PURPOSE: This rule sets forth the requirements which must be met by the applicant in order to be an eligible borrower for a loan under this program.

1. (1) The following criteria must be met before making application for a loan through this authority:

   1. (A) If an individual, the applicant must be a citizen of the United States or a person who has been legally admitted for permanent residencein the United States and is a resident of Missouri at the time of the loan application; and
   2. (B) If a partnership, the principal partners or applicant must be citizens or permanent residents of the United States and residents of Missouri.

2. (2) The applicant must be a bona fide farmer or rancher -

   1. (A) Doing business in Missouri either as an individual or partnership, who is recognized in the community as one whose chief occupation is fanning or ranching; and

   2. (B) Primarily and directly engaged in agricultural production or activity.

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3. (3) The applicant must have a low or moderate net worth not to exceed one hundred fifty thousand dollars ($150.@00). The net worth of an applicant in&des:

   1. (A) If an individual-the individual, in&- vi&l’s spouse and minor children’s networth must be considered as the total net worth of the individual; and
   2. (B) If a partnership-net worth must include the net value of the partners’ capital accounts.

4. (4) The applicant must be unable to obtain a loan of equivalent terms fnxn conventional sources without participation by the authority.

   Auth: section 348.075, RSMo (1986). Original rule filed July 12,1984, effectiue Oct. 11,1984.