NYS Job Development Authority Agriculture Loan

Program details:

The JDA Agriculture Loan Fund was created to promote access to capital for NYS agribusinesses. An agribusiness is defined as a for profit business enterprise engaged in agricultural production and/or related commercial activities, including, value-added processors, food distribution companies, food aggregators, wineries, breweries, distillers, cider producers, food hub participants, and any firm, partnership, corporation, or other entity that meets the program guidelines. 

Eligible uses include acquisition and/or improvement of real property or other business purposes in support of the State agricultural industry, and/or acquisition of machinery and equipment and working capital used in support of the State agricultural industry. 

Funds must be used to support New York State’s agricultural industry.

Eligible Businesses:

Eligible businesses include a business enterprise engaged in agricultural production and/or related commercial activities, including value-added processors, food distribution companies, food aggregators, wineries, breweries, distillers, cider producers, food hub participants, and any firm, partnership, corporation, or other entity that meets NYBDC’s criteria and program guidelines.  NYBDC’s criteria and program guidelines include a business located in a rural area designated by USDA similar to the Public Policy Goal from SBA.

Interest Rates:

  • Variable interest rate: not to exceed the prime rate plus 3%
  • Fixed interest rate: not to exceed 9%

Loan Amount:

  • Minimum loan amount: $50,000
  • Maximum loan amount: $200,000

Loan Terms:

  • Minimum loan term: 5 years
  • Maximum loan term: 10 years

Fees:

  • Application fee: $1,500 (refunded at closing)
  • Commitment fee: 1%

For more information on this program, contact Jim Conroy.

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