Southern Maryland Revolving Loan Fund
To apply, see the Applications page.
The Southern Maryland Revolving Loan Fund has been established by the Southern Maryland Agricultural Development Commission (SMADC, a division of the Tri-County Council for Southern Maryland) and the Maryland Agricultural and Resource-Based Industry Development Corporation (MARBIDCO) to help assist Southern Maryland agricultural producers with smaller agricultural projects that typically might not be financed by traditional commercial lenders. This program makes available subsidized low-cost loans to qualified applicants for the purchase of livestock, the production of small fruits, and upgrades for the safe growing, harvesting, packing and holding of produce in conformance with Good Agricultural Practices (GAP) and the Food Safety Modernization Act (FSMA). Under this program, only the activities of agricultural businesses located in the five Southern Maryland counties are eligible for farm business financing (these include: Anne Arundel, Calvert, Charles, Prince George’s, and St. Mary’s Counties).
The loan amounts may range between $10,000 to $20,000, with no collateral security pledge required. Only the personal guarantees of all the borrowers will be needed. A major aim of this program is to complement SMADC’s commitment to expand and promote a viable market-driven, sustainable and profitable agricultural community in the Southern Maryland region. In furtherance of this objective, SMDAC has incorporated into this program an incentive for borrowers in good standing by forgiving approximately 20-25% of the loan amount due at the end of the loan term (by foregoing the final one-quarter of amortizing loan payments).
[Click here for information about the Southern Maryland Agricultural Equity Incentive Matching Fund]
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