Partnership: Small Acreage Next Generation Program
SMADC, in partnership with MARBIDCO, provides enhanced and new financing opportunities to Southern Maryland farmers by providing funds for MARBIDCO programs.
What is the Small Acreage Next Generation Program?
The Small Acreage Next Generation Program, also known as ‘SANG’, is available to help qualified young or beginning farmers who have trouble entering the agricultural profession, because of relatively high farmland costs and lack of access to adequate financial capital, to purchase smaller farmland properties that are between 10 to 49 acres.
The Small Acreage Next Gen Program is essentially a fast-moving farmland conservation easement option purchase program that is designed to help facilitate the transfer of farmland to a new generation of farmers, and help preserve the small acreage agricultural land from future development. Using the SANG Program, MARBIDCO is able to provide 40% to 60% of the Fair Market Value (FMV) (land only) in exchange for a permanent agricultural conservation easement, and that money is used as a down-payment to purchase the farmland.
In the original Next Gen Program, the subject farm properties typically needed to be at least 50 acres in size (or contiguous to preserved property), thus limiting these young and beginning farmers from being able to use Next Gen Program resources to purchase small farms. This program is designed to fill that gap. It also requires that applicants own no more then 9 acres when they apply.
Who can apply for this program?
While there is no age restriction to participate in the program, persons who are “beginner farmers” will have a greater likelihood of being selected to participate. A “beginner farmer” is defined as not owning a farm or ranch (or owning less than 9 acres), not operating a farm or ranch as a principal operator for more than 10 years, having at least one year of farming experience, and expecting to substantially participate in the farming operation on the subject property.
Each MARBIDCO program has its own eligibility criteria and application/approval process. Southern Maryland applicants would simply follow the regular application process, and would otherwise meet the rigors of MARBIDCO’s underwriting criteria for each loan program.
Further information about the SANG Program may be obtained by contacting Allison Roe, Financial Programs Specialist, by telephone at: (410) 267-6807, or by email at: firstname.lastname@example.org.
Other Grants & Financing Programs
THE SOUTHERN MARYLAND REVOLVING LOAN FUND FOR AGRICULTURAL & SHELLFISH AQUACULTURE PRODUCERS
Loan program designed exclusively for Southern Maryland applicants to assist with purchases and upgrades. Loans available from $10,000 – $20,000.
SOUTHERN MARYLAND EQUITY INCENTIVE MATCHING FUND
Designed to incentivize loan requests from Southern Maryland farmers and to help them meet certain down-payment (equity) requirements, in order to help improve the credit quality of their applications.