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On Thursday, the Missouri Agricultural and Small Business Development Authority announced that its Agribusiness Revolving Loan Fund was awarded a $500,000 loan from USDA Rural Development to aid in economic improvements and job creation. As a result, MASBDA is recruiting loan applications for agribusinesses located in communities of less than 50,000 residents. Due to COVID-19, MASBDA is currently offering a fixed interest rate of 4%.
“The MASBDA Board of Directors is excited to see this critical loan fund continue for our agribusinesses during such a vital time.” Said Jill Wood, executive director of MASBDA. “Agribusinesses are the backbone of our rural communities and we are hopeful this program can provide them a strategic opportunity to grow and thrive.”
Agribusinesses may qualify if they are value-added agriculture enterprises, agriculture support businesses, marketers or retailers of agricultural products, and businesses with emerging agricultural technology. The fund may provide financing for up to 75% of a project’s cost with a maximum loan of $112,000, depending on the borrower’s lien status.
To learn more about the Agribusiness Revolving Loan Fund and other financial assistance opportunities, click here!