Agricultural Improvement Loan Program (Minnesota)

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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
Date added to DSIRE 2000-01-01
Last DSIRE Review 2014-09-22



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


Email 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

Email 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. 1.0 1.1  "Database of State Incentives for Renewables and Efficiency"