Frequently Asked Questions
What kind of grants do you currently have available?
MARBIDCO's grants can be classified as ongoing, cyclical (for instance, the Maryland Value-Added Producer Matching Grant USDA Option), or specifically funded by the Maryland General Assembly for designated purposes such as the Maryland Producer Cold Storage Grant. Ongoing grants encompass the Maryland Urban Agriculture Commercial Lending Incentive Grant, the Local Government Agriculture & Resource-based Industry Project Cost Share Program, and the Upper Shore Regional Council Farm Incentive Fund, which is available to residents of Cecil, Kent, and Queen Anne's Counties.
Do you have any Maryland farm loans or first-time farmer loans available for property purchase?
MARBIDCO offers agricultural loans designed to assist new, beginning, or first-time farmers in acquiring working land, with down payment assistance available when collaborating with a commercial or farm credit lender. The programs available include the Next Generation Farmland program and the Small Acreage Next Generation (SANG) program.
In collaboration with farmland conservation programs and commercial lenders, MARBIDCO provides support to young and novice farmers by offering down-payment funding for acquiring farmland. Throughout this process, the development rights associated with the farmland being acquired are temporarily relinquished, leading to the eventual permanent preservation of the land.
Additionally, MARBIDCO provides low-interest loans to agricultural and resource-based industry enterprises for the purchase of land and capital equipment necessary for production and processing activities. The Maryland Resource-Based Industry Financing Fund (MRBIFF) can be accessed through either a direct loan option or a participation loan option, both of which necessitate the involvement of a commercial or public sector lender.
Does MARBIDCO offer programs to help me purchase equipment for my farm?
MARBIDCO provides farm loans in Maryland for the acquisition of equipment or for working capital, known as the Agribusiness Equipment and Working Capital Loan Fund. This low-interest initiative is designed to meet the specific financing requirements of Maryland's agribusinesses that are unable to secure commercial financing for working capital and equipment purchases from conventional lenders such as banks or farm credit associations.
The Maryland Resource-Based Industry Financing Fund (MRBIFF) provides direct and participation loan programs that offer low-interest loans to agricultural and resource-based industry businesses for purchasing land and capital equipment needed for production and processing activities. MARBIDCO can provide additional loan proceeds ranging from 20% to 40% of the total commercial financing needed, working jointly with a commercial bank and/or public sector lender.
Does MARBIDCO have programs to assist me in purchasing equipment for my seafood business?
MARBIDCO provides the Maryland Watermen's Microloan, which aids commercial watermen in acquiring essential equipment or a workboat through low-interest, unsecured loans.
Commercial watermen are permitted to buy tangible equipment such as boats, motors, and harvesting gear. Conversely, seafood processors are restricted to purchasing only seafood processing equipment. It is required that the equipment acquired has a useful lifespan of no less than 7 years.