By Jimmy Story, Missouri Enterprise Business Program Manager
In our continuing effort to make Missouri farmers and manufacturers of grant and funding opportunities that can help them, here is another article highlighting important support resources to think about. Yes, you’ve known Missouri Enterprise for decades as a valuable resource for expertise and services in areas such as Business Growth, Continuous Improvement, Supplier Development, Sustainability and Workforce. But remember that we’re also an outstanding resource to help our manufacturers and farmers learn about important grant and funding opportunities that can help. It’s another part of Missouri Enterprise’s mission to Help Missouri Manufacturers Succeed. Here are two important programs to know about:
The Missouri Value-Added Grant Program:
Missouri farmers…the next Value-Added Grant deadline is fast approaching.
The Missouri Agricultural and Small Business Development Authority (MASBDA) will consider grant applications from Missouri businesses to seek funding resources for projects that add value to Missouri Agricultural products and aid the economy of a rural community. Grant applications will be considered for value-added agricultural concepts that:
- Lead to and result in development, processing and marketing of new or expanded uses or technologies for agricultural products; and
- Foster agricultural economic development in Missouri’s rural communities.
Applications will be considered for expenses related to the creation, development and operation of a value-added agricultural business including:
- Feasibility studies,
- Marketing studies,
- Legal assistance,
- Marketing plans,
- Business plans,
- Prospectus development for cooperatives, and
- Operational consulting
The maximum grant award amount is $200,000. But you must act and put in your application no later than 5:00PM, December 23, 2016. You still have time to apply, and Missouri Enterprise can help. Give us a call at 800-956-2682 for assistance.
Click here (http://agriculture.mo.gov/abd/financial/valaddgrant.php) to learn more.
Business & Industry Loan Guarantees (USDA, Rural Development)
The United States Department of Agriculture offers the Business & Industry Loan Guarantee program offers assistance to select Missouri businesses through the guaranteeing of loans for rural businesses, allowing private lenders to extend more credit than they would typically be able to.
In eligible areas, various Federal or State chartered banks, Savings and Loans, Farm Credit Banks and Credit Unions may request a guarantee for their borrower when making loans to entities such as: For-profit businesses, nonprofits and cooperatives, federally recognized tribes, public bodies and individuals.
Eligible uses of funds through these guarantees include, but are not limited to:
- Business conversion, enlargement, repair, modernization, or development
- Purchase and development of land, easements, rights-of-way, buildings, or facilities
- Purchase of equipment, leasehold improvements, machinery, supplies, or inventory
- Debt refinancing when new jobs will be created and other conditions are met
- Business and industrial acquisitions when the loan will keep the business from closing and/or save or create jobs
Maximum loan guarantee amounts fall into these categories:
- 80% for loans of $5 million or less
- 70% for loans between $5 and $10 million
- 60% for loans exceeding $10 million, up to $25 million maximum
Applications are accepted from lenders year round, and interested borrowers should inquire about the program with their lender. Contact Missouri Enterprise to learn more by calling 800-956-2682. Your local Area Business Manager will be happy to help.
Click here (https://www.rd.usda.gov/programs-services/business-industry-loan-guarantees) to learn more.