2018 Missouri Revised Statutes
Title XXIII - Corporations, Associations and Partnerships
Chapter 348 - Authorities and Corporations for Economic and Technological Development — Small Businesses
Section 348.407 Development and implementation of grants and loans — fee authority's powers — assistance to businesses — rules.
Effective 28 Aug 2016
Title XXIII CORPORATIONS, ASSOCIATIONS AND PARTNERSHIPSChapter 348
348.407. Development and implementation of grants and loans — fee authority's powers — assistance to businesses — rules. — 1. The authority shall develop and implement agricultural products utilization grants as provided in this section.
2. The authority may reject any application for grants pursuant to this section.
3. The authority shall make grants, and may make loans or guaranteed loans from the grant fund to persons for the creation, development and operation, for up to three years from the time of application approval, of rural agricultural businesses whose projects add value to agricultural products and aid the economy of a rural community.
4. The authority may make loan guarantees to qualified agribusinesses for agricultural business development loans for businesses that aid in the economy of a rural community and support production agriculture or add value to agricultural products by providing necessary products and services for production or processing.
5. The authority may make grants, loans, or loan guarantees to Missouri businesses to access resources for accessing and processing locally grown agricultural products for use in institutions, as defined in section 262.962, within the state.
6. The authority may, upon the provision of a fee by the requesting person in an amount to be determined by the authority, provide for a feasibility study of the person’s rural agricultural business concept.
7. Upon a determination by the authority that such concept is feasible and upon the provision of a fee by the requesting person, in an amount to be determined by the authority, the authority may then provide for a marketing study. Such marketing study shall be designed to determine whether such concept may be operated profitably.
8. Upon a determination by the authority that the concept may be operated profitably, the authority may provide for legal assistance to set up the business. Such legal assistance shall include, but not be limited to, providing advice and assistance on the form of business entity, the availability of tax credits and other assistance for which the business may qualify as well as helping the person apply for such assistance.
9. The authority may provide or facilitate loans or guaranteed loans for the business including, but not limited to, loans from the United States Department of Agriculture Rural Development Program, subject to availability. Such financial assistance may only be provided to feasible projects, and for an amount that is the least amount necessary to cause the project to occur, as determined by the authority. The authority may structure the financial assistance in a way that facilitates the project, but also provides for a compensatory return on investment or loan payment to the authority, based on the risk of the project.
10. The authority may provide for consulting services in the building of the physical facilities of the business.
11. The authority may provide for consulting services in the operation of the business.
12. The authority may provide for such services through employees of the state or by contracting with private entities.
13. The authority may consider the following in making the decision:
(1) The applicant’s commitment to the project through the applicant’s risk;
(2) Community involvement and support;
(3) The phase the project is in on an annual basis;
(4) The leaders and consultants chosen to direct the project;
(5) The amount needed for the project to achieve the bankable stage; and
(6) The project’s planning for long-term success through feasibility studies, marketing plans, and business plans.
14. The department of agriculture, the department of natural resources, the department of economic development and the University of Missouri may provide such assistance as is necessary for the implementation and operation of this section. The authority may consult with other state and federal agencies as is necessary.
15. The authority may charge fees for the provision of any service pursuant to this section.
16. The authority may adopt rules to implement the provisions of this section.
17. Any rule or portion of a rule, as that term is defined in section 536.010, that is created under the authority delegated in sections 348.005 to 348.180 shall become effective only if it complies with and is subject to all of the provisions of chapter 536 and, if applicable, section 536.028. All rulemaking authority delegated prior to August 28, 1999, is of no force and effect and repealed. Nothing in this section shall be interpreted to repeal or affect the validity of any rule filed or adopted prior to August 28, 1999, if it fully complied with all applicable provisions of law. This section and chapter 536 are nonseverable and if any of the powers vested with the general assembly pursuant to chapter 536 to review, to delay the effective date or to disapprove and annul a rule are subsequently held unconstitutional, then the grant of rulemaking authority and any rule proposed or adopted after August 28, 1999, shall be invalid and void.
(L. 1997 H.B. 557, A.L. 1999 H.B. 888, A.L. 2011 S.B. 161, A.L. 2014 S.B. 672 merged with S.B. 701, A.L. 2016 S.B. 665)