Tuesday, February 7, 2012

High Tunnel Loan Program

Under the High Tunnel Loan Program, Missouri producers who have been approved by USDA NRCS, through either the USDA NRCS EQIP Seasonal High Tunnel System Initiative or the EQIP Organic Initiative for a seasonal high tunnel reimbursement, will be eligible for a short term loan from the Missouri Agricultural and Small Business Development Authority. Loans will be available at a fixed rate of 7.5 percent interest for the amount obligated to the producer by USDA NRCS for a term of up to one year.

Producers must first apply at their local USDA NRCS office. Once approved by NRCS, producers may apply for the High Tunnel Loan Program. Upon receipt of the required documents loan funds will be dispersed for the purchase of the high tunnel. The producer applying for the loan will be responsible for the monthly interest plus a one-time filing fee of $10.00.
What is required?
  • Copy of EQIP contract and obligation from USDA NRCS
  • Copy of estimate or contract from the high tunnel vendor
  • Application for High Tunnel Loan Program Get Adobe Reader
  • In the case the amount of the high tunnel exceeds the reimbursement amount the borrower may need to show proof of payment or the ability to pay the difference in the two amounts.
  • Upon approval, borrower will be required to provide an Assignment of Payment for NRCS. (NRCS-CPA-1236)

No comments:

Post a Comment