MARYLAND
Stephen R. McHenry, Executive Director
Maryland Agricultural and Resource-Based Industry Development Corp.
1410 Forest Dr, Ste 28
Annapolis, MD 21403-1446
Telephone: (410) 267-6807 FAX: (410) 267-6809
Email Addresses: smchenry@marbidco.org or krobinson@marbidco.org
Website: www.marbidco.org
Organization Began: 2007
Program/Project Title: Maryland Resource-Based Industry Financing Fund (MRBIFF)
Program Began: 2007
Contact Person: Kristin Robinson, Financial Programs Officer
Target Group: Agriculture and Resource-Based businesses in Maryland for the purchase of land and capital equipment
Total Loan Volume: $6.5 million
Description: Low-interest (3% APR initially) loans for established agricultural and resource-based businesses for the purchase of land and capital equipment for production and processing activities (or environmental enhancement projects). The maximum loan amount is $250,000. Some priority is given to value-added and niche market-oriented projects as well as beginning or transitioning producers and processors. MARBIDCO provides up to 50% of financing needed for a project, and a commercial lender and/or a public instrumentality must also have an equal financial commitment in any transaction. MARBIDCO typically takes a subordinate position on the collateral security with MRBIFF loans.
Program/Project Title: Rural Business Working Capital & Equipment Loan Fund
Program Began: 2007
Contact Person: Kristin Robinson, Financial Programs Officer
Target Group: Agriculture and Resource-Based businesses in Maryland for working capital and equipment purchases.
Total Loan Volume: $0.2 million
Description: Low-interest (4.75% APR) loans for natural resource businesses and ag producers for working capital and equipment purchases. The maximum loan amount is $75,000. A letter of referral from a commercial lender is required. Certain eligibility restrictions may also apply if federal funds are being used (e.g., USDA-Rural Development funds.)
Program/Project Title: Maryland Vineyard Planting Loan Fund
Program Began: 2009
Contact Person: Kristin Robinson, Financial Programs Officer
Target Group: Maryland’s rural landowners wanting to plant vineyards and develop wineries.
Total Loan Volume: $75,000
Description: Low-interest (3-5% APR) loans to help meet the unique financing needs of Maryland’s rural landowners wanting to plant grapes and develop wineries. The maximum loan amount is $100,000 and an interest only option is available. A letter of referral from a commercial lender is required as well as a site evaluation approval letter from the wine/grape industry’s viticulture committee. The requested financial assistance must relate to the installation of new vineyards, including the prepping of land for vineyard installation, purchase of vines, vineyard equipment and supplies. The purchase of tractors, pick-up trucks, and wine-making equipment are not eligible for financing under this particular program.
Program/Project Title: Forestry Equipment and Working Capital Loan Fund
Program Began: 2009
Contact Person: Kristin Robinson, Financial Programs Officer
Target Group: Maryland's forest products businesses with respect to working capital and equipment purchases.
Total Loan Volume: $150,000
Description: Low-interest (4.75-10% APR), depending on the level of credit and collateral risk) loans to Maryland’s forest products businesses with respect to working capital and equipment purchases. The maximum loan amount is $150,000. A letter of referral from a commercial lender is required. In a special effort to better serve the forest products industry in Maryland, MARBIDCO utilizes slightly more liberal underwriting guidelines than normal for making loans under this program (including the utilization of a minimum debt service coverage ratio of 1.0/1.0, as well as partially relaxed collateral security requirements, where appropriate).
Program/Project Title: Rural Business Energy Efficiency Improvement Loan Fund
Program Began: 2009
Contact Person: Kristin Robinson, Financial Programs Officer
Target Group: Maryland’s food and fiber producers and processors planning to implement energy efficiency projects.
Total Loan Volume: $20,000
Description: Low-interest (4% APR) "micro" loans for energy efficiency projects undertaken by food and fiber producers and processors implementing the recommendations of a third-party energy auditor. The minimum loan amount is $2,500 and the maximum is $15,000. Loan advances may not exceed the cost of actually making the improvements minus any grant incentive funding received for a project. A credit score of at least 650 is required with no bankruptcies filed within the last seven years. Loans made under this program are unsecured and only the personal guarantees of the borrowers and/or businesses would be required. Loans will be fully amortized with terms not exceeding the anticipated savings payback period with at least 1.0 - 1.0 ratio on the annual energy savings payback. A letter of referral from a commercial lender is required.
Program/Project Title: Agricultural Cooperatives Equity Investment Fund
Program Began: 2009
Contact Person: Steve McHenry, Executive Director
Target Group: Agricultural cooperatives.
Total Loan Volume: $71,000
Description: This program provides a portion of the patient capital investment needed by agricultural cooperatives during the period that business operations are beginning or significantly expanding. The maximum amount of equity funding that MARBIDCO can provide to an individual cooperative is $100,000 in any single year. MARBIDCO equity investments are repayable after several years and can convert to debt. Some additional public sector financial participation is ordinarily required for any cooperative that receives an equity investment from MARBIDCO.
Program/Project Title: Local Government Ag/RBI Project Cost Share Program
Program Began: 2007
Contact Person: Kristin Robinson, Financial Programs Officer
Target Group: Local government economic development offices and regional rural development councils.
Total Volume: $121,000
Description: This program is designed to lend support to local and regional rural business development efforts. MARBIDCO will consider a project cost-share request from a local or regional economic development office if the project fits within MARBIDCO’s statutorily established economic development profile. Any project or activity funded by MARBIDCO must assist in some fashion Maryland’s farming, forestry, or seafood industries. If a project directly benefits an individual farmer or rural business owner, then the farmer or business owner must be willing to make a financial contribution to help support the implementation of the project. MARBIDCO’s participation in the cost share project cannot exceed that of the local government. The only exception to this requirement is that a county designated as “One Maryland” jurisdiction (i.e., a severely economically distressed county) may qualify for a match from MARBIDCO of up to 200% of the county’s contribution.
Program/Project Title: Maryland Value Added Producer Grant
Program Began: 2007
Contact Person: Kristin Robinson, Financial Programs Officer
Target Group: Producers participating in the USDA’s value added producer grant program.
Total Volume: $0.4 million
Description: This program is designed to encourage participation in USDA’s highly competitive Value Added Producer Grant Program (which has both planning and working capital components). The USDA VAPG Program, which is offered annually, requires a financial matching commitment and each application for the USDA VAPG must include a “verification of matching funds”. The USDA VAPG Planning Grant offers a maximum award of $100,000, and the Working Capital Grant offers a maximum of $300,000. MARBIDCO’s grants can be applied for up to $10,000 and $25,000, respectively not to exceed 15% of the USDA grant award. To be eligible to apply to MARBIDCO for funding, a grant applicant must also be eligible under the USDA VAPG Program and funds will only be awarded to those who actually receive the USDA VAPG award.
Program/Project Title: Land Conservation Easement Installment Purchase Agreements Program
Program Began: 2009
Contact Person: Kristin Robinson, Financial Programs Officer
Target Group: Agriculture landowners selling their easements to the Maryland Agricultural Land Preservation Foundation and other rural land conservation programs
Total Volume: $1 million
Description: This program works in conjunction with the Maryland Agricultural Land Preservation Foundation (MALPF) and county governments to enable the purchasing of easements on agricultural properties using tax-advantaged financial arrangements structured to benefit both landowners and the State. MARBIDCO uses government easement purchase payment revenues to purchase U.S. Treasury securities (SLGS or STRIPS) on behalf of rural land conservation easement sellers. (MARBIDCO is also currently exploring the use of Aggie Bonds to assist counties with both their young farmer and rural land preservation programs.)
Choose another state ...
|
