Equipment Loans

[Johnna McHugh]

Kentucky has an equipment revolving loan fund. What other states have an equipment loan program?

[Mark Gilbert]

Mississippi has had an equipment Revolving Loan fund since 1990. It was modeled after Kentucky’s program.

[Mike Brown]

Delaware has one.

[Dave Copeland]

Minnesota has had one for quite a few years. It is called the State Revolving Fund, or SRF. The monies came from the Minnesota Dept. of Agriculture and went out to SWCDs but working through local banks. Interest rates were usually 3% but could be less. It was used primarily for no till planters and reduced tillage equipment and also for manure handling equipment, although the definition was quite broad and it was really the SWCD that had a large part in determining eligibility for the piece of equipment.

[Alisha Mulkey]

Maryland has the following – 1) revolving loan fund for equipment and structural practices (e.g. animal waste storage), 2) state income tax subtraction program for conservation equipment, and 3) equipment rental programs through the local SCDs.

[Ryan Benefield]

Arkansas has a low interest agriculture loan program that can be used for equipment.

[Bill Smith]

South Dakota had a revolving loan program since 1949. SDCL 38-8-53 through 38-54 (with further details under Administrative Rules Chapter 12:03:03).
Loans can be used “for the purposes of aiding, assisting, and cooperating with conservation districts of the state in securing, by purchase or otherwise, necessary equipment, trees, and other planting materials, and supplies as needed in furthering the program of conservation in these districts.”

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