MO HB345

Repeals and replaces sections 348.400, 348.407, and 348.412 of Missouri Revised Statutes relating to the agricultural business development loan program.

Adds "agribusiness" definition as any business whose primary customer base is agricultural producers or that supports agricultural production by providing goods and services for producing or processing agricultural products.

Expands agricultural business development loans to include expansion, acquisition, construction, improvement, or rehabilitation of agribusinesses in addition to agricultural property.

Authorizes the Missouri Agricultural and Small Business Development Authority to make loan guarantees to agribusinesses for agricultural business development loans that support production agriculture or add value to agricultural products in rural communities.

Maintains existing borrower requirements that loans finance no more than 90 percent of anticipated project costs and that projects demonstrate opportunities for economic and social success through job creation or retention.