Summary
Funding for small businesses, including: low-interest loans for land and building acquisition and construction, machinery and equipment purchases, and working capital.
Eligible Applicants
Small businesses (100 employees or less), which are in:
- Production agriculture
- Agricultural processing
Eligible Uses
- Land and building acquisition and construction
- Machinery and equipment purchases and upgrades
- Working capital
Loan Amounts
- Loans up to $200,000 or 40% of total eligible project costs, whichever is less
- Maximum loan amount for working capital is $100,000 or 50% of total eligible project costs,
whichever is less
Terms
- Up to 15-year term for land and building
- Up to 10-year term for machinery and equipment
- Up to 3-year term for working capital
- For processors, create/save 1 job per $25,000 of loan
Interest Rate
Please see the cover letter for the current low interest rate, or call us at 1-888-PAgrows. A project whose land is enrolled in a farmland preservation program or an Agricultural Security Area (ASA) or a project involving urban or rural supermarkets may receive a 1% reduction in the interest rate normally assessed for MELF loans, but the interest rate to be applied may not be less than 2% |