Residency:

Minnesota only

Same

Same

Location of property:

Minnesota only

Same

Same

Maximum net worth:

$806,000

$8063,000

$4428,000

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 $400,000.

No limits - but RFA participation 45% of mortgage to a max of $400,000.

No limits - but RFA participation 45% of equipment loan to a max of $40,000.

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)