Agricultural Microloan Program

About this funding opportunity

Agricultural Microloan Program

The MDA's Rural Finance Authority (RFA) established the Agricultural Microloan Program to provide working capital and credit for emerging and specialty farmers. Farmers can borrow up to $20,000 to be used for: Annual inputs like seed, feed, fertilizer Land rent and other annual expenses Equipment and other farm assets with a common useful life of 10 years or less Not eligible: land/real estate, cooperative stock, and refinance of current debts Farmer Eligibility

To be eligible for the Agricultural Microloan Program, applicants must: Be a Minnesota resident Be a member of a protected group as defined under Minn. Stat. § 43A.02, subdiv. 33 (racial minority, woman, person with disabilities) or qualified non-citizen as defined under Minn. Stat. § 256B.06, subdiv. 4, par. (b) (refugee, immigrant, asylum), Raise specialty crops (fruits, vegetables, herbs, and cut flowers) or eligible livestock (open range poultry, sheep, goats) Show an ability to repay the loan Loan Terms

Interest rates and other specific terms will vary from lender to lender depending upon the conditions the loan. Maximum loan principle is $20,000 Interest rate is determined by lender, but cannot exceed 10% Loan term of 1 to 6 years negotiated between the lender, applicant, and the RFA Loans may contain prepayment penalties under limited circumstances Borrower must satisfy the local lender's guidelines. The local lender will control the day to day operation of the loan Participating Lenders

Below is a list of current approved lenders for the microloan program. Compeer Financial")

Service area: Statewide

Contact: Sai Thao, 952-597-4086, (link sends email) sai.thao@compeer.com Latino Economic Development Center - Centro para el Desarrollo Econόmico Latino")

Service Area: Twin Cities, Long Prairie area

Contact: Andrés Salinas, 612-724-5332, (link sends email) andres@ledcmn.org United FCS")

Service Counties: Chippewa, Kandiyohi, Lac qui Parle, Lincoln, Lyon, Meeker, Redwood, Renville, Swift, Yellow Medicine

Contact: Lyn Voigt, Litchfield Office: 320-693-7953 Scott Anderson, Marshall Office: 507-532-5751

_Any lending institution (of a non-profit or for-profit nature) that is in good standing with the State of Minnesota, has the appropriate business structure, and suitable staffing to distribute and collect loan funds, may volunteer to become an Intermediary Lender with the RFA Microloan Program. Lender applications are available in the 'Forms + Resources' box on this page._

Learn More

Frequently Asked Questions

Forms + Resources

RFA Microloan Lender Application (ENGLISH)152 KB

RFA Microloan Borrower Application (ENGLISH)292.08 KB

RFA Microloan Borrower Application (ESPAÑOL)189.2 KB

RFA Microloan Borrower Application (FRANÇAIS)272.21 KB

RFA Microloan Borrower Application (HMOOB)155.25 KB

RFA Microloan Borrower Application (KISWAHILI)183.53 KB

RFA Microloan Borrower Application (SOMALIYEED)230.3 KB

Contact Us Rural Finance Authority Office

Loan Programs

651-201-6004

(link sends email) RFA.Loans@state.mn.us

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Topic areas: Agriculture and Food, Social Innovation and Community Development, Workforce Development.

Funding amount

This other provides Varies in funding.

Deadline

Applications are accepted on a rolling basis; there is no single fixed deadline.

Who can apply

This opportunity is open to the following applicant types:

• Not specified by the program.

Eligibility

The program did not publish a separate eligibility statement. See the official opportunity page for the full eligibility criteria.

Agency

Agricultural Microloan Program is administered by Minnesota Department of Agriculture (MDA), listed via Minnesota Department of Agriculture.