Media contact:
Misti Preston
Phone: (573) 751-8596
Misti.Preston@mda.mo.gov

For Immediate Release: August 28, 2006

Department of Agriculture Unveils Family Farm Breeding Livestock Loan Program

(JEFFERSON CITY, Mo.)–The Missouri Agricultural and Small Business Development Authority (MASBDA) is currently accepting applications from small farmers seeking lender financing for the purchase of breeding livestock.

In the 2006 legislative session, the Missouri General Assembly created the Family Farm Breeding Livestock Loan Program, which provides a total of $150,000 in Missouri tax credits to lenders who make breeding livestock loans to small farmers in Missouri.

“Small farmers make up the majority of Missouri’s livestock industry that accounts for more than three billion dollars in cash receipts,” said Fred Ferrell, director of the Missouri Department of Agriculture. “Waiving the first year’s interest will keep those dollars in the producer’s pockets and allow them to increase their herd size or even assist new producers in making their first livestock purchase.”

For the purpose of this program, small farmer is defined as one who has less than $250,000 in gross agricultural product sales per year. The small farmer will not be charged interest by the lender for the first year of that qualified family farm livestock loan. In lieu of the first year of interest, the lender will be issued a Missouri tax credit.

Small farmers are eligible for one family farm livestock loan per immediate household and only one type of livestock. The maximum amount of loan for each type of livestock is: beef cattle - $75,000, dairy cattle - $75,000, sheep - $30,000, goats - $30,000 and swine - $35,000. Loans cannot exceed 90% of the cost of purchasing the breeding livestock.

For more information regarding the Family Farm Breeding Livestock Loan Program or MASBDA, visit www.mda.mo.gov or call (573) 751-2129.

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