| Requirements | Restructure II Loan Program | Livestock Expansion Loan Program | Livestock Equipment Loan Program |
|---|---|---|---|
| Residency: | Minnesota only | Same | Same |
| Location of property: | Minnesota only | Same | Same |
| Maximum net worth: | $2,150,000 | $2,150,000 | $575,529 |
| Income requirements: | 50% avg annual gross income from farming. Positive cash flow. | Demonstrate ability to repay the loan. | Same |
| Loan purposes: | Restructure existing ag debt only. | Construct NEW, efficient livestock facilities. (No refinancing.) | Purchase livestock related equipment. (No refinancing.) |
| Security required: | 1st real estate mortgage. | Same | Equipment purchased, security agreement. |
| Equity required: | Negotiated per RFA guidelines. | Same | Same |
| Interest rate: | RFA - Call for current quote. Lender-negotiate. | Same | Same |
| Loan amounts: | No limits - but RFA participation 45% of 1st mortgage to a max of $625,000. | No limits - but RFA participation 45% of mortgage to a max of $625,000. | No limits - but RFA participation 45% of equipment loan to a max of $100,000. |
| Off-farm income okay? | Yes | Yes | Yes |
| Must show adequate management skills? | Yes | Yes | Yes |
| Must farm full-time? | Yes | Yes | Yes |
| Must farm unit? | Yes | Yes | Yes |
| Must contact local SWCD office? | Yes | Yes Permits required? |
N/A |
| RFA Fees: | $50 application fee (non-refundable) | $50 application fee (non-refundable) | $50 application fee (non-refundable) |
Contact Us
Ryan Roles
Finance & Budget
651-201-6666
Ryan.Roles@state.mn.us
