When considering a proposed project ask the following three questions:
- Does the project make efficient use of resources?
- Is there an environmental benefit?
- Does the project show a reasonable return on the additional investment?
If the answer to these questions is yes and the project pertains directly to your farming operation it is likely that your proposal will be eligible. Lloans under this program will be made only to residents of the State of Minnesota who are actively engaged in farming.
The maximum loan per farm family is $40,000. On joint projects funding will be $40,000 per farmer up to $160,000 total, whichever is less. A fixed interest rate of 3% will be charged. Loans will be made for future capital purchases. Operating expenses or refinancing of existing debt is not eligible. The term of the loan will match the expected life of the collateral but will not exceed 7 years. Payments will be on a semi-annual schedule. The State requires a 2 to 1 collateral to loan ratio. Other farm equipment may be offered as additional first lien collateral to obtain the required 2 to 1 ratio.
Applications will be reviewed for eligibility by a loan review panel that consists of the following individuals:
- two lenders with agricultural experience
- two resident farmers of the state using sustainable agricultural methods
- two resident farmers of the state using organic agricultural methods
- a farm management specialist
- a representative from a post secondary education institution
- chairperson from the department
My experience working with Mr Pedro ( A Loan Officer) was a pleasure. He was completely upfront about the costs and whether the deal made sense financially. In fact, when I explained my situation, he advised me not to refinance unless the current terms improved even though it cost him business. When he later contacted me about a better deal, I jumped at it because he had earned my trust. "Definitely made me feel confident that I was working with a great loan company / great business person who knew his worth of business lines.
ReplyDeleteI will advies anyone here looking for any kind of loan to contact Mr Pedro because he and his company helped me with a loan at the rate 2% which was very impressive.
I had Mr Pedro contact Office Email on .... pedroloanss@gmail.com
Are you in a financial crisis, looking for money to start your own business or pay bills?, PAY LATER, Loans all types of loans from €5,000 to €1,000,000 with a low interest rate of 2% Apply now by email to: ( paylaterloan1960@aol.com )
ReplyDelete