94- 457 C.M.R. ch. 317, § 3

Current through 2024-51, December 18, 2024

Section 457-317-3 - ELIGIBILITY

A. To be eligible for financial assistance under the Program, a Borrower must demonstrate to the Department, and the Department must certify to the Authority, that:

1 the Project is eligible;

2 the Borrower is not a Concentrated Animal Feeding Operation (CAFO) under EPA regulations;

3 the Project has been designed or approved by a licensed engineer or qualified member of the Natural Resources Conservation Service (NRCS), if it relates to manure or milk house waste containment facilities, or by a qualified member of the NRCS, personnel of the Department or other qualified professional, as to other projects, and in all cases meets NRCS technical specifications;

4 the design, location and installation of all facilities to be financed is compliant with applicable State and local codes and regulations, and if a point source solution is a necessary part of the Project, the State Environmental Review Process;

5 any equipment purchased pursuant to the Program is proposed to be located and used only in the State and any facilities constructed with Program funds are for agricultural Borrowers whose primary place of business is within the State.

6 the Project has been completed in accordance with approved design and specifications.

B. To be eligible for financial assistance under the Program a Borrower must also demonstrate to the Authority each of the following:

1 A reasonable likelihood that the Borrower will be able to repay the loan.

2 Any financial assistance will be used only for an eligible Project.

C. In accordance with Section 4, below, a Borrower shall submit an application prior to commencement of the Project. A Borrower may obtain a direct loan for a project, which has already been completed only if the Borrower provides satisfactory evidence of compliance with each of the following criteria:

1 The Project was completed no more than twelve months previous to the date the complete application is received by the Authority.

2 The loan is made to the same individual or entity, who operated the Project at the time the Project was undertaken.

3 The loan will assist in maintaining a viable business.

D. The terms of a loan made under this section shall be set in accordance with Section 6 hereof.

94- 457 C.M.R. ch. 317, § 3