Maximum Loan Amount

Maximum Loan Amount. The amount of a loan to any single agribusiness shall not exceed twenty percent (20%) of the total cost of the project or $250,000, whichever is less. Upgrades for the retrofitting of poultry houses shall not exceed thirty percent (30%) of the total cost of the project or $250,000, whichever is less. Land purchases will not be considered in the total cost of the project when determining an ABE Loan. In addition, an existing agribusiness (one that has been in business for a minimum of the previous twenty- four (24) months at the time of application) upon use of their initial $250,000, is eligible to receive an ABE Loan or loans. For the purpose of assisting such agribusiness to make upgrades, renovations, repairs and other improvements to their equipment, facilities and operations, which shall not exceed $250,000 or thirty percent (30%) of the total cost of the project for which financing is sought, whichever is less. The maximum aggregate amount of ABE loans to any one existing agribusiness shall not be more than $500,000.