The Aggie Bond Loan Program is a federal bonding program administered by the State through its Rural Finance Authority. The program offers affordable financing for a qualified beginning farmer by securing a reduced interest rate on the loan the applicant is submitting for approval under the program. An eligible beginning farmer is a person who intends, over time, to become a full time farmer. This definition will exclude established farmers who already own farmland and are expanding their operations. Land speculators and investors looking for tax advantages are also not eligible. Qualified beginning farmers may purchase productive agricultural farmland; new or used depreciable agricultural property such as livestock used for breeding purposes or dairy products (feeder cattle, feeder pigs or feeder lambs do not qualify), and farm machinery including trucks. Making an improvement to a farm is also an eligible purpose.
Minnesota Aggie Bond Beginning Farmer Loan Program
Minnesota Department of Agriculture Orville L. Freeman Building 625 Robert St. N St. Paul, MN 55155-2538Individual Contact:
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Thu, 08/04/2011 - 3:08pm