Missouri farmers working with USDA and the Missouri departments of Agriculture and Natural Resources have new opportunities to receive loans and reimbursement for making on-farm improvements. The Bridge Loan Program assists farmers by reducing the financial barriers to participating in some state and federal programs.
The Missouri Agricultural and Small Business Development Authority expanded a 2012 loan program focused on produce to include a wider range of programs, including cost-share programs available through the Missouri DNR Resources Soil and Water Conservation Program and the USDA Natural Resources Conservation Service Environmental Quality Incentives Program.
To be eligible, producers must be approved for cost-share reimbursements through USDA-NRCS, EQIP and/or SWCP and show proof of financial ability to cover any gaps between reimbursement amounts and project costs. Applicants must be materially participating in the farming operation and at risk for price or production costs and must commit reimbursement payments from NRCS or SWCP to fulfill the loan note.
Loans offered through the Bridge Loan Program will include monthly interest payments of 5.9 percent interest rate and $25 closing costs. Loan applications are available online, or by contacting the Missouri Agricultural and Small Business Development Authority at firstname.lastname@example.org.