Cover photo for Southern Maryland Revolving Loan Fund for Agricultural & Shellfish Aquaculture Producers

Southern Maryland Revolving Loan Fund for Agricultural & Shellfish Aquaculture Producers

Southern Maryland Agricultural Development Commission

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 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) and the Food Safety Modernization Act (FSMA).

  • Purchase value-added processing equipment and related professional services.

  • Enhance the foundation and expansion of the region’s equine (horse) farm industry.

Commodities

Eligibility

Producers must be located in one of these five southern Maryland counties:

  • Anne Arundel

  • Calvert

  • Charles

  • Prince George’s

  • St. Mary’s

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).

Resources

Similar Programs

Details

Organization

Southern Maryland Agricultural Development Commission (SMADC)

Financial Instrument

Loan

Minimum Award Amount

$10,000

Maximum Award Amount

$20,000

Image Credit

Famartin

Updated October 8, 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.