Overview

The Southern Maryland Agricultural Development Commission (SMADC) and MARBIDCO have partnered to offer programs targeted to farmers in these five Southern Maryland counties: Anne Arundel, Calvert, Charles, Prince George’s, and St. Mary’s.

The Southern Maryland Revolving Loan Fund for Agricultural is designed to help Southern Maryland applicants with targeted projects that may not be financed by traditional commercial lenders. The program offers subsidized low-cost loans to qualified applicants.

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).

Loan funds may be requested for the following types of projects:

• Purchase livestock and/or enhance existing herds and flocks.

• Incubate the production of small fruits 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).

• Shellfish Aquaculture Foundation development.

• Purchase equipment and industry support services for the on-farm production of value-added farm products.

• Costs related to the foundation development and expansion of the regional equine (horse) farm industry.

MARBIDCO administers the loan program on behalf of SMADC.

Loan Terms and Conditions

Minimum/Maximum Loan Amount: $10,000 / $20,000

MARBIDCO Interest Rate: 4.50%

Loan Terms: One to four years (in “full” years when amortizing), following an initial interest-only period (as explained in the application).

Loan Origination Fee: None. (Paid by SMADC on the borrower’s behalf.)

Personal Guarantee: Required, if the farm business entity is the borrower. Owners of business entities (e.g., a LLC) must also provide guarantees. (Note: The minimum eligible credit score is 620.)

Application Submission Process

All applications must be originated by the applicant (although agricultural service professionals may assist in the development of applications). Applications are processed as they are received.

Send Completed Applications to: MARBIDCO Loan Programs, 1410 Forest Drive, Suite 21, Annapolis, MD 21403 or email to info@marbidco.org

To visit SMADC's website, click here or below.