The Missouri Department of Agriculture has announced that Missouri Agricultural and Small Business Development Authority (MASBDA) loans are now available through the Missouri Agribusiness Revolving Loan Fund, funded in part by the USDA Intermediary Relending Program.
This program offers financing opportunities to value-added agriculture enterprises, both those that arenew and those planning to expand their operations. Financing is also available to businesses supporting the agriculture industry, including those promoting or selling agricultural products and those developing agricultural technology in rural areas of the state.
“Under Governor Nixon’s leadership, we continue to look for new ways to help Missouri’s farmers,” said Director of Agriculture Dr. Jon Hagler. “This assistance can play a large role as businesses seek innovative ways to grow existing operations, develop new opportunities and better serve all Missourians.”
The Agribusiness Revolving Loan Fund offers fixed rate loans up to $75,000 and may finance as much as 50 percent of a project. Proceeds of the loan may be used for construction, expansion, repair, modernization and development, as well as the purchase of land, buildings, machinery or supplies. Startup costs, working capital and fees for professional services like feasibility and marketing studies and legal fees are also acceptable. Funds may also be used to advance pollution control and abatement.
To qualify for this program, businesses must be based in Missouri and located in an area with a population of less than 25,000. Applications will be evaluated based on the financial condition of the business, credit history of the applicant, potential impact on farmers and the rural economy, as well as other criteria as detailed in the application packet available online.
For more information on the program and complete guidelines, visit mda.mo.gov or contact MASBDA at masbda@mda.mo.gov.
