MN HF3607

Minnesota Agricultural and Economic Development Board may guarantee or participate in loans for eligible borrowers to purchase, expand, or operate farms of 80 acres or less producing certified organic agricultural resources.

Eligible loans cover purchase of land, equipment, seed, or other inputs used for organic production as defined in Minnesota statute section 31.92.

Cooperatives incorporated under chapters 308A or 308B may receive guaranteed or participated loans for construction or expansion of agricultural resource projects that acquire and process certified organic agricultural resources.

$2,000,000 appropriated from the general fund in fiscal year 2017 to the commissioner of employment and economic development for implementation of the organic agriculture financing program.