To qualify for a loan under this chapter, the applicant must meet net worth requirements set by the board. The board shall set and periodically review a policy for minimum and maximum net worth eligibility requirements. The board may include in its policy annual adjustments to the requirements to account for inflation or other factors reasonably affecting beginning farmers’ net worth.

The authority may increase or decrease the net worth requirement not more than once in twelve consecutive months.

The policy adopted by the board with respect to net worth requirements must be posted on the authority’s website.

Source: 22 SDR 97, effective January 22, 1996; 26 SDR 169, effective June 27, 2000; 35 SDR 67, effective September 30, 2008; 37 SDR 111, effective December 8, 2010 ; 52 SDR 49, effective November 17, 2025 .

General Authority: SDCL 1-16B-70 .

Law Implemented: SDCL 1-16B-1 (3), 1-16B-57 .

Prior versions effective: 2010-12-08.