Form AG-03308 "Application for Farm Opportunity Loan Participation" - Minnesota

What Is Form AG-03308?

This is a legal form that was released by the Minnesota Department of Agriculture - a government authority operating within Minnesota. As of today, no separate filing guidelines for the form are provided by the issuing department.

Form Details:

  • Released on April 12, 2021;
  • The latest edition provided by the Minnesota Department of Agriculture;
  • Easy to use and ready to print;
  • Quick to customize;
  • Compatible with most PDF-viewing applications;
  • Fill out the form in our online filing application.

Download a fillable version of Form AG-03308 by clicking the link below or browse more documents and templates provided by the Minnesota Department of Agriculture.

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Download Form AG-03308 "Application for Farm Opportunity Loan Participation" - Minnesota

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625 ROBERT STREET NORTH, SAINT PAUL, MN 55155-2538
WWW.MDA.STATE.MN.US
R U R A L F I N A N C E A U T H O R I T Y
Rural Finance Authority, Ph: 651-201-6004
Application for Farm Opportunity Loan Participation
45%/$ $100,000 Participation Program Per Individual or
45%/$ $250,000 Participation Program Per Group (4 or more persons)
For RFA Use Only
Application No:
Date Received:
PART 1
OFFER: Submission of this application constitutes an offer to sell a participation interest in the lenders proposed loan
described in the application.
Lender Name:
MPA#:
Lender Address:
PO Box:
City:
State:
Zip:
Contact Person:
Phone:
Federal Tax ID:
State Tax ID:
Fax:
PART 2
Project Financing
Total cost of project
$
Less applicant equity/other
$
Total financing requested
$
Closing costs (if financed)
$
Amount to be financed by lender and RFA
$
RFA participation amount (__________%)
$
Loan balance retained by lender **
$
(including other financed costs i.e. stock $____________________)
In accordance with the Americans with Disabilities Act, this information is available in alternative forms of communication upon request
AG-03308
by calling 651-201-6000. TTY users can call the Minnesota Relay Service at 711. The MDA is an equal opportunity employer and provider.
4/12/21 Page 1 of 4
625 ROBERT STREET NORTH, SAINT PAUL, MN 55155-2538
WWW.MDA.STATE.MN.US
R U R A L F I N A N C E A U T H O R I T Y
Rural Finance Authority, Ph: 651-201-6004
Application for Farm Opportunity Loan Participation
45%/$ $100,000 Participation Program Per Individual or
45%/$ $250,000 Participation Program Per Group (4 or more persons)
For RFA Use Only
Application No:
Date Received:
PART 1
OFFER: Submission of this application constitutes an offer to sell a participation interest in the lenders proposed loan
described in the application.
Lender Name:
MPA#:
Lender Address:
PO Box:
City:
State:
Zip:
Contact Person:
Phone:
Federal Tax ID:
State Tax ID:
Fax:
PART 2
Project Financing
Total cost of project
$
Less applicant equity/other
$
Total financing requested
$
Closing costs (if financed)
$
Amount to be financed by lender and RFA
$
RFA participation amount (__________%)
$
Loan balance retained by lender **
$
(including other financed costs i.e. stock $____________________)
In accordance with the Americans with Disabilities Act, this information is available in alternative forms of communication upon request
AG-03308
by calling 651-201-6000. TTY users can call the Minnesota Relay Service at 711. The MDA is an equal opportunity employer and provider.
4/12/21 Page 1 of 4
PART 3
Applicant(s)
Name:
Name:
City:
State:
Zip:
County:
Phone:
PART 4
Applicant Eligibility Criteria - All Applicants
Check either true or false regarding each of the following. When two or more individuals apply jointly, the term “I” shall mean
“we”, but only one person need fulfill criteria 2-4
A. General Eligibility Criteria - All Applicants
1
True
False
I am a resident of the State of Minnesota.
2
True
False
I am the principal operator of the farm.
I am a general farm partnership or a family farm corporation, authorized farm
3
True
False
corporation, family farm partnership, or authorized farm partnership.
4
True
False
I have the ability to repay the loan.
I have never received an RFA participation loan before.
5
True
False
If false, enter RFA participation loan #:
I HEREBY CERTIFY that I have read and circled the eligibility criteria above, that I am eligible for the program indicated, and have
submitted my $50 non-refundable application fee.
Signature:
Spouse:
Date:
PART 5
Lender Certification
I HEREBY CERTIFY that I have reviewed the above criteria with the applicant and believe that the applicant is in compliance with the
rules of the Rural Finance Authority and the Participation Agreement which we have executed.
Authorized
Title:
Date:
Signature:
The lender must submit the following documents with this application: ________________________________________________
$50 non-refundable application fee; cash flow projection for the next complete production year; three years of borrower’s income tax
statements; loan narrative and risk rating analysis; qualified financial statement; and RFA Loan Agreement and Note (rough draft).
Collateral being offered to secure loan: __________________________________________________________________________
__________________________________________________________________________________________________________
(Financial information is confidential by law)
In accordance with the Americans with Disabilities Act, this information is available in alternative forms of communication upon request
AG-03308
by calling 651-201-6000. TTY users can call the Minnesota Relay Service at 711. The MDA is an equal opportunity employer and provider.
4/12/21 Page 2 of 4
PART 6
RFA Approval/Disapproval of Application
Approved for RFA Participation and closing.
Not approved.
Participation has been assigned the following number:
Comments:
Signature:
Title:
Date:
Note: If not approved, either the applicant or lender may petition for reconsideration. Call the RFA office for further information.
PART 7
Lender Certification of Loan Closing
This loan was closed on:
Signature:
Title:
Date:
(After closing, forward copies of security documents to the RFA)
PART 8
Financing Information
A: Loan proceeds will be used to: (check all that apply)
Add value to crops or livestock
Adopt best management practices that emphasize sufficiency and self-sufficiency
Reduce or improve management of agricultural inputs
Increase production of on-farm energy
B: Refinancing of existing debt is not an eligible purpose.
List the equipment purchased or the facility improvements and the estimated cost of each:
Item
Cost
$
$
$
$
$
$
Total Cost $
In accordance with the Americans with Disabilities Act, this information is available in alternative forms of communication upon request
AG-03308
by calling 651-201-6000. TTY users can call the Minnesota Relay Service at 711. The MDA is an equal opportunity employer and provider.
4/12/21 Page 3 of 4
PART 9
Statement of Experience (By Applicant):
Describe your farming operation. How does this project meet the program guidelines of adding value to crops of livestock,
adopting best management practices, reducing or improving management of agricultural inputs, or increasing production of on-
farm energy? (Attach a separate sheet if needed.)
For Statistical Purpose Only - Not Used for Credit Analysis - Please Complete
Age/s:
Post H.S.:
True
False
Married:
True
False
College Degree:
2 Years
4 Years
Children:
True
False
School:
H.S. Graduate:
True
False
Major:
Signature:
Spouse:
Date:
Application Instructions to Applicants:
1. Meet with a potential lender. Lender participation in RFA programs is completely voluntary and will vary over time and
throughout the state. The RFA cannot make direct loans to individuals. The RFA may only purchase a portion (called a
participation interest) in a loan made by a participating financial institution. By purchasing this participation interest, the RFA is
able to reduce the interest rate paid by the farmer.
2. Remain in contact with your lender as you proceed with the planning of your improvements.
3. You can only participate in the program through an approved lender. Keep them well informed. They may suggest alternatives
and advise you of other considerations that could affect their evaluation of your credit needs and their credit decision.
In accordance with the Americans with Disabilities Act, this information is available in alternative forms of communication upon request
AG-03308
by calling 651-201-6000. TTY users can call the Minnesota Relay Service at 711. The MDA is an equal opportunity employer and provider.
4/12/21 Page 4 of 4
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