Grow a Farmer Loan Program

Grow a Farmer Loan Program

Up to $15,000

This loan fund and provides lower-interest loans to support small-scale farmers beginning or expanding their operations in SMIF’s 20-county region. We encourage underserved segments of the farming population who do not have the availability of traditional financing to apply. This is a partnership of the FEAST! Local Foods Network, Slow Money Minnesota and Renewing the Countryside.

For an application, please contact Molly Bartels Roth, lending director partnerships and technical assistance, at mollyb@smifoundation.org or 507-214-7020.

Pictured: Hare and Tortoise Farm in Zumbro Falls.

The quick facts:

Eligibility Criteria
• Unable to obtain other financing for project
• Demonstrates a need for financing through a short, sound business plan
• Projects sufficient income to repay the loan within an appropriate time frame
• Demonstrates good character and a strong commitment to a business plan
• Non-citizens must provide copy of Alien Registration Card (both sides)
• Demonstrates a current and future commitment to farming in SMIF’s 20-county region

Use of Funds
• Inventory
• Supplies, including feed
• Working Capital
• Machinery/Equipment

Ineligible Use
• Conventional Agriculture
• Real estate purchases
• Refinancing of existing debt

Loan Terms
• 3% interest rate
• Loan term is determined by the use of funds
• Collateral can be negotiated
• Personal guarantees are required
• No loan fees for client

Application Process
• Grow a Farmer Fund Loan Application
• Current business plan
• Cash flow projections for a minimum of 12 months
• Balance sheet
• Two years of personal income tax returns of the principal owners
• Two years of business financial statements and income tax returns (existing businesses)
• Personal Budget