Need Capital to Survive until Prices Improve?
Dairy producers in Missouri finding it impossible to obtain working capital from their current lender may want to look at these two options:
SBA ARC Loan (Small Business Administration - America's Recovery Capital)
ARC program offers interest-free loans to viable small businesses, which carry a 100 percent guaranty from the SBA to the lender and require no fees paid to SBA. Loan proceeds are provided over a six-month period and repayment of the ARC loan principal is deferred for 12 months after the last disbursement of the proceeds. Repayment can extend up to five years. The ARC loan program is open to any SBA-approved lender. Non-SBA lenders can easily become SBA participants by working with their nearest SBA district office. Dairies interested in applying for an ARC loan should first contact their current lender. List of lenders who have made ARC loans to date
Source of Info: http://www.sba.gov/recovery/arcloanprogram/index.html
Phone Contact: 314-539-6600, ext: 262
Missouri Agricultural and Small Business Development Authority
Effective November 2, 2009, MASBDA will change their Single-Purpose Animal Facilities Loan Guarantee Program so that it can be used to help dairy producers refinance debt to survive the financial collapse.
News : http://mda.mo.gov/news/2009/Emergency_Rule_Change_Proposed_to_Provide_Needed_Assistance
Program Details: http://mda.mo.gov/abd/financial/spafloanprg.php