Maine Harvest Federal Credit Union of Unity, Maine, was chartered Aug. 14 to serve employees and approximately 13,000 members of the Maine Organic Farmers and Gardeners Association and the Maine Farmland Trust, the National Credit Union Administration (NCUA) announced Friday.
The credit union is the second federal credit union to be newly chartered in 2019. Otoe-Missouria Federal Credit Union in Red Rock, Okla., received a charter in May.
NCUA said that Maine Harvest was chartered to make affordable member business loans to small farms, farmers, and other food producers within its field of membership. Loan funds will be available through mission-based deposits, it said.
Under NCUA rules, a credit union chartered for the purpose of making member business loans is exempt from federal MBL limits.
Maine Harvest is expected to begin operations in the fall, NCUA said.