Missouri Agribusiness Revolving Loan Fund
The Missouri Agricultural and Small Business Development Authority’s (MASBDA) Missouri Agribusiness Revolving Loan Fund offers financing to value-added agriculture enterprises, agriculture support businesses, marketers or retailers of agricultural products, and businesses with emerging agricultural technology. This funding is provided, in part, by the USDA Rural Development’s Intermediary Relending Program.
Eligibility
Applicants must be:
- Located in Missouri communities of less than 25,000
- Business must be owned by legal US citizens or legal residents
- Borrower must be able to provide proof of citizenship, identity and legal Missouri residence. If the borrower employs laborers, he/she must also provide proof of enrollment and participation in the federal work authorization program
- An individual who is at least 18 years of age, a partnership, corporation, firm, LLC, or cooperative association.
Funds may be used for costs associated with starting, acquiring, operating or expanding a qualifying Missouri agribusiness, including but not limited to:
- Business construction, expansion, repair, modernization or development;
- Purchase of land, buildings, machinery, or supplies;
- Startup costs and working capital;
- Pollution control and abatement;
- Fees rendered by professional services as it relates to the business, including feasibility and marketing studies, legal fees, etc.
Funds may not be used for:
- Agricultural production;
- Transfer of ownership, unless the loan will keep the business from closing, prevent job loss, or expand job opportunities;
- Lending, investing, or insurance institutions;
- Any illegal activity;
- Any other purpose prohibited by the USDA Intermediary Relending Program or by MASBDA, including compliance with conflict of interest policies for both organizations.
Terms
The Missouri Agribusiness Revolving Loan Fund will finance no more than 50% of the project’s cost, with a maximum loan of $75,000. Borrowers may have more than one Missouri Agribusiness Loan with MASBDA, but the cumulative outstanding debt may at no time exceed $75,000. The program is currently offering a fixed interest rate of 7 percent. Please see the guidelines for additional information.
Fees
A non-refundable $50 fee must be submitted with each application. Applicant is also responsible for any fees associated with closing the loan. These fees include but are not limited to recording fees, credit check, professional services such as title search, appraisal, environmental assessments, legal fees and others that may be incurred with any individual loan.
