Program Oveview
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 Agriculture 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).
Eligible Projects
$10,000
Minimum loan
$20,000
Maximum loan
4.50%
Interest rate
None
Origination fee
Loan Terms and Conditions
Loan Terms
One to four years, in full years when amortizing, following an initial interest-only period.
Personal Guarantee
Required if a farm business entity is the borrower. Owners must also provide guarantees. Minimum eligible credit score: 620.
Application Submission Process
Originate application
Applicants must originate applications, although agricultural service professionals may assist.
Submit application
Send to:
MARBIDCO Loan Programs, 1410 Forest Drive, Suite 21, Annapolis, MD 21403, or info@marbidco.org.
Processing
Applications are processed as received.
MARBIDCO administers the loan program on behalf of SMADC.