8 Colo. Code Regs. § 1207-5, pt. 4

Current through Register Vol. 47, No. 18, September 25, 2024

Part 4 - [Effective until 8/30/2024] Application Review and Approval

4.1. The Department will review submitted loan applications on a rolling basis throughout the calendar year.

4.2. The Department will use the following criteria in considering applications and awarding loans:

4.2.1. Whether all eligibility requirements for participating in the Loan Program are satisfied;

4.2.2. Priority will be given to applicants who are Underserved or Underrepresented, as those terms are defined in Part 2 of this rule;

4.2.3. Priority will be given to applicants who have owned or operated a farm or ranch for less than ten years;

4.2.4. The anticipated economic impact from the use of the loan funds, including the number of new jobs estimated to be created in Colorado, the amount of new revenue generated, and the overall impact on the continued success of Colorado agriculture;

4.2.5. Whether the loan will be used to fill a gap or need in Colorado agriculture, including a need for new or expanded processing capacity;

4.2.6. Whether the loan will be used to advance energy conservation, improve soil health, mitigate the impacts of drought or climate change, or promote good stewardship practices on the land;

4.2.7. The likelihood of success of the proposed project or investment; and

4.2.8. The applicant's ability to obtain alternative sources of funding, including through commercial lending.

8 CCR 1207-5, pt. 4

45 CR 01, January 10, 2022, effective 1/30/2022