12:21:01:06Eligibility.

To be eligible for assistance under this chapter, the applicant must: (1) Be a resident of South Dakota and be at least eighteen years of age at the time the bond is issued to finance the loan; (2) Demonstrate to the lender and the authority sufficient training and experience for the anticipated farm operations; (3) As a condition of loan closing, demonstrate to the satisfaction of the lender and the authority that the applicant has access as needed to working capital, farm machinery, livestock, and agricultural land; (4) Be a first-time farmer as defined in 26 U.S.C. § 147(c)(2)(C) (December 31, 2024); (5) Establish the agricultural land and agricultural improvements will be used for farming only by the applicant, the applicant's spouse, or the applicant's minor children; (6) Meet the net worth requirements set forth in § 12:21:01:04; and (7) Meet the requirements of 26 U.S.C. § 147(c)(2)(G) and 26 U.S.C. § 144(a) (December 31, 2024), concerning related persons.

Source: 22 SDR 97, effective January 22, 1996; 23 SDR 91, effective December 9, 1996; 35 SDR 67, effective September 30, 2008; 52 SDR 49, effective November 17, 2025.