HB 1475 Summary

• Creates an agriculture diversification and development loan fund in the state treasury managed by the Bank of North Dakota with continuing appropriation for loan disbursements, grants, and administrative costs.

• Limits grants to no more than 25 percent of the fund per biennium and establishes an administrative servicing fee not to exceed one-half of one percent of outstanding loans.

• Establishes an 11-member agriculture diversification and development committee with five members appointed by the commissioner (four farmers and one agribusiness representative), one member appointed by the governor, and five additional members representing community banks, the bankers association, commerce, North Dakota State University, and the agriculture commissioner.

• Authorizes loans, interest rate buydowns, and grants to support new or expanding value-added agriculture businesses including food processing, feed production, commodity processing, and animal agriculture facilities.

• Appropriates $10,000,000 from the general fund to the agriculture diversification and development fund for the biennium beginning July 1, 2021, and ending June 30, 2023.