Goodhue Co. Soil & Water

Conservation District

 

 

 

LOW INTEREST FINANCING FOR WATER QUALITY IMPROVEMENT

The Goodhue County Soil and Water Conservation District provides low interest financing to farmers, rural landowners, and agriculture supply businesses through the Ag BMP Loan Program to encourage agricultural best management practices that prevent or reduce runoff from feedlots and farm fields and other pollution problems identified by the county in local water plans.

Eligible activities include:

  • Feedlot Improvements
  • Upgrading Manure Storage basins
  • Improved manure handling, spreading and incorporation equipment
  • Terraces, waterways, streambank protection, sedimentation basins, wind breaks and other practices that prevent erosion
  • Conservation tillage equipment
  • Repair of individual sewage treatment systems
  • Sealing abandoned wells

Since 1995, a total of $51 million has been made available through the federal Clean Water Act and the Minnesota Legislature.  Loan amounts are limited to $100,000.00 to any one individual or project

Maximum loan length:

  • Animal Waste Facilities – 10 Years
  • Equipment – 5 Years
  • Septic systems – 5 Years
  • Well Sealing – 2 Years

The maximum interest rate is 3%, interest plus other normal and customary charges.  These loans are meant to encourage water quality protection and may only be used to solve existing water quality problems.

Comparison of Typical Interest Paid on 3% and 9% loans for 2 to 10 Years

 

Years

Loan Amount

Total Interest Paid at 3%

Total Interest Paid at 9%

Cost Savings

2

$5,000

$226

$685

$459

5

$5,000

$459

$1,427

$968

10

$30,000

$5,169

$16,746

$11,577

10

$50,000

$8,615

$27,910

$19,295

 

Contact Chris Wagner for more information or call (651) 923-5300, Ext. 4

Send mail to glen.roberson@mn.nacdnet.net with questions or comments about this web site.
Last modified: 04/23/08