MARBIDCO Pandemic Adjustment Loan Fund Program Now Open

Maryland Department of Agriculture sent this bulletin at 04/15/2020 10:49 AM EDT

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MARBIDCO Pandemic Adjustment

Loan Fund Program Now Open

MARBIDCO is offering loans through its new
Pandemic Adjustment Loan Fund to help Maryland's food and fiber producers, harvesters and primary processors adjust to the business disruptions caused by COVID-19.

The program is targeted to assist existing agriculture or resource based enterprises in making timely adjustments to their business operations to help take advantage of new or continuing market opportunities.

Eligible farms and rural businesses can apply for loans up to $3,000 in working capital and up to $10,000 for equipment purchases at low interest rates with flexible terms. Loan repayments will be interest only for five months followed by payments for 12 to 36 months with a rate of 3.75%. Borrowers who make all their payments will receive a 10% grant back (of the original amount borrowed) at the end of the loan term.

Applications for the Pandemic Adjustment Loan Fund must be submitted by May 31^st. The application form is available on the MARBIDCO website.

For questions, please call the office at (410) 267-6807.

Due to current social distancing procedures, phone calls may not be readily answered (but all calls will be returned).

MARBIDCO

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This service is provided to you at no charge by Maryland Department of Agriculture.