SB1280 - Missouri - SB1280 - Creates the Livestock Feed and Crop Input Loan Guarantee Program

SB 1280 - The Missouri Agricultural and Small Business Development Authority (MASBDA) shall develop and implement a Livestock Feed and Crop Input Loan Guarantee Program. The program shall provide loan guarantees for up to 50% of the amount of a loan on a declining principal basis, not to exceed $40,000 per individual loan. The loan guarantee program` shall make such payment to eligible lenders in the event of loan default by recipients of loans given for the purpose of purchasing or growing feed for livestock production. MASBDA shall charge a one-time $50 fee for each guaranteed loan and may charge a fee up to 1% per year on the outstanding principal of any guaranteed loan. These fees shall be used to administer the program. The act limits the total amount of outstanding loans that may be guaranteed by MASBDA to whatever amount is deemed to allow 20% of such loan guarantees to be immediately redeemed at any time. The act creates the Livestock Feed and Crop Input Loan Guarantee [...]

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