Okla. Admin. Code § 35:40-5-111
Terms of loans and grants
Effective Sep 12, 202239 Ok Reg 805Added at 17 Ok Reg 299, eff 11-2-99 (emergency); Added at 17 Ok Reg 1849, eff 6-12-00; Amended at 26 Ok Reg 1822, eff 7-1-09; Amended at 33 Ok Reg 198, eff 11-2-15 (emergency); Amended at 33 Ok Reg 1177, eff 9-11-16; Amended at 38 Ok Reg 233, eff 11-9-20 (emergency); Amended at 38 Ok Reg 1677, eff 9-11-21; Amended at 39 Ok Reg 805, eff 9-12-22Oklahoma Department of Agriculture, Food, and Forestry
- (a) Loan funds shall be provided at zero interest with repayment terms determined by the Board. Repayment of loans in an amount of $20,000.00 or less shall begin three (3) years from the date funds are initially issued to the borrower and shall be completed in not more than three (3) years. Repayment of loans in an amount over $20,000.00 shall begin three (3) years from the date funds are initially issued to the borrower and shall be completed in not more than five (5) years. Loan repayments shall be in equal installments as specified in the loan contract.
- (b) In the event the facility or project fails to succeed, the borrower may submit in writing, a petition to the Department to convert the balance from a loan to a grant. Petitions recommended for approval shall be submitted to the State Board of Agriculture for final determination.
(c) Grant funds for Value-Added Agriculture, Farm Diversification, and Product Development and Research projects may be awarded in amounts up to but not exceeding $10,000.
- (1) Grants awarded in the amount of $2,500 or less shall not be required to provide matching funds.
- (2) Grants awarded for $2,501 to $5,000 shall require a fifty percent (50%) matching contribution of funds or in-kind.
- (3) Grants awarded in the amount of $5,001 or more shall require a dollar for dollar ratio of matching dollars.
(d) Grant funds for Agriculture events may be awarded in amounts up to but not exceeding $50,000.
- (1) Grants awarded in the amount of $2,500 or less shall have supporting documents projecting an economic impact up to $5,000.
- (2) Grants awarded in the amount of $2,501 to $5,000 shall have supporting documents projecting an economic impact of $5,001 to $75,000.
- (3) Grants awarded in the amount of $5,001 to $50,000 shall have supporting documents projecting an economic impact of more than $75,000.
Added at 17 Ok Reg 299, eff 11-2-99 (emergency)
Added at 17 Ok Reg 1849, eff 6-12-00
Amended at 26 Ok Reg 1822, eff 7-1-09
Amended at 33 Ok Reg 198, eff 11-2-15 (emergency)
Amended at 33 Ok Reg 1177, eff 9-11-16
Amended at 38 Ok Reg 233, eff 11-9-20 (emergency)
Amended at 38 Ok Reg 1677, eff 9-11-21
Amended at 39 Ok Reg 805, eff 9-12-22