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Minnesota

Minnesota

Incentives/Policies for Renewables & Efficiency

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Agricultural Improvement Loan Program   

Last DSIRE Review: 07/30/2013
Program Overview:
State: Minnesota
Incentive Type: State Loan Program
Eligible Renewable/Other Technologies: Wind, Biomass, Anaerobic Digestion
Applicable Sectors: Agricultural
Maximum Incentive:RFA provides up to 45% of loan up to $300,000 of loan principal
Terms:Maximum term of 10 years
Web Site: http://www.mda.state.mn.us/en/grants/loans/improvement.aspx
Authority 1:
Date Enacted:
Minn. Stat. ยง 41B.043
01/01/1995
Authority 2:
Date Effective:
Minn. R. 1650.0601 et seq.
10/26/2005 (most recent revision)
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 $437,000 (as of July 2013, indexed for inflation). Applicants are required to pay a non-refundable $50 application processing fee.


 
Contact:
  Gary Blahosky
Minnesota Department of Agriculture
Agricultural Development & Financial Assistance Division
625 Robert Street North
St. Paul, MN 55155-2538
Phone: (651) 201-6666
Fax: (651) 296-9388
E-Mail: Gary.Blahosky@state.mn.us
Web Site: http://www.mda.state.mn.us/en/about/divisions/agdev/agfinance.aspx
 
  Ryan Roles
Minnesota Department of Agriculture
Finance and Budget Division
625 Robert Street North
St. Paul, MN 55155-2538
Phone: (651) 201-6666
Phone 2: (651) 201-6004
E-Mail: ryan.roles@state.mn.us
Web Site: http://www.mda.state.mn.us/
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Disclaimer: The information presented on the DSIRE web site provides an unofficial overview of financial incentives and other policies. It does not constitute professional tax advice or other professional financial guidance, and it should not be used as the only source of information when making purchasing decisions, investment decisions or tax decisions, or when executing other binding agreements. Please refer to the individual contact provided below each summary to verify that a specific financial incentive or other policy applies to your project.

While the DSIRE staff strives to provide the best information possible, the DSIRE staff, the N.C. Solar Center, N.C. State University and the Interstate Renewable Energy Council, Inc. make no representations or warranties, either express or implied, concerning the accuracy, completeness, reliability or suitability of the information. The DSIRE staff, the N.C. Solar Center, N.C. State University and the Interstate Renewable Energy Council, Inc. disclaim all liability of any kind arising out of your use or misuse of the information contained or referenced on DSIRE Web pages.

Copyright 2013 - 2014 North Carolina State University, under NREL Subcontract No. XEU-0-99515-01. Permission granted only for personal or educational use, or for use by or on behalf of the U.S. government. North Carolina State University prohibits the unauthorized display, reproduction, sale, and/or distribution of all or portions of the content of the Database of State Incentives for Renewables and Efficiency (DSIRE) without prior, written consent.