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Colorado Revised Statutes Title 35. Agriculture § 35-1.2-103. Colorado agricultural future loan program--created--application--criteria--awards--rules--repeal

Current as of January 01, 2022 | Updated by FindLaw Staff

(1) There is hereby created in the department the Colorado agricultural future loan program to provide loans as described in this section. The department shall administer the loan program. Nothing in this article 1.2 may be construed as permitting the department to engage in any direct lending activities.

(2)(a)(I) Beginning on or before January 1, 2022, and until January 1, 2025, the department may distribute money from the fund to financial entities to make farm-to-market infrastructure loans from the loan program to applicants who satisfy the requirements established by rules promulgated by the commissioner pursuant to subsection (7) of this section.

(II) This subsection (2)(a) is repealed, effective January 2, 2025.

(b) Beginning on or before January 1, 2022, the department may award farm-to-market infrastructure grants directly to eligible farmers or ranchers and eligible businesses that satisfy the requirements established by rules promulgated by the commissioner pursuant to subsection (7) of this section.

(3) In administering the loan program, the department, to the extent practicable, shall attempt to award or distribute:

(a)(I) A total of at least five million dollars but no more than ten million dollars in the form of farm-to-market infrastructure loans or farm-to-market infrastructure grants by June 30, 2022.

(II) This subsection (3)(a) is repealed, effective July 1, 2022.

(b)(I) A total of at least ten million dollars but no more than twenty million dollars in the form of low-interest loans to eligible farmers or ranchers and eligible businesses by December 31, 2022.

(II) This subsection (3)(b) is repealed, effective January 1, 2023.

(4) When the department contracts with one or more financial entities pursuant to this section, the department shall promptly notify the agriculture and natural resources committee of the senate and the agriculture, livestock, and water committee of the house of representatives, or any successor committees, of such contract.

(5) To receive a loan or grant, an applicant must submit an application to the department in the form established by the commissioner pursuant to subsection (7)(c)(I) of this section.

(6) The department shall review applications received pursuant to this section. In awarding grants and distributing money to financial entities for awarding loans, the department shall consider any criteria established pursuant to rules promulgated by the commissioner pursuant to subsection (7) of this section.

(7) Pursuant to article 4 of title 24, the commissioner shall promulgate such rules as are required in this article 1.2 and such additional rules as may be necessary to implement the loan program. At a minimum, the rules must:

(a) Require the department to accept applications from applicants at all times during the year;  except that the department may be required to accept written applications only during regular office hours;

(b) On and after January 1, 2023, to the extent practicable, prioritize the provision of loans to eligible farmers or ranchers who apply for loans or grants from the loan program and who:

(I) Have owned or operated a farm or ranch for less than ten years;  or

(II) Represent a population that is underserved or underrepresented in Colorado agriculture;  and

(c) Specify:

(I) The form of the loan program application;

(II) The time frames for distributing loan money;

(III) Criteria for the department to use in considering applications and awarding loans;

(IV) The maximum amount of a loan from the loan program;

(V) Interest rates on loans;

(VI) Repayment terms of loans;  and

(VII) Permissible uses of money awarded as low-interest loans to eligible farmers or ranchers and eligible businesses, which uses may include:

(A) The acquisition of property and equipment;

(B) Paying costs associated with purchasing breeding livestock;

(C) Value-added improvements to real or personal property on a farm or ranch;

(D) Operating expenses;

(E) Conservation projects;  and

(F) Such other uses as the commissioner may identify.

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Cite this article: FindLaw.com - Colorado Revised Statutes Title 35. Agriculture § 35-1.2-103. Colorado agricultural future loan program--created--application--criteria--awards--rules--repeal - last updated January 01, 2022 | https://codes.findlaw.com/co/title-35-agriculture/co-rev-st-sect-35-1-2-103/

Read this complete Colorado Revised Statutes Title 35. Agriculture § 35-1.2-103. Colorado agricultural future loan program--created--application--criteria--awards--rules--repeal on Westlaw

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