Emerging farmers in Minnesota can now apply for the second round of funding through the Down Payment Assistance Grant Program, beginning on July 1. The grant program offers financial support of up to $15,000 for qualified farmers who earn less than $250,000 per year in gross agricultural sales. Applicants are required to match each award with at least $8,000 in additional funding.
The application window for this round will be open for 30 days, starting from 9 a.m. on July 1 until 11:59 p.m. on July 31. All applications received during this period will be eligible for consideration. The Rural Finance Authority will conduct a randomized lottery in early to mid-August to determine the recipients of the grants.
In the previous funding round, the grant reached its waitlist cap quickly, leading the state legislature to double the funding from $500,000 to $1 million. The Rural Finance Authority anticipates awarding approximately 66 grants during this cycle, supporting eligible emerging farmers. If funding remains after all eligible emerging farmers are awarded grants, the Rural Finance Authority will consider granting funds to non-emerging farmers based on lottery placement.
A third round of grant applications, also with a total funding of $1 million, will be available starting on July 24. To provide more information and address any inquiries, the Minnesota Department of Agriculture will host an informational session over Zoom on June 14. This session will cover program details, explain changes for the second round, and provide an opportunity for questions and comments.
The Down Payment Assistance Grant Program aims to support and encourage first-time farm purchases, facilitating opportunities for emerging farmers in Minnesota to establish themselves in the agricultural industry.
Photo Credit: GettyImages-Steve Baccon
Categories: Minnesota, Business