SB21-248 Summary

• Establishes the Colorado Agricultural Future Loan Program within the Department of Agriculture to provide low-interest loans to eligible farmers, ranchers, and agricultural processing businesses.

• Transfers $30 million from the General Fund to a new Colorado Agricultural Future Loan Program Cash Fund to finance the loan program beginning within three days of the bill's effective date.

• Allows the Department to award grants and distribute funds to financial entities for making loans, with targets of $5-10 million in awards by June 30, 2022, and $10-20 million by December 31, 2022.

• Loan funds may be used for property and equipment acquisition, breeding livestock purchases, value-added improvements, operating expenses, and conservation projects on farms or ranches.

• Starting January 1, 2023, prioritizes loans for farmers or ranchers who have owned/operated for less than 10 years or represent underserved populations in Colorado agriculture.