 to $25 million. The REAP loan guarantee requires that 25 percent of project costs come from other funding sources, such as business equity or other borrowed funds, which could include a USDA Rural Development Business & Industry Guaranteed Loan. REAP loan guarantees range from 85 percent for loans of $600,000 and less to 60 percent for loans of more than $10 million.
Interested rural Maine businesses, agricultural producers and lenders may call 207-990-9168, email brian.wilson@me.usda.gov, or visit www.rd.usda.gov/programs-services/rural-energy-america-program-renewable-energy-systems-energy-efficiency/me.
USDA Rural Development has area offices located in Presque Isle, Bangor, Lewiston and Scarborough, as well as a state office located in Bangor.
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