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Legislative Year: 2021 Change
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Bill Detail: SB21-248

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Title Loan Program For Colorado Agriculture
Status Governor Signed (06/29/2021)
Bill Subjects
  • Agriculture
House Sponsors R. Holtorf (R)
K. McCormick (D)
Senate Sponsors K. Donovan (D)
C. Simpson (R)
House Committee Agriculture, Livestock, and Water
Senate Committee Agriculture and Natural Resources
Date Introduced 04/21/2021
Summary

The bill creates the Colorado agricultural future loan program

(loan program) in the department of agriculture (department) to provide:
  • Farm-to-market infrastructure loans to eligible applicants;
and
  • Low-interest loans to eligible farmers or ranchers and
eligible businesses in Colorado.
The department shall administer the loan program and provide
loans from the Colorado agricultural future loan program cash fund
(fund), which is also created in the bill.
In administering the loan program, the department, to the extent
practicable, shall attempt to award:
  • A total of at least $5 million but no more than $10 million
in the form of farm-to-market infrastructure loans by June
30, 2022; and
  • A total of at least $10 million but no more than $20 million
in the form of low-interest loans to eligible farmers or
ranchers and eligible businesses by December 31, 2022.
In administering the loan program on and after January 1, 2023, to
the extent practicable, the department shall prioritize the provision of
loans to eligible farmers or ranchers who apply for loans from the loan
program and who have owned or operated a farm or ranch for less than
10 years or represent a population that is underserved or underrepresented
in Colorado agriculture.
The commissioner of agriculture is required to promulgate rules
to implement the loan program, and the department is required to submit
an annual report to the general assembly concerning the loan program.
The bill requires the state treasurer to transfer $30 million from the
general fund to the fund for use by the department to implement and
administer the loan program. The money in the fund is continuously
appropriated to the department to expend for the loan program.

Committee Reports
with Amendments
Full Text
Full Text of Bill (pdf) (most recent)
Fiscal Notes Fiscal Notes (09/22/2021) (most recent)  
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