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Minnesota Emerging Farmer Microloan Program Doubles Maximum Loan

The Pilot Agricultural Microloan Program from the Minnesota Department of Agriculture’s (MDA) Rural Finance Authority (RFA) is doubling the maximum amount that emerging farmers can borrow, to $20,000. Loan funds can be used for working capital (annual costs such as seed, feed, fertilizer, land rent) or equipment and other farm asset purchases with a common useful life of 10 years or less. Applicants must meet the following criteria to be eligible: be a resident of Minnesota, be a member of a Protected Group or a qualified non-citizen as defined under Minnesota statutes, use the funds toward production and marketing of specialty crops or eligible livestock, and demonstrate an ability to repay the loan.