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: $1,777,000 $1,777,000 $475,704
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 $525,000. No limits - but RFA participation 45% of mortgage to a max of $525,000. 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)

Loan Comparison Chart - 1

 

Contact Us

Ryan Roles
Finance & Budget
651-201-6666
Ryan.Roles@state.mn.us