An Act to Provide Reduced Interest Rates for Logging and Fishing Operations
Sponsored By: Richard A. Bennett (Independent)
Became Law
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Bill Overview
Analyzed Economic Effects
3 provisions identified: 1 benefits, 1 costs, 1 mixed.
Low-interest loans for loggers and fishers
The law creates a state loan program run by the Finance Authority of Maine for logging and fishing businesses in Maine. Existing enterprises can borrow to buy new or used harvesting equipment or to refinance eligible equipment debt. With Authority approval at commitment, fund money can secure insured term loans or pay amounts due on them. Loan interest equals the federal prime rate on the commitment date, but never more than 2%. If your loan was current on the law’s effective date, you can ask to refinance to that capped rate.
Loan caps and private match for loggers and fishers
Loans can cover at most 90% of a project’s total cost. For projects over $200,000, you must show private funds of at least 5% of the total cost. For cooperative projects over $200,000, the group must show the 5% private funds. For projects of $200,000 or less, only the 90% loan cap applies.
Small funding and admin costs for loan fund
The Finance Authority can charge the fund for administration, up to 3% of the fund balance each year. Interest earned on the fund can pay these costs. The law also provides $500 in FY 2025–26 and $500 in FY 2026–27 so the Authority can spend receipts to run the program.
Sponsors & Cosponsors
Sponsor
Richard A. Bennett
Independent • Senate
Cosponsors
Amanda Collamore
Republican • House
Billy Bob Faulkingham
Republican • House
Craig V. Hickman
Democratic • Senate
Laurie Osher
Democratic • House
Lucien Daigle
Republican • House
Morgan Rielly
Democratic • House
Nathan Wadsworth
Republican • House
Susan Bernard
Republican • Senate
William Pluecker
Independent • House
Roll Call Votes
No roll call votes available for this bill.
Actions Timeline
ACTPUB Chapter 413
6/22/2025PASSED TO BE ENACTED, in concurrence.
6/10/2025SenatePASSED TO BE ENACTED. Sent for concurrence. ORDERED SENT FORTHWITH.
6/9/2025HouseCONSENT CALENDAR - FIRST DAYUnder suspension of the rules CONSENT CALENDAR - SECOND DAY.The Bill was PASSED TO BE ENGROSSED as Amended by Committee Amendment "A" (S-294).In concurrence. ORDERED SENT FORTHWITH.
6/9/2025HouseReport READ and ACCEPTED.READ ONCE.Committee Amendment "A" (S-294) READ and ADOPTED.Under suspension of the Rules, READ A SECOND TIME and PASSED TO BE ENGROSSED AS AMENDED BY Committee Amendment "A" (S-294).Ordered sent down forthwith for concurrence.
6/5/2025SenateThe Bill was REFERRED to the Committee on HOUSING AND ECONOMIC DEVELOPMENT.In concurrence. ORDERED SENT FORTHWITH.
4/22/2025HouseCommittee on HOUSING AND ECONOMIC DEVELOPMENT suggested and ordered printed REFERENCE to the Committee on HOUSING AND ECONOMIC DEVELOPMENT Ordered sent down forthwith for concurrence
4/22/2025Senate
Bill Text
Amendment C-A (S-294), adopted by House & Senate
Enacted
Introduced
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