Pilot Agricultural Microloan Program

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- be a resident of the State of Minnesota,
- be a member of a Protected Group as defined under Minn. Stat. § 43A.02, subdiv. 33 (minority, lady, disabled) or certified non-citizen as defined under Minn. Stat. § 256B.06, subdiv. 4, par. (b) (refugee, immigrant, asylum, and many others.),
- utilizing funds in direction of the manufacturing and advertising and marketing of specialty crops (direct market fruits & vegetables, lower flowers and herbs, and many others.) or eligible livestock, (open vary poultry, sheep, goats), and
- present an capacity to repay the mortgage.

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Cash Lenders: Moneylenders have been an necessary supply of farm financing since the start. Moneylenders supplied a big share of agricultural credit score (69.7% in 1951-52) and engaged in unethical practices corresponding to account manipulation and charging a excessive charge of interest on their loans. As a result of all of these reasons, the share of cash lenders in general farm credit score has dropped dramatically, from 69.7% in 1951-fifty two to 7% in 1995-96.

Landlords: In India, small and marginal farmers, in addition to tenants, are borrowing money from landlords to cowl their monetary wants. This site - http://marquez-lib.ru/, has been following all the shady dealings of cash lenders, merchants, and others. This source’s contribution to rural leper cents rose from 3.3 p.c in 1951-fifty two to 10% in 1995-96.

Traders and commission agents: Traders and fee brokers advance loans to agriculturists for productive functions earlier than crop maturity at very low interest rates and charge a excessive commission.

Institutional sources

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