The Missouri Agricultural and Small Enterprise Growth Authority is accepting functions for 2 applications aimed to assist rural small companies, particularly meat processors.
A “Meat Processing Facility Funding Tax Credit score Program” is on the market to qualifying meat processors that wish to modernize or develop their services, in keeping with a information launch from MASBDA.
The tax credit score is worth 25 p.c of the modernization or growth prices, with a most of $75,000 a yr.
“Our meat processors are crucial to our farmers, ranchers and small communities. It is vital that now we have services to course of Missouri’s agricultural items,” MASBDA Govt Director Jill Wooden mentioned.
Agricultural companies in cities with populations of lower than 50,000 may even be eligible to obtain funds from the Missouri Agribusiness Revolving loan Fund.
Qualifying agribusinesses may embody value-added agriculture enterprises, agriculture help companies, entrepreneurs or retailers of agricultural merchandise, and companies with rising agricultural know-how.
The loan funds can be utilized to begin, purchase, function or develop an agribusiness. Because of COVID-19, a set rate of interest of four p.c is on the market.
A loan will finance 75 p.c of a undertaking’s value whether it is in a primary lien place with a most loan of $112,500. A undertaking in a second lien place can have 50 p.c of its value funded by a loan, with a most loan of $75,000.
Extra data and functions can be found at MASBDA’s web site, agriculture.mo.gov/abd/monetary/masbda. Extra data can also be accessible by contacting MASBDA by cellphone at 573-751-2129 or e-mail at [email protected]