The Missouri Agricultural and Small Business Development Authority recently announced the awarding of value-added grants totaling $626,771.
Two of the recipients are the Marion County Port Authority and Missouri Beef Processsors of Palmyra.
For more than two decades, MASBDA, which is housed at the Missouri Department of Agriculture, has awarded value-added grants to foster new enterprises that will aid rural economic development. The grants are funded from the sale of the Agricultural Product Utilization Contributor Tax Credit.
“MASBDA is a silent partner to many small business projects across the state” said Jill Wood, executive director of MASBDA. “The demand for these funds has been impressive in the last three years.
“Our board of directors and team are thrilled to see these small businesses receive the support they need to advance agriculture in their communities.”
This funding can be used for business planning purposes such as feasibility studies, marketing plans, business plans and legal assistance, but cannot be used for capital expenditures, salaries or operating funds.
The maximum individual grant is $200,000, with the applicant required to provide a 10 percent cash match toward the eligible expenses. The grants were awarded to:
The Marion County Port Authority, Hannibal, which will receive $27,500 for strategic planning, marketing study and financial planning for a proposed Marion and/or Ralls County Port Development.
Missouri Beef Processors, Palmyra, which will receive $139,590 for a marketing plan, business plan and legal assistance for establishing a beef processing plant in Missouri.
All grants were awarded on a competitive basis.
Applications were scored based on their economic development potential for the agriculture industry, credibility and merit, probability of near-term commercialization and practical application of project results, source and level of matching funds and the likelihood of a project’s success.