Beginning & Expanding Farmer Loan Program (Aggie Bond)

About this funding opportunity

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Search this siteSubmitclose Beginning & Expanding Farmer Loan Program (Aggie Bond)

Page Navigation Beginning & Expanding Farmer Loan Program (Aggie Bond)

The Beginning and Expanding Farmer Loan Program, better known as the Aggie Bond Program, provides affordable financing to new farmers for financing capital purchases.

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The program allows the lender to avoid paying income taxes on interest the lender receives from the borrower. The lender can pass this savings on to the borrower in the form of a lower interest rate. The State of Oregon does not provide a repayment guarantee of the Aggie Bond. The lender assumes all credit risks, and the borrower is solely responsible for repaying the Aggie Bond. How Does Funding Work?

The maximum Aggie Bond financing is $520,000. Aggie Bond financing can be used for: Purchase of farm land; or Costs of depreciable farm property.

Financing of new depreciable property, such as construction of farm buildings and new equipment, is limited to $250,000. Financing of used depreciable farm property is limited to $62,500.

Most entities that are in the business of making agricultural loans, such as commercial banks and Northwest Farm Credit Services, are eligible to be Aggie Bond lenders. A lender may not be a substantial user of the financed property or be related to a substantial user of that property. Who is Eligible?

Eligible applicants must: Be an Oregon resident; Have a net worth of no more than $750,000; Be a principal user of the farm and materially and substantially participate on the farm; and Have never owned/operated a farm that was larger than 30% of the county's median farm size. What is the Application Process?

To apply, farmers should first find an eligible lender willing to provide financing, then submit the Beginning and Expanding Farmer Loan Program Application form to Business Oregon.

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Topic areas: Agriculture and Food, Social Innovation and Community Development, Public Policy and Governance, 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

Beginning & Expanding Farmer Loan Program (Aggie Bond) is administered by Business Oregon (Oregon Business Development Department) (Business Oregon), listed via Business Oregon (Oregon Business Development Department).