Renewable Resource Private Loans
• Loans up to $200,000 for individuals and $300,000 for associations.
• Association is defined as a ditch company, water users association or similar private entity.
• The ability to repay the loan must be shown.
• Security for loans is a mortgage on property at 150% of loan value.
• Apply at any time.
• Loans can be used for the entire system including the pump, pipeline, gated pipe, and sprinklers.
• Examples: new and renovated irrigation systems, lining or consolidating ditches, and irrigation system automation.
Interest Rates:
• 4.3% for 15 years on new equipment (10 years on used equipment) for projects that make their irrigation systems more efficient and reduce erosion.
• 6.7%, but is variable, based on the sale of bonds. This is for conversion of dry land to irrigation, which does not provide pollution control improvements.
