H.B. 681 Summary

• Establishes a linked investment program to provide agricultural loans through agreements between the state director of finance and eligible lending institutions.

• Authorizes the director of finance to commit up to $5,000,000 from state treasury funds to place certificates of deposit with participating lenders.

• Eligible lenders must agree to lend up to 90% of certificate value to eligible borrowers at rates not exceeding the prime rate, with certificates earning market-rate interest and renewable annually for up to six years total.

• Eligible borrowers must be engaged in agriculture with a viable business plan and certified by a participating lending institution; loans cannot exceed a specified amount and cannot be used for real property purchases.

• Appropriates funds to the Department of Budget and Finance to hire one full-time position to administer the program, effective July 1, 2050.