Filed as: 12:21 Beginning Farmer Loan Program
This package has had no recorded movement since August 13, 2025 and was never filed with the Secretary of State. State law sets no deadline for finishing a noticed rule, so it remains legally pending — but is inactive in practice.
South Dakota's Beginning Farmer Loan Program is being transferred from the Value Added Finance Authority to the Economic Development Finance Authority, and these rules update references and streamline procedures to reflect that change. The maximum loan amount increases from $600,000 to $649,000 with inflation adjustments, the authority's board (rather than the executive director) now sets net worth requirements and can adjust them annually, and a $100 application fee and 1.5 percent loan fee previously charged to applicants have been eliminated. The rules also modernize eligibility criteria and Internal Revenue Code references, reduce public hearing notice from 14 days to 7 days, and allow loan servicing to be assigned more flexibly while maintaining oversight of the program.
AI-generated from the proposed rule text — verify against the official documents.
The effect of the rules will be to adjust certain eligibility provisions, the application process, and lending procedures for the Beginning Farmer Loan Program. The proposed changes also make technical corrections and update statutory references following the Legislature’s transfer of responsibility for the program to the Economic Development Finance Authority.
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