Minnesota Incentives/Policies for Renewables & Efficiency |
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Last DSIRE Review: 07/12/2012
Program Overview:
Summary:
The Agricultural Improvement Loan Program is administered by the Minnesota Department of Agriculture through the Minnesota Rural Finance Authority (RFA) and provides loans to farmers for improvements or additions to permanent agricultural facilities. In 1995, wind-energy systems with a maximum capacity of 1 megawatt (MW) became eligible for the program.
Like Minnesota's Stock Loan Program, this is a "participation loan," where loans are made by individual financial institutions working with the RFA. The RFA has a Master Participation Agreement with over 400 financial institutions throughout the state; this agreement governs the responsibilities of the various parties in such participation loans. RFA participation is limited to 45% of the principal amount of the loan or $300,000, whichever is less. Terms for the remainder of the loan are negotiated between the participant and the lender.
The borrower must be a Minnesota resident, a Minnesota domestic family-farm corporation or a family-farm partnership. The borrower (or one of the borrowers) must be the principal operator of the farm. The borrower may not have a total net worth exceeding $428,000 (as of July 2012, indexed for inflation). Applicants are required to pay a non-refundable $50 application processing fee. |
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Disclaimer: The information presented on the DSIRE web site provides an unofficial overview of financial incentives and other policies. It does not constitute professional tax advice or other professional financial guidance, and it should not be used as the only source of information when making purchasing decisions, investment decisions or tax decisions, or when executing other binding agreements. Please refer to the individual contact provided below each summary to verify that a specific financial incentive or other policy applies to your project.
While the DSIRE staff strives to provide the best information possible, the DSIRE staff, the N.C. Solar Center, N.C. State University and the Interstate Renewable Energy Council, Inc. make no representations or warranties, either express or implied, concerning the accuracy, completeness, reliability or suitability of the information. The DSIRE staff, the N.C. Solar Center, N.C. State University and the Interstate Renewable Energy Council, Inc. disclaim all liability of any kind arising out of your use or misuse of the information contained or referenced on DSIRE Web pages.
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