MO SB1019

Repeals and re-enacts sections 348.400, 348.407, and 348.412 to expand the definition of agricultural business development loans to include marketing, expansion, acquisition, construction, improvement, or rehabilitation of qualifying agribusinesses.

Defines "qualifying agribusiness" as any business whose primary customer base is agricultural producers or any business supporting agricultural production or processing by providing necessary goods and services.

Authorizes the Missouri agricultural and small business development authority to make loan guarantees to qualified agribusinesses for agricultural business development loans that aid rural community economies and support production agriculture or add value to agricultural products.

Establishes that eligible borrowers may not finance more than 90 percent of anticipated project costs through agricultural business development loans and must use proceeds to acquire agricultural property or develop qualifying agribusinesses.

Permits the authority to promulgate rules establishing eligibility criteria including borrower repayment ability, regional economic conditions, project success prospects, and guaranty terms covering up to 50 percent of loan amounts.