Thanks to a $100,000 grant from the Henry P. Kendall Foundation, Maine farms with active loans from Coastal Enterprises, Inc. (CEI) will receive debt relief covering principal and interest payments for three months beginning in May. The farms in CEFs portfolio are located in 11 of Maine's 16 counties, reflecting the diversity of the state's agricultural industry. Farm businesses have been hit especially hard by the unanticipated, immediate loss of revenue and severe disruptions in supply and demand due to the coronavirus (COVID-19) pandemic. CEI's loans to farms account for approximately 9% of its $47 million small business loan portfolio, yet the businesses represent an outsized impact to the food economy as industry advocates and leaders. Their success in managing through the calamity of the global public health and economic crisis is vital to Maine's economy and local food system. Loans from CEI to farms typically provide working capital, allow farmers to purchase equipment or take on construction or expansion projects. 100% of the grant funds will go to reducing farm debt burden at this time.
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