Southern Maryland Revolving Loan Fund for Agricultural & Shellfish Aquaculture Producers
About
SMADC has partnered with MARBIDCO to provide enhanced and new financing opportunities to Southern Maryland farmers by providing funds for MARBIDCO programs.
The Southern Maryland Revolving Loan Fund for Agricultural Producers is a brand new loan program designed exclusively for Southern Maryland applicants. Loans amounts range from $10,000 – $20,000 to:
Purchase livestock and/or enhance existing herds and flocks, and for the foundation and expansion of shellfish aquaculture.
Incubate the production of small fruits and hops and increase acreage by existing small fruit growers.
Upgrade for the safe growing, harvesting, packing and holding of produce in line with Good Agricultural Practices (GAP).
Commodities
Terms
MARBIDCO administers the loan program on behalf of SMADC. Borrowers that pay on time will receive approximately 20-25% loan forgiveness at the end of the loan term.
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).
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Details
Organization
Southern Maryland Agricultural Development Commission (SMADC)
Financial Instrument
Loan
Image Credit
Updated January 28, 2021
This information was gathered from public sources. Ambrook is not responsible for or able to affect the results of any financial programs listed, nor are they responsible for any incorrect information that is listed or is on the hyperlinked external sites. All information is subject to change.