Agricultural Improvement Loan Program (Minnesota)
Summary
Last modified on February 12, 2015.
Financial Incentive Program
| Place | Minnesota
|
|---|---|
| Name | Agricultural Improvement Loan Program |
| Incentive Type | State Loan Program |
| Applicable Sector | Agricultural |
| Eligible Technologies | Wind, Biomass, Anaerobic Digestion |
| Active Incentive | Yes |
| Implementing Sector | State/Territory |
| Energy Category | Renewable Energy Incentive Programs
|
| Maximum Incentive | RFA provides up to 45% of loan up to 300,000 of loan principal
|
| Terms | Maximum term of 10 years |
| Program Administrator | Rural Finance Authority |
| Website | http://www.mda.state.mn.us/en/grants/loans/improvement.aspx
|
| References | DSIREDatabase of State Incentives for Renewables and Efficiency[1] |
Summary
The Agricultural Improvement Loan Program is administered by the Minnesota Department of Agriculture through the Minnesota Rural Finance Authority (RFA) and provides loans to farmers for improvements or additions to permanent agricultural facilities. In 1995, wind-energy systems with a maximum capacity of 1 megawatt (MW) became eligible for the program.
Like Minnesota's Stock Loan Program, this is a "participation loan," where loans are made by individual financial institutions working with the RFA. The RFA has a Master Participation Agreement with over 400 financial institutions throughout the state; this agreement governs the responsibilities of the various parties in such participation loans. RFA participation is limited to 45% of the principal amount of the loan or $300,000, whichever is less. Terms for the remainder of the loan are negotiated between the participant and the lender.
The borrower must be a Minnesota resident, a Minnesota domestic family-farm corporation or a family-farm partnership. The borrower (or one of the borrowers) must be the principal operator of the farm. The borrower may not have a total net worth exceeding $444,000 (indexed for inflation). Applicants are required to pay a non-refundable $50 application processing fee.
Incentive Contact
| Contact Name | Gary Blahosky |
|---|---|
| Department | Minnesota Department of Agriculture |
| Division | Agricultural Development & Financial Assistance Division |
| Address | 625 Robert Street North |
| Place | St. Paul, Minnesota |
| Zip/Postal Code | 55155-2538 |
| Phone | (651) 201-6666
|
| Gary.Blahosky@state.mn.us | |
| Website | http://www.mda.state.mn.us/en/about/divisions/agdev/agfinance.aspx |
| Contact Name | Ryan Roles |
|---|---|
| Department | Minnesota Department of Agriculture |
| Division | Finance and Budget Division |
| Address | 625 Robert Street North |
| Place | St. Paul, Minnesota |
| Zip/Postal Code | 55155-2538 |
| Phone | (651) 201-6666 |
| Phone 2 | (651) 201-6004 |
| ryan.roles@state.mn.us | |
| Website | http://www.mda.state.mn.us/ |
Authorities (Please contact the if there are any file problems.)
| Authority 1: | Minn. Stat. § 41B.043 |
|---|---|
| Date Enacted | 1995-01-01
|
| Authority 2: | Minn. R. 1650.0601 et seq. |
|---|---|
| Date Effective | 10/26/2005 (most recent revision)
|
- Incentive and policy data are reviewed and approved by the N.C. Solar Center's DSIRE project staff.[1]
References
- ↑ 1.0 1.1 "Database of State Incentives for Renewables and Efficiency" Cite error: Invalid
<ref>tag; name "DSIRE" defined multiple times with different content