La. Admin. Code tit. 7 § III-303

Current through Register Vol. 50, No. 11, November 20, 2024

Section III-303 - Eligibility of Applicant

A. An agricultural producer experiencing a 2008 storm related loss shall be eligible to receive money from the Farm and Agribusiness Recovery and Loan Program upon meeting the following requirements:

1. the farm upon which a loss occurred must be located in Louisiana;

2. active agricultural operations must have been ongoing before the 2008 storms occurred and continue to be ongoing thereafter;

3. a minimum annual gross revenue of $25,000 from the agricultural operations must have been received in 2007 or in 2008 prior to the storms;

4. suffered a minimum storm related loss of $10,000;

5. employed one or more person (including owner) full time during the previous year.

B. An agribusiness experiencing a 2008 storm related loss shall be eligible to receive money from the Louisiana Farm and Agribusiness Recovery and Loan Program upon meeting the following requirements.

1. The agribusiness must be physically located in Louisiana.

2. Active agribusiness operations must have been ongoing before the 2008 storms occurred and continue to be ongoing from the time active agribusiness operations could resume after the storms up to the date of application.

3. A minimum annual gross revenue of $25,000 from the agribusiness operations must have been received in 2007 or in 2008 prior to the storms.

4. Employed at least 2 full time employees (including owner) in 2008, prior to the storms and support at least two other indirect jobs in this state.

5. Experienced a 20 percent decline in gross agribusiness revenue for the period of time in 2008 after the storms occurred as compared to gross agribusiness revenue for the same time period in 2007 or experienced a combined tangible property loss and revenue loss of $10,000 or more.

La. Admin. Code tit. 7, § III-303

Promulgated by the Department of Agriculture and Forestry, Agricultural Finance Authority, LR 36:467 (March 2010).

AUTHORITY NOTE: Promulgated in accordance with R. S. 3:266.