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MN SF4302
Bill
Status
Introduced
3/28/2022
Primary Sponsor
Torrey Westrom
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AI Summary
- Removes the "pilot" designation from the agricultural microloan program, converting it to a permanent program
- Establishes authority to disburse loans up to $20,000 per borrower through intermediaries to eligible farmers for specialty crops or eligible livestock production
- Requires borrowers to be Minnesota residents, members of protected groups or qualified noncitizens, and demonstrate ability to repay loans
- Allows loans to be disbursed over up to six years at interest rates determined by the authority, with borrowers eligible for up to 70 percent of estimated crop or livestock value
- Prohibits refinancing of existing debt and requires loan repayments to be deposited into the revolving loan account established under section 41B.06
Legislative Description
Agriculture microloan program provisions modifications
Last Action
Referred to Agriculture and Rural Development Finance and Policy
3/28/2022
Committee Referrals
Agriculture and Rural Development Finance and Policy3/28/2022
Full Bill Text
No bill text available