Tag Archives: TGA

New Agribusiness Loan Program – Nov 2018

{Jamie Kinard – Roane County Executive’s Office Grants Coordinator}

The East Tennessee Development District (ETDD) received funding from the Tennessee Department of Agriculture (TGA) to start a new agribusiness loan program. These low-interest revolving loans are to stimulate farm and agribusiness income. The offer is to aid in the purchase of machinery and equipment that create, retain jobs or produce new markets for locally produced farm products. This new loan program is operated by the ETDD with oversight by the TGA. The max loan amount set is $25k. All loans have a minimum interest rate of 4.0% (2% below prime) for a max of 7 years.

Applicants must be a Tennessee resident and 18 years or older as of the first of the year. Applicants must operate a farm or agribusiness and demonstrate ability/ financial capacity to operate.

Tennessee farmers can procure buildings, greenhouses, remodel projects, aquaculture production ponds, harvesting, and processing equipment, beehives, coolers, irrigation, permanent fencing, livestock equipment, and grain storage. Tractors, property, travel, and salaries are a few of the ineligible criteria. More details will be available in December.