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MN HF3218
Bill
Status
Introduced
2/10/2022
Primary Sponsor
Mike Sundin
Click for details
AI Summary
- Removes the "pilot" designation from the agricultural microloan program, establishing it as a permanent program to finance specialty crops and eligible livestock production.
- Eligible borrowers must be Minnesota legal residents who are either members of a protected group or qualified noncitizens, and must grow or plan to grow specialty crops or eligible livestock for market.
- Loans are capped at $20,000 in total accumulated principal per borrower and may be disbursed over up to six years, with borrowers eligible to receive up to 70 percent of estimated crop or livestock value.
- Loans must be secured by a personal note from the borrower and any additional security required by the intermediary or authority; refinancing existing debt is prohibited.
- Interest rates are determined by the authority, and loan repayments including principal and interest are deposited into a revolving loan account under section 41B.06.
Legislative Description
Agricultural microloan program provisions amended.
Last Action
Second reading
3/28/2022
Committee Referrals
Agriculture Finance and Policy2/10/2022
Full Bill Text
No bill text available