For Veterans
Hometown Hero Interest Rate Reduction of 0.25%, or 25 basis points for specific MARBIDCO loan programs
Objective
One of our objectives is to foster emerging industries and assist veterans interested in farming with their business ventures. For applicants who have served or currently serve in the United States Military, we offer a Hometown Hero interest rate reduction of 0.25%, or 25 basis points for our Rural Business Loan Programs listed below.
For most MARBIDCO programs, practical farm and/or business experience is required (and may be supplemented by academic or hands-on training experience). Both our loan and grant programs require business plans and borrower financial information to be submitted.
Partnerships
In delivering our financing programs, we work cooperatively with commercial banks, Farm Credit Associations, and the USDA Farm Service Agency (FSA), as well as other federal, State, and local government agencies and universities.
Please contact us to find out which programs may be right for your business. Here are the core rural loan programs that offer interest reductions:
Maryland Resource-Based Industry Financing Fund (MRBIFF)
Maryland Vineyard/Hopyard/Orchard Planting Loan Fund
Experience
Eligibility & Requirements: * To be eligible, the applicant for a loan must meet the following requirements:
Currently serving in any branch of the United States military (and must provide a letter of support from their commanding officer or designated representative attesting to their characterization of service.) Or
Has served in any branch of the United States Military and received an ‘Honorable’ or ‘General (Under Honorable Conditions)’ characterization of service upon discharge from the military and can provide proof by submitting a Department of Defense Form DD-214. (Veterans with a characterization of service of ‘Other than Honorable’ may be eligible based on a more thorough review of their situation.) And
Have at least a minimum of 50% veteran ownership and a minimum of 50% veteran management control in the agribusiness and farming operation.
* Note: MARBIDCO must be notified at the time of loan application about the intent to seek Hometown Hero interest rate reduction eligibility.
For information concerning the Farmer Veteran Coalition, please visit: https://fvc.secure.force.com/auth/