Code of Colorado Regulations
1200 - Department of Agriculture
1207 - Agriculture Commissioner's Office
8 CCR 1207-5 - Renumbered
Part 9 - Statement of Basis, Specific Statutory Authority and Purpose

Universal Citation: 1200 CO Code Regs 9

Current through Register Vol. 47, No. 17, September 10, 2024

9.1. Adopted December 8, 2021- Effective January 30, 2022

Statutory Authority

The Commissioner of Agriculture adopts these rules pursuant to § 35-1.2-103(7)(a), (b), and (c), C.R.S.

Purpose

To create the Colorado Agricultural Future Loan Program providing funds to businesses, farmers, and ranchers to support the future of agriculture in Colorado.

To establish general eligibility requirements for the Program.

To establish application processes and procedures for the Program.

To establish processes and procedures for the review of applications and award of loan funds.

To establish processes and procedures for repayment and servicing of loans.

To establish processes and procedures for revolved funds.

Factual and Policy Issues

This Commissioner adopts this Rule to fulfill the requirements of SB 21-248, which created a new "Colorado Agricultural Future Loan Program." SB 21- 248 authorized the Commissioner to commence providing from $5 million to $10 million in Farm-to-Market Infrastructure Loans and Farm-to-Market Grants to Eligible Farmers and Ranchers and Eligible Businesses by June 30, 2022 and from $10 million to $20 million in Low Interest Loans to Eligible Farmers and Ranchers, and Eligible Businesses by December 31, 2022, and required the Commissioner to establish the program, including specifying the application process, the loan award and distribution process, and the criteria to be used.

In developing these Rules, the Department reviewed policies and program guidelines of previous loan programs administered by the Colorado Department of Agriculture as well as those administered by comparable entities. The Department also conducted listening sessions with agricultural stakeholders relating to the Colorado Agricultural Future Loan Program as well as sought stakeholder input on this Rule as adopted to help inform this rulemaking process.

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