# Beginning Farmer Loan Program Rule Update The Economic Development Finance Authority is updating rules for the Beginning Farmer Loan Program to reflect the Legislature's transfer of the program from the Value Added Finance Authority and to modernize federal tax code references. Key changes include increasing the maximum loan amount from $600,000 to $649,000 (with inflation adjustments), giving the Authority's board more flexibility to set net worth eligibility limits, removing specific application fees ($100 application fee and 1.5% loan fee), shortening the public hearing notice period from 14 to 7 days, and streamlining loan assumption and assignment procedures. Beginning farmers seeking loans for agricultural land and equipment will benefit from updated program administration while maintaining core eligibility requirements like being a first-time farmer and demonstrating sufficient farm experience.
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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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