The maximum loan amount is $75,000 per individual. Borrowers may refinance loans up to the maximum of $75,000.
Loans are made up to 80% of the value of the collateral used to secure the loan. A 20% down payment or additional collateral may be required to meet this guideline.
Funds may be used to finance the following:
AGRICULTURAL PROPERTY such as livestock and farm machinery;
AGRICULTURAL IMPROVEMENTS such as barns or irrigation systems;
ANNUAL OPERATING EXPENSES
Local Loan Committee
A two-member committee is required to review applications at the community level. The committee must be composed of a local financial officer and agricultural specialist such as a county extension agent or agricultural education specialist. The local committee makes recommendations to the applicant and department upon review of the financial feasibility of the proposed enterprise, as well as the eligibility and personal character of applicant(s).
a) Application form
b) Review and signature from local committee
c) Copies of the past two years federal income tax returns
d) A $35.00 non-refundable application fee payable to the Montana Department of Agriculture.
--Additional information or documentation may be required at the discretion of the department.
--Final loan approval or denial will be determined by the Department of Agriculture Loan Committee.
Rural Development Bureau
Montana Department of Agriculture
P.O. Box 200201
Helena, MT 59620-0202
Phone: (406) 444-2402
Fax: (406) 444-9442
Published: Thu Oct 06 13:35:00 MDT 2011.
Last Modified: Tue Jul 10 16:23:55 MDT 2012