Section 1 [Powers of the RFA] adds the ability to accept money or property to the powers of the Rural Finance Authority (RFA).
Section 2 [Agroforestry loan program; repayments] provides that repayments of agroforestry loans will be deposited in the RFA revolving loan account instead of the agroforestry loan revolving fund, which is being repealed in this act.
Section 3 [Livestock equipment loan program] removes the word “pilot” from the description of the livestock equipment loan program.
Section 4 [Immigrant and minority pilot microloan program]
Subd. 1 [Establishment] directs the RFA to establish an immigrant and minority loan program and provides that the RFA may contract with intermediaries for the program.
Subd. 2 [Definitions] defines “intermediary,” “specialty crops,” and “eligible livestock” for the purposes of the Microloan program.
Subd. 3 [Eligibility] provides for eligibility for the Microloan program that requires the borrowers to be either a member of a protected group under state personnel laws (Minnesota Statutes , section 43A.02, subdivision 33) or eligible immigrant under medical assistance laws (Minnesota Statutes, section 256B.06, subdivision 4, paragraph (b). Minnesota Statutes, section 43A.02 subdivision 33 reads:
“Subd. 33. Protected groups.
For affirmative action purposes, "protected groups" means females, persons with disabilities, and members of the following minorities: Black, Hispanic, Asian or Pacific Islander, and American Indian or Alaskan native.”
Minnesota Statutes, section 256B.06, subdivision 4, paragraph (b), reads:
“(b) "Qualified noncitizen" means a person who meets one of the following immigration criteria:
(1) admitted for lawful permanent residence according to United States Code, title 8;
(2) admitted to the United States as a refugee according to United States Code, title 8, section 1157;
(3) granted asylum according to United States Code, title 8, section 1158;
(4) granted withholding of deportation according to United States Code, title 8, section 1253(h);
(5) paroled for a period of at least one year according to United States Code, title 8, section 1182(d)(5);
(6) granted conditional entrant status according to United States Code, title 8, section 1153(a)(7);
(7) determined to be a battered noncitizen by the United States Attorney General according to the Illegal Immigration Reform and Immigrant Responsibility Act of 1996, title V of the Omnibus Consolidated Appropriations Bill, Public Law 104-200;
(8) is a child of a noncitizen determined to be a battered noncitizen by the United States Attorney General according to the Illegal Immigration Reform and Immigrant Responsibility Act of 1996, title V, of the Omnibus Consolidated Appropriations Bill, Public Law 104-200; or
(9) determined to be a Cuban or Haitian entrant as defined in section 501(e) of Public Law 96-422, the Refugee Education Assistance Act of 1980.”
In addition, the borrower must be a legal resident, plan to grow or raise and market specialty crops or eligible livestock, and demonstrate the ability to repay the loan.
Subd. 4. [Loans] provides that:
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the maximum loan is 70 percent of the value of the crop or livestock up to $10,000;
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the interest rate will be determined by the RFA;
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the loan may not be used for refinancing existing debt;
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the loan may be disbursed over a period not to exceed six years; and
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security for the loan will be a personal note and nay other security required by the RFA or the intermediary.
Section 5 [RFA revolving loan account] adds agroforestry and immigrant and minority loan programs to the loans that can be made from the RFA revolving loan account.
Section 6 [Balance transfer] transfers the balance from the agroforestry loan fund to the RFA revolving loan account and abolishes the agroforestry loan fund.
Section 7 [Repealer] repeals the agroforestry loan fund.
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