New funding strengthens MOOMilk
Nearly $900,000 in new financing is giving MOOMilk, a Maine farmer-owned organic dairy company, a boost.
After several months, Maine's Own Organic Milk Co. has completed a round of refinancing that will inject $750,000 in private investment capital into the two-year-old organization, according to a press release. In addition, MOOMilk is receiving $140,000 in loans from the Finance Authority of Maine and the Sunrise County Economic Council of Washington County. Coastal Enterprises Inc. is also involved. MOOMilk CEO William Eldridge said the new financing is "critically important in maintaining the sales momentum the company has generated here in Maine and southern New England." The financing package was completed Aug. 25.
The company formed in 2009 after HP Hood opted not to renew contacts with 10 Maine organic dairy farmers. But last year a lack of funding nearly forced it to suspend operations until additional donations came in.
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