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Credit union launches program to pay farm closing costs

July 8, 2020 GMT

UNITY, Maine (AP) — A credit union in Maine said a new program will pay closing costs for purchasing or refinancing farmland in the state.

Maine Harvest Federal Credit Union made the announcement about the new Conservation Grant Program on Tuesday. The credit union said the program would help borrowers to take advantage of low interest rates by reimbursing them up to $3,500 per loan.

Maine Harvest Federal Credit Union cofounder Scott Budde said the program would incentivize farmers who are interested in buying land.

Maine has 7,600 farms that employ 24,000 people in the state. Budde said responsible lending would aid “the position of Maine’s hardworking farms and food producers.”