1. The treasurer of state shall establish and administer, and adopt rules as necessary to establish and administer, a value-added agricultural linked investment loan program. The purpose of the program is to provide capital in the form of low-interest loans in order to do any of the following:
a. Stimulate existing businesses or encourage the establishment of new businesses that add value through the processing of agricultural commodities.
b. Encourage the production of agricultural commodities, if a shortage in production exists.
2. A borrower shall be eligible to participate in the value-added agricultural linked investment loan program, to the extent that the borrower meets eligibility requirements established by the treasurer of state as provided in section 12.34.
3. A borrower shall not receive a loan of more than two hundred fifty thousand dollars under this program.
99 Acts, ch 177, §5, 9
Referred to in § 12.34, 15.204
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