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MN SF4532
Bill
Status
Introduced
4/27/2020
Primary Sponsor
Kari Dziedzic
Click for details
AI Summary
- Increases the maximum loan amount for the pilot agricultural microloan program from $10,000 to $20,000 per loan under Minnesota Statutes section 41B.056, subdivision 4.
- Allows eligible farmers to receive loans through an intermediary of up to 70 percent of the estimated value of their crop or livestock, depending on fund availability.
- Requires loans to be disbursed over a period not to exceed six years with interest rates determined by the authority.
- Prohibits refinancing of existing debt as an eligible loan purpose.
- Mandates that all loan repayments, including principal and interest, be deposited into the revolving loan account established under section 41B.06.
Legislative Description
Agriculture microloan pilot program maximum loan amount increase
Last Action
Referred to Agriculture, Rural Development, and Housing Finance
4/27/2020
Committee Referrals
Agriculture, Rural Development, and Housing Finance4/27/2020
Full Bill Text
No bill text available